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I am a graduate of the African Accounting Academy administered by Haystack Africa (FinanceYOU International Inc.). The African Accounting Academy is an online practical training program for accountants focused on accounting fundamentals, internal controls, accounting processes and effective use of technology (including Excel and QuickBooks). Through this program, I have received over 100 hours of practical accounting training. Beside this I also work as an accountant at 1000 Hills Distillery in Kicukiro where I am incharge of all financial roles at the company; from performing daily data entry in the accounting system (QuickBooks), making electronic transfers and payments, reconciling ledgers with the bank statements, managing the Electronic Billing Machine (EBM) with its digital records, and filing, declaring and paying taxes with Rwanda Revenue Authority. I also help the organization with making financial decisions like who or which suppliers to pay, where and why to invest, which partnerships to create, and other general financial decisions like pricing among others. I am also responsible for designing payrolls on a monthly basis and performing the direct bank transfers.
How can CoffeeCo. implement a new procedure to prevent the theft from occurring again?
Help CoffeeCo. improve their financial procedures CoffeeCo. is a chain of 10 coffee shops in East Africa. The company was founded by two brothers, Albert and Yves. Claudine is the Finance Manager at CoffeeCo. Claudine is responsible for all the finance and administrative activities at CoffeeCo. Only Albert and Yves have the ability to approve payments. When approving payments, Albert always cross-checks the invoices and payment details thoroughly, while Yves approves the payments without double-checking them against the invoices. Using her knowledge of the finance systems and the two owners, Claudine found an easy way to make some money on top of her salary. Occasionally, Claudine would enter her brother’s bank details into the online banking system, instead of the supplier’s account details. She would then submit the payment for approval to Yves – he would approve without noticing that the bank details on the payment were different from those on the supplier’s invoice. After a couple weeks, when she knew Yves was out of the office, she would include the same invoice in a payment (with the correct vendor bank details) and ask Albert to approve it. Since Claudine was also responsible for all the accounting entries, she could allocate the payments to her brother across different expense accounts. She would increase many accounts slightly, so that no account looked suspicious. At one point, Claudine had to take leave for a couple weeks. During her absence, a vendor called and complained about not receiving payment. Albert reviewed the finance files to check whether the invoice had been paid. He quickly discovered the invoice had been paid, but not to the vendor – to Claudine’s brother instead.
How can Acacia acquire more clients?
Acacia Accounting is a socially minded outsourced accounting and financial service provider headquartered in Kigali, Rwanda. We offer best-in-class professional services based on years of Rwandan and international experience. Our clientele consists of foreign invested enterprises in various industries across Rwanda, including agribusiness, energy, export, INGOs, education, manufacturing, services, and others. If you are considering doing business in Rwanda, we can help guide you through the financial regulatory structure and help anticipate and solve the challenges you will face in doing business in Rwanda.