Alternative Dispute Resolution in Nigeria is practiced within Nigeria at the institutional and individual level with and without the involvement of the court system.
The list of institutions that practiced ADR in Nigeria, namely, The Chambers of Commerce, private enterprises, industry groups etc. In the case of individuals are judges, specially trained practitioners (i.e. arbitrators, mediators, accountants), elders, traditional rulers, chiefs, religious leaders.
The practitioners involved in ADR is industry-specific that have technical expertise in specific areas like environmental disputes, labour disputes, family law, etc.
Furthermore, the current Nigerian laws have sufficient provisions that have addressed Alternative Dispute Resolution in Nigeria and the methods in resolving disputes.
These provisions of the laws are discussed below.
(1) The 1999 Constitution
The Constitution is the supreme law of the land that endorses arbitration. Section 19(d) of the Constitution states that part of Nigeria’s foreign policy objective is respect for international law and treaty obligations. Nigeria also seeks for settlement of international disputes by negotiation, mediation, conciliation, arbitration and adjudication.
(2) Arbitration Laws
Nigeria, like other progressive countries, has subscribed to many international ADR Laws and Rules. The United Nations Commission on International Trade Law (UNCTRAL Model Law of 1985) and UNCITRAL Arbitration Rules domesticated in Nigeria under the Arbitration and Conciliation Act (ACA).
(3) Other Federal Acts
Nigerian body of laws is replete with several statutes that provide for arbitration or other ADR mechanisms. However, a fewer list is mentioned below of the law and the applicable sections:
Sections 11 and 30 (4) of the Matrimonial Causes Act (Cap. M7 LFN 2004). This section talks about reconciliation between the husband and wife or parties. As they can get the Marriage conciliator to take an oath of secrecy to settle out of court.
section 2, Consumer Protection Council Act, (Cap C25 LFN 2004),
sections 29 and 33, of the Environmental Impact Assessment (EIA) Act (Cap. E12 LFN 2004),
Sections 4, 8, 9, 20, 22 of the Trade Disputes Act (Cap. T8 LFN 2004),
section 11 of the Petroleum Act(Cap. PI0 LFN 2004),
section 26 of the Nigerian Investment Promotion Commission Act, (Cap. N17 LFN 2004);
section 27 of the Public Enterprises (Privatization and Commercialization) Act, (Cap. P38 LFN 2004),
section 22 of the Nigerian LNG (Fiscal Incentives, Guarantee and Assurance) Act (Cap. N87 LFN 2004),
Section 49 of the Nigerian Co-operative Societies Act (Cap. N98 LFN 2004);
section 5 of the National War College Act (Cap N82 LFN 2004);
sections 3 and 6 of the National Boundary Commission, Etc. Act; (Cap. N10 LFN 2004),
section 3 of the Advisory Council on Religious Affairs Act (Cap. A8 LFN 2004);
section 4 of the National Office for Technology Acquisition and Promotion Act( Cap. N62 LFN 2004),
section 4 of the Nigerian Communications Commission Act (Cap. N97 LFN 2004) etc.
(4) Court Laws and Rules
Lastly, Court laws and rules govern procedures and proceedings for the conduct of business in the court.
Description
Creating a winning resume can be daunting, especially when competing against other qualified candidates. A marketable resume is a powerful tool presenting a job seeker’s unique skills and abilities. Ojeaburu Friday, an experienced career coach and author, has spent years researching and perfecting the art of crafting marketable resumes. His book, “Marketable Resumes,” is a comprehensive guide that provides invaluable advice on creating a standout resume that will capture the attention of potential employers. Thanks to his extensive experience, Ojeaburu has helped over 500 job seekers and consulted with over 100 organizations on job interviews. A copy of this resume can be purchased from the books in Ohimai Consulting
Book Name: Ultimate Accountant Guide for Job Interview, Students and Beginners: Practical Questions and Answers in alphabetical order
Product Details
Author: Ojeaburu Friday
ASIN: B09H6CJD3Y
Publication Date: September 26. 2021
Language : English
File size : 2482 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Screen Reader : Supported
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 139 pages
Lending : Enabled
Description
This book Ultimate Accountant Guide for Job Interview, Students and Beginners: Practical Questions and Answers in alphabetical order will help your performance in the job interview, guide your teaching and keep you up to date with a practical approach to accounting issues.
Description
Growth resulting from market share is one of the vital firm’s objectives that may lead to economies of scale and consequently bring about value creation in the long term. Growth showcases corporate power, and leading management teams may track growth to maximize their positions. The author has helped several companies grow, expand and take over new business opportunities. Based on industry and consulting experience by the author of this book, three pillars were suggested to ensure business development and growth. Combining these pillars is necessary for an entrepreneur to grow their business and applying the best growth strategy will trigger business and personal development. These pillars have been tested and trusted even by the billionaires the world has ever produced. These billionaires leverage these pillars to establish their business and have branches all across the globe and grow their net worth. The author believed these pillars would also work for everyone who has deliberately applied them in their chosen business careers and become one of the future billionaires. This book established a model to explain the business and personal growth, gave more understanding of the component of the model, highlighted the business growth and strategies required for an entrepreneur to be successful in business and discussed some theoretical frameworks to support this concept.
Description
Nationals Without A Nation brings to the fore the realities of most governments of nations of the world; who for one reason or the other are unable to meet the expectations of the governed. The book makes attempt to explain why nationals exit their nations; the politics against round pegs in round holes; the case of fairness and equity in resource distribution; unmasking intentional agents of hardship behind the economy, amongst others.
Book Name: Co-operative Society Management and Accounting System
Product Details
Author: Ojeaburu, Friday
ASIN : B09FJ5D4CC
Publication date : September 5, 2021
Language : English
File size : 1459 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Screen Reader : Supported
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 63 pages
Lending : Enabled
Description
This book covers the operations, formations, accounting system, annual reporting format and how to determine the dividend sharing formula for every cooperative society. It revealed the step-by-step accounting books that is necessary for society. This book answers the questions of many who want to run a cooperative society. This book will also improve teaching skills for lecturers in higher institutions of learning.
Book Name: JOB INTERVIEW MADE EASY FOR PUBLIC SECTOR: Financial Regulations, Public Service Rules and General Paper
Product Details
Author: Ojeaburu, Friday
ASIN : B09FTKR82G
Publication date : September 8, 2021
Language : English
File size : 3090 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 352 pages
Lending : Enabled
Description
The book covers treasury-single account, Government Integrated Financial Management Information System, financial regulation or accounting manual or written rules, financial memorandum, financial warrant, self-accounting unit, sub accounting unit, whistle-blower policy, Integrated Personnel and Payroll Information System, all the allowances in public services, accounting officer and lot more.
Book Name: MULTIPLE EARNINGS FROM EBOOK CREATION AND PUBLISHING
Product Details
Author: Ojeaburu, Friday
ASIN : B09FH7NVBT
Publication date : September 3, 2021
Language : English
File size : 819 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 23 pages
Lending : Enabled
Description
This book contains multiple ways one can earn from eBook creation and publishing. This book is a step-by-step guide on how to earn massively from creating and publishing ebooks. The information from this book is so rich that when added to the basic training you require will make you become a millionaire and change the status of life within a short possible time.
Accounting Tools Relevant for Freelancers should be easy to use since several freelancers don’t have wide accounting knowledge.
As a freelancers it is however, essential that they know what accounting tools all are about. Accounting Tools are software that enables businesses to track and record financial activities in compliance with legal and taxation regulations.
It integrates several source documents like purchase order, invoice, bank reconciliation statement and so on together in one place. Also, because they have more valuable things to do than keeping accounting records. Moreover, they should have essential accounting functions, like expense tracking.
How much money can freelance professionals make per year?
If you’re interested in freelancing, various types of work are available. Typically, professions that require more technical skills can earn more for freelancers.
In USA, there are 57 million freelancers’ (51%) say no amount of money can entice them to take traditional job. They enjoy the following.
Flexibility and
Ability to work and stay in any location.
CNBC report shows that the average hourly rate and annual salary for most in-demand freelancing jobs as stated below. This article put forward 13 professional freelancers with average hourly expectations..
Writers: On average, a freelance writer earns $30-40/hr or around $42,000 annually.
Editors: Freelance editors usually earn around $25 to $35 per hour, an average yearly salary of approximately $40,000.
Programmers: Freelance programmers across different languages earn $60-70/hr or $120,000 annually.
General developers: A freelance developer typically charges $50-60 per hour, earning an annual salary of around $100,000.
Mobile developers: Also, Mobile app developers typically earn an hourly rate of $55-65 as freelancers, equating to an annual salary of $100,000.
Web developers: Freelance web developers earn an average of $90,000 annually by designing and creating websites at an hourly rate of $50-60.
Graphic designers: A freelance graphic designer typically charges $40-45 per hour, earning an annual salary of around $90,000.
Transcribers: Freelance transcriptionists can also earn an average of $20-25 per hour, adding to a yearly salary of around $32,000.
Online marketers: Freelance digital marketers typically earn an hourly rate of around $50, resulting in an approximate annual salary of $100,000.
Photographers: A freelance photographer has an hourly rate between $35-45/hr, with an annual salary of around $42,000.
CRM managers: A customer relations manager (CRM) expects to make between $50 to 60/hr, with an year salary of approximately $120,000.
Data analysts: A freelance who specialises on data analyst earn between $55 to 65/hr, annual salary of $100,000.
Bookkeepers: Lastly, an individual who works as a freelance bookkeeper usually earns an hourly rate of $30 to $35, which translates to an annual salary of approximately $40,000.
8 Accounting Tools Relevant for Freelancers
As businesses increasingly expect growth, they must have accounting tools that cater to the needs of freelancers and content creators.
These accounting tools will help freelancers meet their business needs and fulfil their obligations to the government. With the growing demand, the average hourly wages of freelancers can also increase, and proper data capturing becomes crucial.
QuickBooks
Two QuickBooks products are actually useful as Accounting Tools Relevant for Freelancers. They are QuickBooks self-employed and QuickBooks Online Simple Start.
Wave
Similarly, Wave’s accounting software streamlines invoice and cash flow management, allowing entrepreneurs to focus on business growth.
Zoho Books
One of the best overall accounting tools important for freelancers. Zoho Books is an online accounting software that streamlines financial management, automating business workflows, and enables seamless collaboration across departments.
Freshbooks
FreshBooks provides time-saving tools to run your small business efficiently
ZipBooks
ZipBooks is a robust platform that simplifies the management of your business with its beautiful and intuitive interface.
Trulysmall Accounting
This tool streamlines invoicing by centralizing invoice creation, branding, previewing/sending, and receipt.
Freeagent
This tool is designed for freelancers to track and analyze their finances.
Fiverr workspace
Fiverr Workspace Blog provides effective payment and back-office management resources for small businesses and freelancers.
Bonsai
Freelancers will earn money, receive payments and also have debtors owing them for their services. Appropriate bookkeeping skills will always stand as the key difference between a performing or non-performing freelancing business.
Important of Accounting Tools Important for Freelancers
Source: Canvas.
First, it makes them to keep track of incomes and expenses..
It makes them to staying on top of all invoicing issues
In addition, it makes them to keep accurate records for tax payment
It makes them to appreciate the work of an accountant and auditor
Also, is ensures the timely monitoring of daily business tasks and activities
It provides freelancers on how to take charge and defend business assets when bad times strike.
Improves cashflow
It makes freelancers to be motivated of their performance
It also protects freelancers against the legal consequences of not keeping accurate records for tax purpose.
It makes their work and reports to be more professional
Lastly, it makes them to be organised and able to budget for the future earnings and expenses.
Conclusion
It is essential for every writer who earn income to be familiar with the accounting tools. Also, to submit documents come tax time and annual report to monitor financial performance. In addition, if you need help, there are many step-by-step tutorials on YouTube or contact ohimai consulting.
How accountant use Drone technology to achieve their task depends on the sectors or schedule of activities. In addition, drones are unmanned aerial vehicles (UAVs) that can fly remotely.
The global drone market predicts to increase from $26.3 billion in 2021 to $41.3 billion by 2026. Also, in 2020, both US and the UK used drones to deliver drugs during the COVID-19 pandemic (Appelbaum et al., 2020).
Drone technology has proven helpful in war zones and intelligence gathering and also in a civilian role, such as:
Countries that make use of drone technology and require permission for all aerial drones through regulation.
Moreover, the regulation addresses different types of civil drone operations and their respective levels of risk as stated by European Union Aviation Safety Agency
In Germany, there are limited zones outside protected areas with high urban density or people conglomerations.
Also, all EU Member States, including Norway and Liechtenstein.
Switzerland and Iceland are also expected to apply this regulation soon.
In United States for example, they used drone technology for their operation(Ovaska-Few, 2017).
In 2013, Poland passed a law allowing the commercial operation of drones, which led to the birth of Drone Powered Solutions.
South Africa that has entirely established drone regulations in place which was carefully integrated into existing aviation law.
Lastly, in Australia, Rio Tinto who has its facility in a remote area planned in 2016 to start using drone to monitor mine sites including the staff.
Companies that have used drone in their workplace and in others area of operations.
It was recorded that PwC completed its first stock count audit using drone technology. With the assistance of a drone, they were able to capture images at a coal reserve in South Wales and used them to measure the volume of the coal, based on the measurement of volume.
Amazon and Google are already testing ways to deliver packages with drones.
Facebook has started using drones to provide internet connections in remote locations.
Basin Electric’s utilization of drones has enhanced efficiency and safety while concurrently reducing costs.
Furthermore, Ford Motor Company filed a patent to start the use of drones for dead bateries. The patent was filed on 3rd February, 2017 and circulated on March 8th, 2022, and assigned serial number 11271420.
How Accountant Use Drone Technology to the Accounting Profession.
Source: Naira Technology
With the help of drone technology, however, accountants can now complete their work in a shorter amount of time. Technological advancements have significantly changed the accounting and auditing profession in recent years.
In 2017, the emergence of drone technology has revolutionized the accounting and auditing profession. Drones have opened up new possibilities for accountants to perform their tasks more efficiently and effectively.
Emerging technologies like AI, blockchain, big data, the IOT, and drone technology have revolutionized accounting profession (Qasim et al., 21).
For example, accounting and audit firms that work with clients in mining and inventory can utilize drone technology to take thousands of pictures and measurements of a site (Ovaska-Few,2017).
Also, this can aid in accurate assessments of holdings, making tasks like physically measuring coal a thing of the past. An estimated volume can be obtained in less time with just a two-meter GPS Tracking pole.
What are the Benefits of Drone Technology to the Accounting and Audit profession.
Perform physical inventory: Drone could recount inventory if required-data feed repeatedly into audit app that re-performs the process. Using drones to automate livestock inventory count reduced count time from 681 hours to 19 hours (Qasim et al., 21).
Time-efficiency and effectiveness: Drone devices help to improve and increase effectiveness and efficiency in the accounting and auditing profession.
Accuracy: Produce accurate data that can be relevant for future forecast and planning. It depend on how accountant use drone technology to collect insight into the condition of assets. This is faster, cheaper, safer and more accurate than traditional methods (Johnson, 2022).
Save Cost: Drones may save money for accounting clients, who can use them for stock takes, mapping, safety monitoring and to inspect bridges and building.
Productivity: It can enhance productivity
Also, Reduce the risk of injury: he benefit in health and safety as the need for someone to climb over the coal pile are removed.
Speed: Helps speed up some business and accounting processes.
Monitoring strategies . Help monitor staff, operation and some dangerous zone. For instance, drones can assist the firm or staff to take account area difficult to reach.
Storage of Long-term data: Moreover, drone methods allow for storage of long-term data. This is useful to account for physical factors (like weather, light conditions and geomorphology of the beach) for more spatio-temporal analysis.
Automate and accelerate repetitive accounting tasks (Qasim et al., 21).
The technology produces massive amounts of data that require interpretation and translation into meaningful information for informed business decisions.
Also, as accountants keeping up to date with new technologies and understanding their potential to enhance efficiency and effectiveness is essential. Developing the necessary skills to interpret and present data will enable them to add value to their employers. Since the drones technology are control by expert . However, drones are prone to making mistakes just like any other technology, which is why one can exempt them from errors.
Furthermore, competent accountants who are conversant with latest technology, play a crucial role in helping companies thrive and maintain a competitive advantage. It is imperative that organizations have skilled accountants on their team to achieve these goals.
Implications of How Accountant use drone Technology to the Accountants and Auditors
Be part of the at least 95% that will accept this new technology if they must prepare for the future.
Develop a new skill that is all-encompassing for them to be relevant every time and drive the development of accounting profession.
For companies to successfully transform, there will be a great demand for individuals with fundamental knowledge and expertise. For instance, such individuals must possess the necessary skills and understanding to support the company’s transformational goals.
Also, become a consultant in the field to remain relevant and being in change of the world where we live by data.
Become a strategic thinker.
Apply professional judgement whenever is necessary and obtain a better results
Establish Drone-focused department that enable accounting firms to handle all matter related to drone.
Check the impact of drones on client’s business operations.
Lastly, it is vital for every accountant or auditors to be familiar with the present drone regulations in their countries.
Conclusion
In this article, the writer examined how accountant use drone technology and to achieve their work on daily basis. Similarly, drones can improve the accuracy and efficiency of audits. However, how they can use it to collect data and perform inspections in hard-to-reach areas.
Consequently, the article highlighted the potential impact of commercial drones on the accounting profession, with predictions that this technology will revolutionize traditional accounting procedures (Ovaska-Few, 2017). Accounting professionals and academics need to recognize the significance of drone technology and patronize the suppliers as it is here to stay. In addion, the sooner we adapt to this technology and use it to their advantage, the better. Accountants and auditors are condition to embrace this new technology and see it as an improvement to their jobs instead of threat.
