The Accountant-May-June 2017

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WORK PLACE In the market place, the democracy of the wallet reigns supreme. By exercising their freedom to choose, through their expenditure preferences, customers determine winners and losers. If an enterprise continuously gets fewer and fewer ‘votes’ in terms of shillings sales, they have no choice but to close shop. As kings and queens, customers are the ultimate employers. The last persons to be fired by customers are the owners of business, investors and shareholders. Employees fire themselves When someone is fired, one feels very bitter towards the employer. Such employers are perceived to be uncaring, bloody sucking capitalists, heartless, mean, exploitative, and insensitive to one’s family commitment, high unemployment rates, or outright sadists. What many employees forget, and conveniently so, is that employers are not in charity to create jobs. One can state authoritatively that there is no employer in the whole world who starts a business with the primary objective of creating jobs. Employees are hired to support in the implementation of the founder’s dreams. As a factor of production, an employee comes in at a cost; the remuneration. For the employer-employee relationship to make business sense, the market value of an employee’s contribution must be higher than the payroll cost. Any time there is some disequilibrium to the disadvantage of the employer, the employee becomes a loss making investment that is disengaged or decommissioned or discontinued or fired at the earliest convenient time! If left unattended for a prolonged period, ‘corporate bleeding’ (losses) just kills the patient (the business). Only a fool would leave a bleeding patient unattended. Employees determine performance and rewards Every employee is 100% responsible for their contribution. Every employee has the free will and the freedom to choose what to contribute during the 8am-5pm day. Nobody is a slave. Nobody can cheat on measurable performance. When the going gets tough and a company starts struggling to pay bills because of declining sales, owners of business have to move with speed to save the ship from sinking. For the ship to land safely in the ‘Nineveh’ of survival, some ‘Jonahs’ have to be thrown out. The choice of Jonahs is pretty easy, namely, the poor performers. Never be cheated, like the shrewd soccer club managers who pay a premium to get the Messis’ and Ronaldos’ in their teams, every employer desires to retain superstars in their teams. The laggards, the late comers, the whiners, and all the other miscreants are quickly shown the ‘red’ cards-fired. Like the Jonah’s story in the Bible ( Jonah has been called to go preach the good news in Nineveh. In disobedience, he took a detour in a ship. The vessel experience serious turbulence in the seas. To avoid ship wreck, the captain called all present to pick some secret ‘ballot’. Jonah picked the NO and he had to be thrown out into the deep sea as the rest continued with the journey), a company’s future cannot be jeopardized to save careers of a few employees. A conscious self-enlightened decision has to be made pretty fast to save the founder’s dream by separating saboteurs. If you are hired to support somebody’s dream and you try to sabotage it through non-performance, the dreamer has a right to show you the exit door. In any case you will have preselected yourself by your results. Results do not discriminate. A cow that gives ten litres of milk cannot complain when her feed ration is made commensurate to performance compared to one that gives thirty litres. It’s pure common sense. Therefore, being bitter with the employer for firing you is being dishonest with yourself. You are still entertaining this dishonesty in carrying out an assessment of your worth or contribution during your working days. You knowingly or unknowingly signed your dismissal or the ‘RTS’ (return to sender) letter the moment you started earning your employer lesser revenues than what it cost to maintain you in the payroll. That is the moment your salary is GREATER THAN your contribution in terms of results (income) you get fired or you are blacklisted for retrenchment, if the ‘corporate pain persists’ , to paraphrase drugs adverts that caution patients to see the doctors if pain persists. Attitude of gratitude Somebody who gave you an opportunity to serve, gave meaning to your life, advances your career, and more importantly pays bills for months or years, surely deserves to be appreciated. If you honor your parents or guardians for nurturing you to be who you are, the more so you should honor your former employer for providing financial, relational and network nourishment. There is no doubt you have grown, career wise, financially, and even physically. You should celebrate the wonderful time you had with your former teammates. A heart of gratitude and thanks giving enriches your life and is a great health booster. Bitterness is corrosive, wrinkles your face and shortens your life. Why engage in life threatening acts over the past that you cannot change? You have lost a job; money is in short supply, so why use it on things that can be avoided like medical bills? As for me and my house, I am forever grateful and indebted to all my former employers; all ten of them for giving me an opportunity to serve, earn money and make friends. I have been fired six times (once as an employee and five times as a founder of businesses that failed.) My failures were great lessons in my entrepreneur journey. Being fired, the best thing in your life Guess what, being fired could be the best thing in your life. Remember it could have been worse, for example, losing your job while on duty, got serious injuries at work or other terrible things. Being fired could be a wakeup call from somebody who really cares about you. Could be you have stagnated in one position, you have been ‘passed’ over promotion for reasons you could not understand (the truth is, your results were not satisfactory), the job was no longer challenging or meaningful but you lacked the guys to move on among other reasons. Could be your employer is facing a bleak future for failure to innovate and adapt to disruptive technologies. In such a scenario, being selected for retrenchment with some package may turn out to be the best decision if the company goes bankrupt and others leave with nothing. Accept the new reality This is the time for you to pause, be grateful for all the years you have worked and figure out what you can do. It is a time to reflect on your life. It time to reengineer and re-imagine your next life. You have many things working in your fair unlike your former college buddies you may still be languishing at home jobless. You have valuable experience, networks, some working capital and time in your favor. Build on your strengths. Move on! 38 MAY - JUNE 2017
WORK PLACE Wherever, you find yourself, it is never too late, and like they say, there is always room for improvement. Whatever your level of current income, ensure you spend wisely (budget), Save regularly and invest smart Spending time in at the grave side your former titles, carpeted offices, free newspapers, club membership, official vehicles, holidays and other trappings of power will just delay your healing process and deplete your funds. Accept that the buttered loaf of bread has moved. The new reality is that you are jobless but heavy laden with experience, networks and determination to reinvent your life. Arise and rise. Prove to your detractors that the reasons that got you fired were a mere detour in a great life that is ahead of you. You spent time executing your employer’s dreams. This is your opportunity to execute your dreams and hire others to support you. The distance between your dreams of a life of greatness and significance is ACTION. Wake up from the bad dreams of losing your last job, that was not your destination, it was just one of the many stations in a life of greatness that is ahead of you. Dream it, Frame it, Act it, And become successful. MAY - JUNE 2017 39
Page 1 and 2: JOURNAL OF THE INSTITUTE OF CERTIFI
Page 3 and 4: TABLE OF CONTENTS 26 COVER STORY Wi
Page 5 and 6: EDITORIAL Dear Reader, The matter o
Page 7 and 8: Financial reporting and assurance T
Page 9 and 10: Financial reporting and assurance T
Page 11 and 12: Business Practice and Development I
Page 14 and 15: Business practice and development O
Page 16 and 17: Economy THE IMPACT OF HYPERINFLATIO
Page 18 and 19: Management THE POWER OF PERSUASION
Page 20 and 21: MANAGEMENT UNDERSTANDING THE RISK M
Page 22: MANAGEMENT Gor Mahia fans engaging
Page 25 and 26: Finance and Investment will also ne
Page 27 and 28: Information Technology DATA GOVERNA
Page 29 and 30: COVER STORY Daniel Susskind, a lect
Page 31 and 32: CPA Centre TO LET Structure • Ele
Page 33 and 34: governance the generation of a plan
Page 35 and 36: Public Policy Auditor General Edwar
Page 37 and 38: Public Policy and ensure government
Page 39: WORK PLACE If you are in the catego
Page 43 and 44: WORK PLACE Does this thought ever c
Page 45 and 46: WORKPLACE working remotely and bein
Page 47 and 48: WORK PLACE Being self-employed mean
Page 49 and 50: INSPIRATION don’t always come tru
Page 52 and 53: SOCIETY POSTPARTUM DEPRESSION IS A
Page 54 and 55: SOCIETY immediate family members an
Page 56 and 57: ENVIRONMENT Society in collaboratio
Page 58 and 59: HEALTH DEALING WITH CONSTIPATION Co
Page 60 and 61: HEALTH lower back, using your arms
Page 62 and 63: TID BITS Below are selected article
Page 64 and 65: BOOK REVIEW Reviewed by Angela Muti
Page 66 and 67: STAR OF THE MONTH STAY FOCUSED A gr
Page 68 and 69: TRAVEL By Clive Mutiso, clivemutiso
Page 70 and 71: KAMPALA ««««« PICTORIAL PROGRE
Page 72 and 73: ACCOUNTABLE RECIPES By Sharon Gaton
Page 74 and 75: PEN OFF questions effectively open

The Accountant-May-June 2017

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