FAQ'S
FAQ'S
1. What services does WYMA & Associates offer?
WYMA & Associates provides a range of professional financial services, including financial advisory, audit and assurance, payroll management, VAT filing and compliance, KRA compliance, and statutory reporting services for businesses of various sizes.
2. Who can benefit from WYMA & Associates’ services?
Our services are ideal for startups, small and medium enterprises (SMEs), and established organizations that need reliable financial management, regulatory compliance, and expert guidance in accounting, audit, and tax matters.
3. How does WYMA & Associates ensure compliance with financial and tax regulations?
WYMA stays up to date with current financial and tax regulations — including KRA (Kenya Revenue Authority) requirements — to ensure accurate reporting, timely submissions, and full statutory compliance.
4. Does WYMA & Associates handle payroll and statutory deductions?
Yes — WYMA manages end-to-end payroll processing, including salary calculations, statutory deductions, and timely submissions to relevant authorities such as KRA.
5. Why should I choose WYMA & Associates as my financial partner?
WYMA combines professional expertise, integrity, and personalized service to deliver accurate financial solutions that support business growth and long-term success.
6. What types of audit services does WYMA & Associates provide?
WYMA offers statutory audits, internal audits, forensic/investigative audits, and compliance audits to ensure transparency, regulatory compliance, and accurate reporting for your business.
7. What is the difference between an audit and a review?
An audit provides an independent, detailed examination of financial statements, while a review offers limited assurance through analytical procedures and inquiry rather than extensive testing. Audits provide higher assurance and are often required by law or stakeholders.
8. When does a company in Kenya need an audit?
A company typically needs an audit when required by law (e.g., by the Companies Act) or by shareholders, lenders, or regulators. Even when not legally mandated, audits help ensure financial accuracy and stakeholder confidence.
9. How long does an audit engagement take?
The time depends on the size and complexity of your business and the state of your books. Small enterprises might complete an audit in a few weeks, whereas more complex organisations can take longer. Planning and good record-keeping speed up the process.
10. What is financial statement preparation, and why is it important?
Financial statement preparation involves compiling balance sheets, income statements, cash flow and equity statements that reflect your business’s financial performance. These statements are crucial for audits, compliance, loans, and investor reporting.
11. How does WYMA ensure compliance with Kenya Revenue Authority (KRA)?
WYMA stays current with KRA regulations to manage tax reporting, VAT compliance, PAYE and other statutory filings accurately and on time — helping clients avoid penalties and audits.
12. Does WYMA handle payroll and statutory deductions?
Yes. WYMA manages end-to-end payroll processing, including statutory deductions (PAYE, NSSF, SHIF) and timely submission of returns to KRA, helping you meet employment and tax obligations.
13. What is a forensic audit and when might my business need one?
A forensic audit investigates suspected fraud, financial irregularities or discrepancies. It provides evidence for legal actions and strengthens control systems if malfeasance or internal control breaches are suspected.
14. What are internal audits, and how do they differ from external audits?
Internal audits evaluate your internal controls, risk management and governance processes to improve operations. External audits are independent assessments primarily for financial accuracy and statutory compliance.
15. What bookkeeping services does WYMA offer?
WYMA provides daily bookkeeping, ledger management, account reconciliations, and record keeping to ensure accurate financial data and readiness for audits and reporting.
16. How can audit services improve internal controls?
Audits identify weaknesses in processes, reporting or compliance and recommend improvements. Stronger controls reduce risk, errors, and fraud, and improve financial transparency and stakeholder confidence.
17. What is tax planning, and how can WYMA help?
Tax planning involves arranging your affairs to minimize tax liabilities legally while remaining compliant with Kenyan tax laws. WYMA helps you understand allowable incentives and deductions.
18. Can WYMA assist with business budgeting and forecasting?
Yes — WYMA provides budgeting, forecasting and financial performance analysis to support better planning, resource allocation, and growth strategies.
19. How do I get started with WYMA’s services?
You can start by contacting WYMA for a consultation, sharing your business needs, and receiving a tailored solution that aligns with your compliance and financial goals.
20. Why is accurate bookkeeping important for audit readiness?
Accurate bookkeeping ensures that your financial records are complete, organised, and audit-ready, which reduces audit time, improves compliance, and strengthens financial decision-making.
21. What industries does WYMA serve?
WYMA serves startups, small and medium enterprises (SMEs), NGOs, and established organisations across various sectors seeking financial management, statutory compliance, and auditing support.
Enjoy The Best Experience with Us
At Wycliffe Majengo & Associates (WYMA), we are committed to delivering reliable, accurate, and professional financial solutions tailored to your business needs. Our experienced team provides expert guidance in audit, accounting, tax compliance, payroll, and bookkeeping helping you stay compliant while driving sustainable growth.
We combine industry expertise with personalized service to ensure every client receives clear communication, timely support, and practical insights that add real value to their operations. Whether you are a startup, SME, or established organization, WYMA is your trusted partner for financial clarity and long-term success.
We are committed to promoting high standards, of discipline, excellence and ethics through adherence to the firm’s quality standards and value charter and the laws of the country and the profession.
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Address : Nairobi, Mayfair Suites
Email : info@wycliffemajengo.com
Phone : +254 702 966 928
Company Email Address :
info@wycliffemajengo.com
24/7 Customer Support :
+254 702 966 928
Our Company Headquarter :
Nairobi, Westlands, Mayfair Suites, First Floor
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