Running your small business in the face of COVID-19 outbreak

Building a business is already hard! This makes running it in the face of a global pandemic, like the Coronavirus crisis, much more difficult. Many pronouncements have been made of the disruption that we may experience as a result of this pandemic, comparing it with the financial crises in 2008. Prominent venture capital firm, Sequoia, …

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in Accounting, Finance

Simple Cash flow Management Tips

Cash flow refers to the movement of money into (inflow) and out (outflow) of a business. Money here refers to cash and cash equivalent, thus cash itself and other short term assets that can turned into cash within a period of a year or less ( examples include savings and current accounts, a 3-month fixed …

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in Business Stories, Tax

How to calculate the 3% VAT Flat rate

There are two types of VAT systems in Ghana: the Standard scheme and the Flat rate. While the former comes with a composite percentage of 17.5%, the latter is 3%. The objective of this short article is to equip readers with knowledge on how to compute the 3% Flat rate VAT. Before we start to …

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Your business’ cash is not your cash

It is a widely known convention in accounting that a business is an entity, separate from its owner(s). It is also very essential for the survival of a business to separate the business transactions from that of your personal activities. However, a lot of sole proprietors withdraw cash and other assets from their businesses as …

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Simple Cash flow Management Tips

Cash flow refers to the movement of money into (inflow) and out (outflow) of a business. Money here refers to cash and cash equivalent, thus cash itself and other short term assets that can turned into cash within a period of a year or less ( examples include savings and current accounts, a 3-month fixed …

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What does revenue and expenses mean?

As a firm, it is vital to know that implementing your chosen strategies means that you would carry on business. In doing so, you will experience money and other financial resources “coming in” and “going out”. These are generally what are termed revenues and expenses. In this article, I share with you more about revenue …

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How to calculate the 3% VAT Flat rate

There are two types of VAT systems in Ghana: the Standard scheme and the Flat rate. While the former comes with a composite percentage of 17.5%, the latter is 3%. The objective of this short article is to equip readers with knowledge on how to compute the 3% Flat rate VAT. Before we start to …

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Ghana Tax Calculator App

As business owners and accounting professionals we work with taxes on a daily basis. Finding a way to simplify how you calculate taxes is one of the holy grail of the accounting profession. For business owners, it is a way of taking away the complexities that certain taxes come with. Thus, it came as no …

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