Category Archive For "Accounting"
Is outsourced accounting with Built worth the cost?
Outsourcing Accounting services is defined as purchasing an accounting service from an outside vendor rather than hiring an in-house Accountant. The prime objective of outsourcing an accounting service is to reduce costs. As companies grow, the amount of paperwork explodes too. This leads to several problems, from overburdened employees to outdated and inefficient processes through …
4 reasons why you should budget for marketing in your small business
There are broadly two sides of doing business: (1) bringing in cash and (2) managing the cash brought in. One important tool that assists businesses to bring in cash is marketing, especially advertising. In this article, we will look at some reasons why you should budget or make provision for marketing as you run your …
Paying myself as a business owner: A prudent approach?
General perception Most small business owners do not see the importance of paying themselves at the end of the month because they have the perception that they own the monies in the business and also, they can pay themselves at any time. Yes, you can pay yourself at any time because you do not report …
Payroll Accounting: What it is and how to do it properly
What is Payroll accounting? Payroll accounting is generally about properly accounting for salaries and wages of workers, taking into consideration the statutory obligations that arise and then making payments for them within the required time and with the right documentation. It hinges on 3 pillars: the terms of employment, the policies of the company, and …
A Simple Guide to Small Business Taxes in Ghana
While it is common knowledge that doing business involves tax payments, it is vital to reiterate this. In Ghana, some taxes apply to only small businesses though the industry and location in which a small business operate may give rise to other tax obligations or tax exemptions. In this article, I share with you four …
How to create and issue an electronic invoice in Built
In this article, we will discuss how to create and issue an electronic invoice using the Built accounting application. However, it is important to understand the meaning of an invoice and what it entails. An invoice is a document issued by a supplier to a customer indicating a sale made to the customer. It usually …
How to manage your accounts during COVID-19
There are generally two ways of managing business transactions or records: (1) manually, through the use of notebooks or exercise books and (2) electronically, through the use of computerized accounting software like Built. In managing your accounting records or business transactions, these three (3)points should be of great concern: Recognition of revenue Accounting standards provide …
How to pay your taxes, SSNIT in this period of COVID-19
While some businesses have attempted and found it difficult to make statutory payments, others do not have any idea on how to go about making their statutory payments in this period of COVID-19. This article seeks to give relief from such distressing situations. Statutory payments: what they are and when to pay them These are …
7 Things Every Business Should Prioritize In Each New Calendar Year
The priorities for a business for any new calendar year may differ from another. However, it is noteworthy some activities should be a priority for every business for any new year, irrespective of the size or nature of business. In each new calendar year, there are 7 things every business should prioritize. These form the …
Is a short term business loan a good idea?
In this critical moment (i.e. this corona virus era), business owners might run low on cash and might find it very difficult financing their expenses as a result of potential economic recess worldwide. So the predominant question from business people is: “can I finance my business activities through short term loans”? To begin with, there …