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 …

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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 …

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Management of cash flow

Cash flow is very crucial to the survival of any business. An increase in the profits of a business is a good sign of growth but the focus should also be placed on how to manage your cash. Negative cash flow can harm the business even if the business is profitable. You may be making …

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RGD extends deadline for filing of annual returns and renewals

The Registrar-General’s Department (RGD) has extended the deadlines for the filing of annual returns for companies limited by shares, companies limited by guarantee, external companies, and also for the renewals of partnership. The dates have been extended from 30th April, 2020 to 30th June, 2020. According to a letter from the regulatory body, dated 31st …

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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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Why your business needs a budget

In preparing for a new year and in some cases in the early part of each new year, business owners make a list of important considerations for their businesses. One of the things that features in most of such lists is the need to get a working budget for the year. Such a move by …

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Understanding the importance of inventory management

For many businesses, specifically in the manufacturing and distribution industry, companies such as manufacturing and distribution, inventory represents a large, if not the largest, portion of their assets. Therefore, it is important that management understands how to effectively manage their inventory. In this article,we will learn the importance of a good inventory management system. Inventory …

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How can the use of accounting software help my business to grow?

There are two ways that a business can account for its transactions: manually through the use of notebooks/exercise books or electronically through the use of accounting software. Each of these has its merits and demerits. However, the benefits the use of accounting software comes with is invaluable and far surpasses the manual approach. In this …

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