Analyzing your business performance: a simple guide

A good strategy to achieve business success is to always evaluate your business performance at least monthly. Your business performance is measured by your statement of profit or loss. This statement has its key elements to be revenue or sales, expenses (both direct and indirect), gross profit, and net profit or loss. In this article, …

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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 …

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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 …

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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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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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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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Continent’s Potential Can Be Realised Through Technology

We are in a fast changing technological age which brings with it a huge leverage for countries and businesses ready to use it. I shared my thoughts on how technology can be used to accelerate efforts towards achieving the Sustainable Development Goals (SDGs), especially within continental Africa. Read it below: With 200 million people aged …

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