Category Archive For "Finance"
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, …
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 …
Which banks in Ghana are the most SME-friendly?
SMEs are the lifeline of our economy in Ghana. However, many SMEs have been excluded in the financial services due to sometimes high cost associated with accessing financial services. So we have compiled all banks in Ghana and their charges, right from the minimum opening balance, cost of cheque books to commission on turnover and …
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 …
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 …