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 …

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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 …

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Retirement contribution : A smart way to cut taxes.

As a small business entrepreneur, you are encouraged to sign on to the compulsory Social Security contribution of 5.5% of employees’ salary and 13% of business income. Although it is a retirement plan, it is also a smart way to reduce taxes for both your workers and your business while motivating your workers too. Retirement …

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Why Outsource your bookkeeping and accounting services?

Starting one’s own business is a huge milestone for every entrepreneur. After getting the courage to transfer the idea into reality, the next thought is to make the business grow and be highly sustainable and successful. Only few business owners develop the habit of keeping their accounts up-to-date and tax records in order. The focus …

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