Introduction Small businesses often struggle with handling daily expenses efficiently, especially when it comes to dealing with multiple reimbursement requests. Petty cash management offers a structured solution. In this system, a petty cashier is appointed to oversee a fixed fund and maintain detailed records. This approach ensures quick access to cash, accurate tracking of expenses, and better overall financial management.…
Introduction The Growth and Sustainability Levy Act 2023 (Act 1095) has been introduced in Ghana to foster economic growth and fiscal sustainability by raising revenue from specified companies and institutions. The levy is on profits before tax or production for the assessment years 2023, 2024, and 2025. Understanding and managing this levy is critical as a business owner to ensure…
Introduction As a Ghanaian SME owner, managing your company’s payroll can be difficult, especially given the complexities of regulations and tax laws. However, keeping employees happy while remaining legally compliant requires accurate and timely payroll processing. This guide will walk you through the fundamentals of payroll services, providing valuable insights to help you streamline your payroll processes and keep your…
The headline on the 21st of July created a buzz on social media platforms. SMEs received emails from global ad platforms like META on the introduction of Value Added Tax (VAT, an additional cost/tax on goods and services that is paid or borne by the end consumer) on the sale of ads to advertisers. This change affects everyone, from…
Starting a small business in Ghana is an exciting opportunity requiring careful planning, extensive research, and adherence to legal obligations. In this article, the essential steps and factors for starting a successful small business in Ghana are explained, so you will gain in-depth knowledge as a budding entrepreneur. We’ll delve into crucial aspects such as market analysis, business planning, legal…
f you are a football fan, you didn’t miss the news about the parting of Graham Potter and Chelsea, Brendan Rodgers, and Leicester. These two key events marked the decisive end of the first quarter of 2023 in football. Chelsea’s decision, for instance, to part ways with their manager, probably came after a careful look at his performance and a…
Today, we are coming in to help you fix one key problem that’s hurting most online businesses: DM for price. Imagine supervising a day’s work at your supermarket. The aisles are packed with shoppers, and items are getting restocked one after the other. However, every 5 minutes, a shopper comes to you to ask for the price of an item.…
It’s Global Money Week, a time for timely conversations about the ever-present topic that makes life go round. The first quarter of 2023 has been quite bumpy, with numerous unpleasant news in the media and some interesting news in football. Furthermore, the financial industry has taken a lot of hits, with increased fraudulent activities and the closure of formerly successful…
The Nkosuo Loan program has been launched by Mastercard Foundation, in partnership with the National Board for Small Scale Industries (NBSSI) as an Emergency Program to support micro, small, and medium-sized enterprises (MSMEs) and start-ups in Ghana who have been affected by the ongoing pandemic. The program which falls under the general NBSSI Mastercard Foundation Recovery and Resilience Program for…