A new year is fast approaching, and every business owner is looking forward to a much more promising year ahead. There were peak seasons of great sales and months that didn’t look as good; direct or indirect costs were too much to control due to internal and external business pressures. Anyways, 2019 is coming with its own expectations and business…
It is now widely accepted that cash is king and at the same time, the lifeblood of any business. Imagine this situation in a cash strapped workplace: there is little cash to purchase run-out inventory, creditors are making arrangements to sue due to prolonged non-payment of credit granted, workers have not received their remuneration for months, little funds are available…
When was the first or last time you wrote down your day’s expenditure? Do you even take time to reconcile or balance your bank statement or mobile money mini statement with the records of expenditure you may have penned down in a cash book? From our experiences, hardly do small businesses do that. The bank and mobile money statements summarize…
Immediately you leave your comfort zone and launch your business, it might feel like the engine of your brand-new car is running faster than you can control. It is always up to you the driver to apply the brakes to control the speed. Likewise, as a business owner, it is your responsibility to regulate the flow of your business. In…
The Balance Sheet, appropriately referred to as the statement of financial position plays a very vital role in the complete financial statement of a business. Most business owners interest themselves with the income statement as that shows them their revenues or sales, cost of sales, operating expenses and their profit margins. More profits mean more dividends can be paid to…
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 is usually on making more…
In Ghana, taxes are the main source of revenue to the government. This is generated directly from income from employment, business and investment and also indirectly, from goods and services purchased. Excise tax is a form of indirect tax imposed on particular goods such as alcoholic beverages, tobacco products, gasoline, and many others. Over the period, it has been observed…