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 look at how it is…
It is a widely known convention in accounting that a business is an entity, separate from its owner(s). It is also very essential for the survival of a business to separate the business transactions from that of your personal activities. However, a lot of sole proprietors withdraw cash and other assets from their businesses as and when they want, without…
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 and expenses. I start by…