Author page: Baffour Agyei

New PAYE 2024

How to compute the new (2024) Employee Income Tax (PAYE) in Ghana [template provided]

Ghana’s Parliament passed an amendment in December 2023, changing the Income Tax Act. They also added a minimum chargeable income, which might be tied to the rise in the National Daily Minimum Wage. These adjustments are likely to affect Ghana’s economy and workers significantly. After the amendment was passed in December 2023, the Ghana Revenue Authority (GRA) stated that the…

Unlock Financial Freedom: Six Secrets to Stellar Sales Collections

Unlock Financial Freedom: Six Secrets to Stellar Sales Collections

“Sales collections can feel like a chore. Any tips to make it easier?” “Wait, are you saying that all the cash in our account this year is from sales?” “Why the differences between the deposit slips and the cash collected in December?” “Spending cash from sales before depositing the balance, can you clarify?” “Can we verify if all cash sales…

Beyond Boundaries: SMEvolution in Building an Online Presence

Beyond Boundaries: SMEvolution in Building an Online Presence

Introduction From Gutenberg’s movable-type printing press to the digital world of the twenty-first century, the trajectory of technological advancement has taken an extraordinary leap. Building a robust online presence is no longer a luxury in today’s interconnected global village on the internet, where social media and digital technologies reign supreme. In this article, we will go over some simple steps…

From Feedback to Fortune: Customer-Driven Success

From Feedback to Fortune: Customer-Driven Success

Introduction: Customers, the lifeblood of any business, actively propel revenue generation and are the fundamental force sustaining and nurturing a company’s existence. Again, these individuals willingly invest in the services or solutions offered, forming an essential lifeline critical to the survival of a business. Simply put, without customers, a business ceases to exist. The importance of customer service cannot be…

Financial Management for SMEs

Financial Management for SMEs

Small and Medium-sized Enterprises (SMEs) aiming for growth and success in today’s competitive market must possess the necessary skills for effective financial management. SMEs must carefully plan, organize, control, and monitor their financial resources in order to optimize business value. Important aspects include developing comprehensive business plans, exploring diverse external finance options, actively managing budgets and cash flow, implementing efficient…

Business Survival Tips for SMEs

Business Survival Tips for Small Business

Explore this in-depth guide to navigating the ever-changing landscape of small and medium-sized enterprises (SMEs). Discover the keys to success and growth in today’s competitive market, covering everything from technology and customer experience to online presence, industry trends, risk management, and bookkeeping. Embrace Technology for Business Growth Small and medium-sized businesses stand at a crucial juncture in today’s tech-driven world.…

Navigating Financial Statements for African SMEs

Navigating Financial Statements for African SMEs

Introduction Imagine yourself as a small business owner, sitting in your shop on a normal day in your neighborhood. Your business stands as proof of your hard work and vision, enabling you to chase your dreams. Just as a GPS guides you through unknown roads, financial statements guide your business through to steer through the unpredictable market. This article aims…

Petty Cash Management for SMEs

Mastering Petty Cash Management: A Key to SME Success

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.…

bookkeeping for SMEs in Africa

Bookkeeping for SMEs In Africa

Growth is frequently stymied by a range of formidable obstacles in the ever-changing environment of African small and medium-sized enterprises (SMEs). One obstacle, however, stands out more than the others: poor bookkeeping for SMEs. These SMEs frequently lack organized financial plans and documentation, making them vulnerable in the area of financial management. This shortcoming becomes a major roadblock, making it…