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.…
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…
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…
Social media buzzed on July 21st as emails from global ad giants like META landed in SME inboxes, announcing a new Value Added Tax (VAT) on ad purchases. This additional cost, effectively a tax on advertising, impacted everyone, from major corporations to individual ad buyers. For Small and Medium Enterprises (SMEs) already juggling budgets, comprehending the consequences for their digital…
The Income Tax (Amendment) Act, passed by Ghana’s Parliament in April 2023, amended the Income Tax Act. The act introduced revised income tax rates for individuals, a withholding tax rate on the realization of assets and liabilities, and an additional tax bracket. The amendment also included the introduction of minimum chargeable income, which could be linked to the increase in…
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…