In the ever-evolving landscape of business management, efficiency is key, and staying ahead often means embracing innovative solutions that simplify complex processes. Recognizing the challenges faced by businesses in Ghana, Sierra Leone, and Kenya, Built is proud to introduce Built Payroll, a standalone payroll application designed to automate and simplify payroll management for businesses of all sizes. Built Payroll Benefits:…
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…
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…
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…
Small business owners in Ghana face a unique set of challenges, particularly in terms of financial management. Hiring an in-house accountant is simply too expensive for many businesses, leaving them struggling to keep up with the financial side of their operations. However, remote accounting is becoming increasingly popular among Ghanaian business owners. Kofi Addo is one such business owner who…