What is Payroll accounting? Payroll accounting is generally about properly accounting for salaries and wages of workers, taking into consideration the statutory obligations that arise and then making payments for them within the required time and with the right documentation. It hinges on 3 pillars: the terms of employment, the policies of the company, and the laws of the land.…
As a small business entrepreneur, you are encouraged to sign on to the compulsory Social Security contribution of 5.5% of employees’ salary and 13% of business income. Although it is a retirement plan, it is also a smart way to reduce taxes for both your workers and your business while motivating your workers too. Retirement plans reduce an individual’s taxable…
One of the areas that is of great importance to the leadership of every state or country is the social well-being of the citizenry. The situation is the same for Ghana. As part of efforts to safeguard the social prosperity of the people of Ghana, there has been the institution of a scheme that requires payments towards the social well-being…
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…