Are you worried about using online banking in your business? Not sure if it’s safe? Like you, we had concerns. We hesitated in using online banking tools, even though they’ve improved considerably over the years and are available across Ghana. Instead, we persisted with “traditional banking”. And by that, we mean: Writing and receiving cheques. […]
Author Archives: George Katako
06
Jun
Jun
Do you know that, at some point, you’ll need a tax clearance certificate to carry out certain transactions? Don’t leave it too late! To avoid the hassle of getting a Tax Clearance Certificate when you need it, prepare well ahead of time. So, what do you need to do to prepare? Read on to find […]
04
May
May
From 1st April 2018, you can no longer open a bank account, register a vehicle or do business with the Ghana Government if you do not have a Tax Identification Number (TIN). A Tax Identification Number is required for carrying out business transactions, but this has not been enforced in the past. The Ghana Revenue […]
05
Apr
Apr
Petty cash, also known as petty cash fund, is a small amount of cash on hand that is used for paying small, everyday business expenses. Examples of petty cash use includes payment for postage, phone cards, and reimbursing travel expenses. The amount in a petty cash fund will vary by organization – how much is […]
12
Mar
Mar
It’s a saying often attributed to one of the Founding Fathers of the United States, Benjamin Franklin, that in this world nothing is certain, except death and taxes. And Value Added Tax (VAT) is a tax that can certainly impact both individuals and businesses alike. What is VAT? VAT/NHIL (National Health Insurance Levy) is a […]
08
Mar
Mar
When you hire a new employee, it is good business practice to offer them a contract. A contract of employment can be verbal, or it can be written. Where most small businesses run into trouble is in their reliance on verbal agreements, opting not to use written employment contracts. This is problematic because verbal agreements […]
Cloud Accounting
Moving to cloud-based technology for your business? Here’s why you should be excited
18
Jan
Jan
Many Ghanainan SME business owners and finance people I speak to about moving accounting to cloud-based technology are often apprehensive about the change. They are particularly concerned about security and cite that as a reason not to consider cloud options. Many others are not aware of the existence of cloud technology. While I completely understand […]
11
Jan
Jan
It’s common for employers in Ghana to give loans to their employees at rates far lower than those of the banks and financial institutions. Prior to 1st January 2016, the benefits inherent in such loan benefits were not taxed. This situation changed with the passage of the Income Tax Act, 2015 (Act 896). Under the […]
22
Nov
Nov
I work in Ridge Tower, in the financial district of Accra, Ghana. Ridge Tower is a high-rise building housing a bank, a leading property management company and some departments of the Social Security and National Insurance Trust. Around my office, you will find more high-rise buildings housing more banks, insurance companies, and other major enterprises. […]
22
Nov
Nov
I’m not talking hypothetically when I say poor accounting is expensive. Nor am I talking as an accountant with a vested interest in selling you my expertise. I’m talking as a business owner who, with the best of intentions, ended up with poor accounting for many years, and suffered the consequences. Poor accounting will cause […]
