Cash flow, the total amount of money moving in and out of your business, affects how much cash you have. If cash is moving out faster than its moving in, you may run short of cash and may have to raise funds through borrowing, sale of assets, or raising equity. For many businesses in Ghana, […]
Category Archives: Accounting
06
Nov
Nov
Outsourced accounting services can solve the accounting problems of Ghanaian SMEs. At SCG, we believe that without good accounting, you can’t run a successful business. Here’s our own experience with poor accounting, Poor accounting is expensive. SME accounting problems Ignorance – accounting is not at the top of the mind of many entrepreneurs when they […]
29
Jul
Jul
Doing business with GRA is a pain! Remember your frustrations with GRA? What about documents that get lost over and over? Or tax files that are incomplete or lost! How about enquiries that nobody at GRA bothers to respond to? GRA just made a big promise that this era is over! It is digitizing tax […]
15
Jul
Jul
Accounting has its own language. To have a meaningful conversation with your accountant, you must know the accounting terms they use. Five accounting terms you must know are: Net income Cash flow Invoice Accounts receivable (also called debtors) Accounts payable (also called creditors) WHAT IS NET INCOME? Net income is the same as net earnings […]
10
Jul
Jul
I made a profit but where did the cash go? This is the surprised reaction when you make a profit but have no cash to show for it. You pay bills with cash and not profit. So, whilst you’ve made a profit, you may not pay your bills on time and your business struggles. Why […]
24
Jan
Jan
People often ask me, “how do you see the year going? Will it be a good year or a bad year?” I respond with a shrug and say, “Whether it’s a good year or a bad year for everyone else, we’ll make it a great one for us.” This is the message I gave my […]
03
Dec
Dec
Choosing an accounting year end is important. Businesses must prepare business accounts for different reasons. These might include: To find out how the business has performed; To allow it to file for taxes. And to enable them to do that effectively, business owners must choose an accounting year for their business. What is an accounting […]
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 […]
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