Author Archives: George Katako

On a Career Journey Without a Map

This year we started career discussions in SCG Chartered Accountants. The initial focus is on people at different stages of the certification exams, but we will make it an annual practice across the firm. We have discussed careers with 10 people at various stages of the certification exams. The areas we covered in the discussions […]

The Economy is Tough: This is How Your Business Can Survive

The Government of Ghana went to the IMF and signaled that the economy is struggling. We are in for a prolonged period of economic difficulty. Inflation is high, the cedi is falling, and prices keep going up. Running a business in this environment can be very challenging. So, what can you do to your improve […]

HOW IS IT LIKE TO WORK IN SCG CHARTERED ACCOUNTANTS?

What’s our purpose? Our purpose is to use our knowledge in our area of expertise to provide solutions to businesses. Work context According to the ACCA, the principal forces driving change in the twenties are digitization, regulation, and stakeholder expectation. Stakeholders expect more business oriented and forward-looking information. At SCG, we accept these forces bring […]

Ghanian Accountants, Our SMEs Need You to up Your Game

GHANAIAN ACCOUNTANTS, OUR SMES NEED YOU TO UP YOUR GAME “It is important to get an insight into business in times like these to make the right decisions” – Abdul Kalmoni, CEO of PC Trucks. PC Trucks use XERO, a cloud accounting software. Mr. Kalmoni came to us because he was not getting reliable information […]

Implementing Accounting Software Without Expert Help

Businesses use financial data to judge how they are doing and decide what to do. But accounting is a chore. So, it is no surprise that more small businesses are using accounting software. We notice that they are implementing the software without expert help. The major reason they give is that expert help is expensive. […]

What Beliefs Underpin Your Entrepreneurial Journey? These are mine

In the next 10 years, I and most of my partners will retire from SCG Chartered Accountants. To prepare for that, we’ve started working on succession. A lot of the work revolves around improving our HR process, identifying and placing people on the path to leadership. A part of that process also involves sharing our […]

IF IT’S A VAT SYSTEM, WHAT IS THE VALUE ADDED BY CST, GETFL & NHIL?

My post VAT has generated over 11,900 views. The post hit a nerve – concerns about the amount of tax and the workings of the VAT system. Many of the commentators noted that the telecommunications companies calculate VAT on Communication Service Tax (CST), GET Fund Levy (GETFL) and the National Health Insurance Levy (NHIL). So, […]

How Much Will the Audit Cost?

“How much will the audit cost? It is a fair question, but our response will be, “to give you a quote we need to know a bit about your business.” So, what factors go into deciding how much the audit will cost? The auditor’s constraints Audit and accounting standards control the auditor’s work. Whichever approach […]

I MADE A PROFIT BUT WHERE DID THE CASH GO?

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 […]

What I learned from 10 years of building SCG Chartered Accountants – Part Two

This is part two of an article about what I have learned from 10 years of building SCG Chartered Accountants in Ghana. Read part one here. In this article, I discuss a few more lessons I’ve learned over the years. 1. Learn to say ‘no’ and focus A startup is often cash strapped and struggling […]