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…
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…
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’…
What I learned from 10 years of building SCG Chartered Accountants – Part One
SCG Chartered Accountants (SCG) is not my first venture into self-employment. That was SCG Consulting, which focused on implementing and supporting Pastel accounting and payroll as its primary business. We made a bet back then that technology was the future! We were accountants, and setting…
A Simple Framework for thinking about your business
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…
How to choose an accounting year for your business
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…
Important Tax Law Changes
Tax Law Amendments, Applicable from 1st August 2018 Presenting to the Ghanaian Parliament, the Finance Minister put forward proposals for the review and introduction of the following taxes and levies: Income Tax rates for resident and non-resident individuals Value Added Tax Luxury Vehicle Levy Parliament…
The Effects of the Proposed Changes in VAT in Ghana
The Government of Ghana has, in its mid-year review of the budget, proposed changes to VAT. The changes will convert portions of the existing VAT into levies. The proposed changes are as follows: Pre-budget Budget proposal VAT 15% VAT 12.5% NHIL 2.5% GET Levy 2.5%…
Building A Career Is Like Building A Skyscraper
Looking back on my 38 years as an accountant, the years I’ve spent building my career is a little like building a skyscraper. Today, I am the result of choices, experiences, and the trials of life. I – and my career – didn’t just happen….
Online banking saves you money! Use it!
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…
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