Category Archives: Accounting

To Issue Accurate Financial Statements, You Need a Close Process

Financial statements provide useful financial information about the reporting entity to existing and potential investors, lenders, and other creditors for decision making. As a financial statement captures the financial effect of all activities carried out in the business, the accountant must coordinate with different parts of the business to get accurate and timely information to […]

Excel or Accounting Software, Which Accounting Tool Should I Use?

There are two groups where this question rages: start-ups and businesses which do not invest in the tools their accountants need. Start-ups At start-up, the priority of the business is to find clients and generate the cash they need to invest and grow the business. The business is small, and the owners run the business […]

Are Ghanaian Businesses Making The Most Of Their Accounting Software Investments? Part-2

We are discussing common issue we find, as we apply data analytics tools to our audits, that suggest that Ghanaian businesses are not getting good returns from their investments in an accounting software. In part 1, we discussed observation on systems configuration. In this article we discuss security, information technology skills and data issue we […]

Are Ghanaian Businesses Making The Most Of Their Accounting System Investments? (Part One)

We suspect that Ghanaian companies are probably not getting optimal returns from their accounting systems investment. The findings of our data team confirm our suspicions. In 2019, we made data analysis an essential part of our audit process, re-engineered our audit process and deployed data analytical tools such as MindBridge AI and CaseWare IDEA. On […]

What Can a Good Accountant Do for Your Small Business?

Many business owners do not know what an accountant can for their business, so end up not getting the most from their accountant. There are bad accountants, but a good one will help you run your business with clarity and confidence. If your accountant is going through the motions of pushing papers, then you may […]

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 Is A Contract Asset Under IFRS 15?

IFRS 15 – Revenue from Contracts with Customers has been effective since 1st January, 2018. It introduced the five-step model to revenue recognition and created a new category of assets called “Contract Asset”. In this article, we consider contract assets and show how they differ from a trade receivable. Definition A contract asset is defined in IFRS […]

Tax Implications of Changing Your Accounting Year

A company’s accounting year is the period for which it prepares its annual financial statements. It must consistently prepare its financial statements to that date. This enables users of financial statements to compare performance between years. Changing your accounting year has tax implications. It poses problems such as gaps or overlaps in income taxed. The […]

How to Manage Cash Flow with Accounts Receivables

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, […]