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Webinar on Accounting and Tax Checklist - Built Accounting


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Essential bookkeeping and finance practices for small businesses in Ghana as they enter into 2019. From preparation of end of year financial statements for audit, filing of audited accounts at Registrar General's Department and Ghana Revenue Authority, payment of provisional/self assessment estimates, making your budget for the year prepared and many more.

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Webinar on Accounting and Tax Checklist - Built Accounting

  2. 2. OUTLINE FOR PRESENTATION • Preliminary • Why bookkeeping? • Bookkeeping & Finance tips • Some important deadlines
  3. 3. SOME PRELIMS • Registered your business • Registered with your local tax office(s) • Opened a separate business bank account. • Registered with SSNIT (if you have paid employees) • Registration with other relevant regulatory bodies
  4. 4. BOOKKEEPING Recording and posting of routine business transactions.
  5. 5. WHY IS IT ESSENTIAL? • Shows your financial standing • Promotes important financial decision making • Helps to agree and even to reduce your tax liabilities • Facilitates control of VAT • Helps in auditing and reduction of audit costs • Assists in financial position discussion
  6. 6. COMMON GENERAL RECORDS • Cashbook • Payroll Records • Invoices & Sales Receipts • Petty Cash Record • Inventory Records • Customer Records
  7. 7. COMMON GENERAL RECORDS • Fixed Assets Register • Business Cheque book • Accounts Receivable • Accounts Payable • Filing System – Nature of expense, period etc
  8. 8. PRACTICE #1 – CUSTOMERS • Listing of receivables – make it very friendly for analysis • Document payment terms • Establish credit guidelines – make it clear • Create collection timeline
  9. 9. PRACTICE #2– VENDORS • System set-up: helps maximize cash flow and create essential financial reports • Tracking system: Consider company needs • Enter expenses promptly and appropriately • Have a payment term for your vendors • Build a financial stability reputation
  10. 10. OTHER PRACTICES • Preparation of budgets • Budget vrs actual reporting • Financial statement preparation
  11. 11. SOME IMPORTANT DEADLINES • Q1 Self/Provisional Assessment • Payments towards Tier 1 and 2- on or by 14th of every ensuing month • Submission of audited accounts – Before April ends. • Filing of returns (WTH, PAYE) - on or by 15th of every ensuing month • Annual employees’ deduction schedule – by April of ensuing year • VAT / GETFUND / NHIL – Last working day of ensuing month SSNIT
  12. 12. Simple Accounting System for SMEs Customers: 1. Give invoices to your customers. 2. Keep copy of unpaid ones in Upaid Sales invoice file 3. When invoices are paid, issue out sales receipt and file them in Paid Invoice files. 4. Update cash book with payment received Vendors/Suppliers 1. Request for invoices and file them 2. Move them to Paid Purchase Invoice File when paid 3. Updated Payment side of cash book with payments Other operating expense: 1. Create expense vouchers 2. Request for receipts on payments 3. File them in operating expenses file 4. Update them in Payment side of cash book. Good practices: 1. Deposit all cash takings before spending out of it 2. Where all cash is not banked, conduct daily at the end of the day. 3. Request for month end bank statement for reconciliation purpose
  13. 13. Simple Accounting System for SMEs Sample Cash book Sample Daily Summary
  14. 14. Thank you Any questions?