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.

1. ESSENTIAL
BOOKKEEPING
AND FINANCE
PRACTICES
PRESENTED BY:
EDWARD NEEQUAYE (CA)

2. OUTLINE FOR PRESENTATION
• Preliminary
• Why bookkeeping?
• Bookkeeping & Finance tips
• Some important deadlines

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. BOOKKEEPING
Recording and posting of
routine business
transactions.

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. COMMON GENERAL RECORDS
• Cashbook
• Payroll Records
• Invoices & Sales Receipts
• Petty Cash Record
• Inventory Records
• Customer Records

7. COMMON GENERAL RECORDS
• Fixed Assets Register
• Business Cheque book
• Accounts Receivable
• Accounts Payable
• Filing System – Nature of expense, period etc

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. 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. OTHER PRACTICES
• Preparation of budgets
• Budget vrs actual reporting
• Financial statement preparation

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. 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. Simple Accounting System for SMEs
Sample Cash book Sample Daily Summary

14. Thank you
Any questions?
Edward@builtgh.com