FEATURE: Start now; Start right: Accounting information on Ghanaian businesses

In establishing a business, one will spend a considerable amount of time in ensuring that the idea(s) actually make a commercial sense.

There is a heavy dose of precious time invested into business start-ups: the time to refine the business ideas; the time expended to craft strategies on how to implement the ideas; the time ensuring the right resources are obtained.

But wait a minute! There is the scarce resource in money to put things together: to start the business registration; to buy fixed assets such as computers, desks, chairs, etc.

For this matter, we have to acknowledge the fact that after acquiring all these expensive scarce resources, the entrepreneur must do everything legally possible to grow and sustain the business.

Business growth and development hinges on the right quality information. Successful businesses go the extra mile to acquire such high-quality information. They need to make informed decisions and craft great strategies that help them to remain competitive and sustainable. And accounting information is one.

Accounting information concerns the gathering of data related to financial and economic activities of the business. If we record how many quantities of goods we have sold to our customers; how much money we are paying to our workers; how much fuel we buy into our business cars; etc. then, we have begun the process of obtaining accounting information.

You can contact us at TrustForm Business Africa to assist you gather high-quality accounting information for the growth of your business since accounting information has enduring benefits.

With accounting information, decision making becomes very effective. The decision to invest surplus funds; the decision to negotiate the terms of credit vis-à-vis taking loans from financial institutions.



There is one inherent benefit that needs to be told: that businesses, be they small or large, earn very high reputation amongst stakeholders when they are known to keep accurate accounting information.

Though there are costs incurred in generating accounting information, the benefits are enormous and enduring, guaranteeing the growth and sustenance of the business.