1. Start with a Simple Ledger or Record Book
If you’re just starting out, a simple notebook or Excel spreadsheet is enough. Divide your pages into:
- Date
- Description
- Income (Sales)
- Expenses (Cost of Goods, Transport, Rent, etc.)
- Balance
2. Track Daily Sales and Expenses
Record every single transaction, no matter how small. A ₵5 sachet water box or a ₵100 MTN data top-up for business counts as an expense.
Example:
| Date | Description | Income (₵) | Expense (₵) | Balance (₵) |
|---|---|---|---|---|
| 01/04/2025 | Sold 10 shirts | 800 | – | 800 |
| 01/04/2025 | Bought fabric | – | 300 | 500 |
| 02/04/2025 | Transport fare | – | 40 | 460 |
3. Separate Business & Personal Accounts
Use different mobile money wallets or bank accounts. Mixing business and personal money leads to confusion and inaccurate records.
4. Use Apps or Accounting Software
As your business grows, tools like:
- Wave Accounting (Free)
- Zoho Books
- QuickBooks
- Tally
…can automate tracking, send invoices, and generate profit & loss statements.
5. Calculate Monthly Profit
A simple formula:
Profit = Total Income – Total Expenses
If in April, you earned ₵10,000 and spent ₵7,200, your profit = ₵2,800.
That means your business has money to reinvest, save, or pay yourself.
6. Keep Receipts & Supporting Documents
Store receipts, momo statements, bank slips, and invoices. You can scan or take photos and save them on Google Drive or a USB. GRA requires businesses to keep records for at least 6 years.
7. Review Regularly
Set aside time weekly or monthly to review your records. Look at:
- Best-selling products
- Highest expenses
- Months with slow sales
This review helps you adjust pricing, marketing, or stock levels.
To wrap up: It Pays to Keep Records
Good financial records help you see the true health of your business, reduce stress, and prepare for growth. You don’t need to be an accountant—just consistent. Start small, stay disciplined, and upgrade your system as your business grows.
In the words of Ghanaian entrepreneurs:
“If you can’t measure it, you can’t grow it.”
So measure it. Track it. Record it.
And watch your business thrive.
