Daily Accounting is a Building Block for Small Business Success

Daily accounting drives growth for small businesses in Cameroon, simplifying tax filing.

Recording daily income and expense for your business involves more than just tallying how much your business made. It’s also about understanding how much was spent each day.

As a small business, it should be a discipline. It is a habit that helps in planning, budgeting and preparing your business for growth.

In Cameroon, businesses with a turnover between 10,000,000F and of 50,000,000F are under the simplified tax system. With this system, they need to use basic cash accounting system. With this simplified system, businesses record income or expenses only when money enters or go out respectively.

This method keeps things straightforward. It helps small businesses stay on top of their finances. It does so without over complicating daily processes. Tracking these numbers day by day is tedious, but it’s key to growing and maintaining a healthy business.

There are only about two months left for the 2024 fiscal year to end. This is the best time for you to start reviewing your accounting records. This will guarantee they are correct.

We support small business owners with a simple Excel sheet. You can download it to track daily cash inflows and outflows. This tool is customized for the cash accounting method used in Cameroon. It makes it easy for you to keep precise and up-to-date records.

Download Daily Cash Flow Tracking:
Microsoft Excel
LibreOffice Calc
Google Sheets

Small businesses in Cameroon can simplify tax filing through daily accounting. Daily record keeping will ease the compilation of end of year financial statements. These statements are needed for statistical and tax returns filing. Instead of the stress of rushing to meet deadlines, you’ll manage to file with confidence and accuracy.

At OpenHub Consulting, we can assist you in setting up this system if you’re not already using it. We can also help you streamline your records so tax filing is as easy as possible. Contact us at openhubconsulting.com, and we’ll work with you to ensure that your business is ready for tax season and set for success in 2024.