Many small businesses in Uganda make money but do not know how much. Without records, it is hard to price correctly, file taxes or get a bank loan. Bookkeeping does not need to be complicated.
1. Separate business and personal money
Open a business bank or mobile money account. Pay yourself a fixed allowance instead of picking money from the till.
2. Keep a daily cash book
Record every sale and every expense the same day: date, description, amount in, amount out and balance. A hardcover book works; an app or spreadsheet is better.
3. Keep receipts and invoices
File them by month. Take photos as backup. URA may ask for supporting documents.
4. Track stock
Count stock regularly and compare with sales. Big differences reveal theft, waste or pricing errors.
5. Track debtors and creditors
Record who owes you and whom you owe, with due dates. Follow up politely but firmly.
6. Do a monthly summary
At the end of each month calculate total sales, cost of goods sold, expenses and profit. Watch trends over several months.
Tools you can use
- Excel or Google Sheets templates
- Accounting software such as QuickBooks, Zoho Books or Wave
- EFRIS for VAT registered businesses issuing e-invoices and e-receipts
Taxes
Good records make it easier to file returns on the URA portal and avoid penalties. Small businesses may fall under presumptive tax depending on turnover, so check with URA or a tax adviser.
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