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The tax records every small business should keep
Sales, purchases, expenses, payroll and statements: the records that back up your tax returns, how to organise them, and why they protect you.
Most small business owners do not fear tax itself. They fear the moment someone asks, "Show me how you got this figure", and the answer is a carton of faded receipts under the counter. Good records turn that moment from a panic into a short conversation.
This guide covers the records every small business should keep for tax purposes, whatever you sell. It stays general on purpose: tax rules, rates and thresholds change, and they depend on your type of business. Confirm what applies to you with the Ghana Revenue Authority (GRA) or an accountant.
Why records matter for tax
Your tax return is a summary. It says how much you sold, what it cost you, and what is left. Records are the evidence behind that summary. Without them, you cannot show that your figures are true, and you may lose the chance to count genuine costs you paid.
Records also protect you from guesswork. If a tax officer has nothing from you to go on, any assessment has to be based on whatever else is available. That is rarely in your favour. With clear records, you can explain your business in your own numbers.
And good tax records are simply good business records. The same papers that support your return also tell you whether you are making money. See bookkeeping for small shops for how they fit together day to day.
Sales records
Every sale should leave a trace: a receipt, an invoice or at least a line in a sales book. For each sale, keep the date, what was sold, the amount, how the customer paid (cash, Mobile Money, card or credit) and, for invoices, who the customer was.
Keep copies of every invoice you issue, including those that are cancelled. Number them in order and do not reuse numbers. A gap in your invoice numbers invites questions; a cancelled invoice kept on file answers them.
If you sell on credit, your records should also show when each invoice was paid. A provisions shop in Kumasi selling to three chop bars on credit needs to know, and show, which invoices are still open.
Purchase invoices and expense receipts
These are the records owners most often lose, and losing them can be costly. When you buy stock from a supplier, keep their invoice or receipt. It should show the supplier's name, the date, what you bought and the amount. If you are registered for VAT, purchase invoices with the right details matter even more, so ask GRA or your accountant what they must show.
For expenses such as rent, electricity, transport, repairs, packaging and phone credit, keep a receipt each time. Where there is no printed receipt, for example paying a truck pusher at the market, write a short note straight away: date, what it was for, the amount and how you paid.
Tip: photograph every paper receipt on the day you get it. Thermal receipts fade within months, and a clear photo saved in a dated folder is far better than a blank slip of paper at the end of the year.
Payroll records
If you employ staff, keep a record of every pay run: each worker's gross pay, deductions such as SSNIT and PAYE, and net pay. Keep the proof that you paid SSNIT and GRA, plus each worker's agreement and identity details. Our guide on paying staff properly walks through this in more detail.
Bank and Mobile Money statements
Statements are the independent check on everything else. They show money in and money out, recorded by someone other than you. Download your bank and Mobile Money statements regularly, every month if you can, and keep them with the rest of your records.
This works best when business money has its own account or wallet. If your personal spending, family transfers and business sales all run through one MoMo number, your statement becomes very hard to explain. Separating them is one of the most useful things you can do. See keep business money and personal money apart.
A simple record checklist
| Record | What it shows | Good habit |
|---|---|---|
| Sales receipts and invoices | Money earned | Numbered in order, copies kept, cancelled ones too |
| Supplier invoices | Cost of stock bought | File or photograph on the day of purchase |
| Expense receipts | Running costs | Write a note when there is no receipt |
| Payroll records | Staff costs, SSNIT and PAYE | One record per pay run, with payment proof |
| Bank and MoMo statements | Actual money in and out | Download monthly, separate business from personal |
| Asset records | Equipment the business owns | Keep the purchase invoice for fridges, freezers, machines |
| Tax returns and receipts | What you filed and paid | Keep a copy of every return and payment receipt |
How to store them, and for how long
Choose one system and stick with it. A simple version: one folder (paper or digital) per month, with sections for sales, purchases, expenses, payroll and statements. At the end of each month, check that everything is there before you start the next one.
Keep paper originals in a dry, safe place, away from heat and water, and keep digital copies backed up somewhere other than your phone. A phone can be lost or stolen in a second.
How long you must keep records is set by law, and the period can be several years. Confirm the current requirement with GRA and keep records at least that long. When in doubt, keep them longer rather than shorter.
If you record sales, purchases and expenses in Snnel, receipts and invoices are kept for you, and you can download sales, profit and loss, stock and expense reports as PDF or Excel for your accountant. You still need to keep supplier invoices and statements, but most of the sorting is already done.
Good to know: this article is general guidance, not tax advice. If you are unsure which taxes apply to you, what you must file or when, speak to GRA or a qualified accountant.
Key takeaways
- Records are the evidence behind your tax return; without them your figures are just claims.
- Keep sales records, supplier invoices, expense receipts, payroll records and statements.
- Photograph receipts on the day, because thermal paper fades.
- Run business money through its own account or wallet so statements make sense.
- Check with GRA how long you must keep records, and store them safely with a backup.