How SMEs Can Structure Their Finance Function For Growth
Many Ghanaian SMEs still believe that having “an accountant” in the organisation means that every finance task is automatically handled. However, finance and accounting encompass multiple functions, such as bookkeeping, payroll, tax compliance, budgeting, financial analysis, and internal control. No single individual is an expert in all these areas. One of the most common mistakes business owners make is assuming that because someone is “an accountant,” they can manage every aspect of finance.
Understanding these functions is crucial for structuring your finance department effectively. For example, a bookkeeper records daily transactions and keeps accounts organized, while the accounts’ receivable role ensures that customers pay on time. The payroll function manages salaries and statutory deductions, and the tax accountant ensures accurate GRA filings for compliance. Management accounting and financial planning & analysis (FP&A) roles help the owner plan, budget, and make informed decisions. Each of these functions requires different skills, making it unrealistic to expect one person to cover
them all at the same level.
This is why business owners must intentionally align the right abilities with the appropriate responsibilities. In a small business, one staff member may handle several functions, but the owner must clearly define those roles and confirm that the individual has the capacity and knowledge to fulfil them. Functions requiring specialised expertise, such as tax, internal audit, or financial planning, can be outsourced to save costs while maintaining quality. What matters most is that every finance task is adequately covered, leaving nothing to chance.
Once these roles are clearly defined and aligned with your business structure, the benefits can be immediate: stronger financial control, improved cash flow, timely tax filings, and more confident decision-making. You don’t need a large finance team to run a successful business—you need a well-structured one. Identify the finance functions your business requires, organise them appropriately, and fill any gaps through training or outsourcing. This is how small businesses can grow from merely surviving to thriving.
Need help structuring your finance and accounting function?
Ferfed Business Consult Limited specialises in helping SMEs build simple, scalable finance structures that support compliance and growth. Let us help you put the right systems and roles in place so you can focus on running your business.
About the Author
Richard Boadi is a Chartered Accountant and the Head of Finance & Accounts and Tax Lead at Ferfed Business Consult Limited. He supports small businesses in Ghana with accounting systems, tax compliance, and financial strategies that help them grow and succeed.
