Cecelia Sam Financial Consultation Services

28/08/2026

25/08/2026

Chart of Accounts Financial Advisory Services!!

To all Reporting Specialists, Budget Analysts, Accountants, Corporate Managers, Business and Social Entrepreneurs. Do you know what Chart of Accounts is and entails?

Please contact us via +231880188168/+231770186963 or [email protected]

Chart of Accounts is a form of accounting tools that outline all the accounts of Assets, Liabilities and Equity.

Chart of Accounts entails the Account Number or Code, Account Type, Account Name etc.

Chart of Accounts is meant for classification of accounts. It is use in budgeting to depict budgets lines as reference to budget codes.

Chart of Accounts is what every Accountant must use in order to properly classify transactions as it occurs and recorded firstly on a voucher and then finally in a financial software as entry of transaction.

All Assets account (Current, Fixed Assets) must have a unique code for identification and classification like wise All Liabilities accounts (Current Liabilities, Long Term Liabilities). All Equity accounts that are expenses must have one unique code or number while equity accounts revenue must have also a unique code or number for classification and identification.

Please contact us for details presentation and formulation of chart of Accounts.

We provide other Financial Advisory Services in Budget and Budget Performance Report, Taxation (PIT, GST, Presumptive tax, Filling and Payment), Payroll (Preparation, Advise on Wages consistent with Labor Law and position grade, SOSC, Other Deductions), Financial Statements/Reports, Bank Reconciliation, Fixed Assets Management and Accounting, Inventory management and Accounting, Financial Reporting Templates (Invoice, Receipts, Vouchers etc), Excel Transactions recording template, QuickBooks Financial Software Accounting and Inventory preferences (class list, Vendors list, customer list, item list with associated costs and price) plus training, Cash Plan, Cash Mgt. etc.

Thank you,

21/08/2026

Cash Basis of Accounting and Accrual Basis of Accounting Financial Advisory Services!!!

Do you know that every Business or organization is required to use and disclose in their Financial Statements and reporting a unique basis of accounting?

For Small Businesses it is mostly the Cash Basis of Accounting that is prefer. For Medium Businesses and Large Businesses/Firms it’s the Accrual Basis that is prefer.
GAAP which is strictly Accrual Basis of Accounting is mandated by the Security Exchange commission in USA for all public companies to follow. For NGOs in America and mostly in Africa, uses GAAP.

IFRS which also strictly uses Accrual Basis of Accounting is by choice also use by Private and Public Companies around the world. It will interest you to know from our experience that in Liberia, the Bureau of State Enterprise which supervises all SOE's activities in Liberia with support from AFRITEC West 2 and IMF is trying to ensure that all SOE's adopt IFRS.

Hence, understanding the rules of application is cardinal in accounting and financial reporting.

Cash Basis of Accounting says, “Recognize revenue when received and recognizes expenses when pay for while Accrual Basis of Accounting “Recognizes revenue when earned , and recognizes expenses when incurred.

For instance, Company A sells a 25kg Rice to a customer on account for $15.

Accrual accounting will definitely recognize revenue at the point and date the rice was sold regardless of it being paid for. While Cash Basis of Accounting will recognize revenue from the sale of the 25kg rice only at the point cash is received.

To understand more details of the application of these basis of Accounting kindly contact us for an affordable cost on +231880188168/+231770186963 or [email protected]

We offer other Financial Advisory services in Taxation, Financial Reporting, Fixed Assets Management, Payroll Management and Accounting, Inventory Management, Budgeting etc.

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Thank you,

20/08/2026

Payroll for Contractors and Payroll for Employees Financial Advisory Services!!!

Do you know that consistent with the provision in the Decent Work Act of Liberia 2015 (Liberia Labor Law), the National Social Security and Welfare Corporation (NASSCORP Guide), and the Consolidated Tax Code (Revenue Code) of Liberia, there are different ways we account for Staff Salaries or wages?

Here’s it:

Consistent with the Labor Law firstly, owners of business, Managers of organizations etc should understand the fact there are categories of minimum hourly wages that a staff who is either a Skilled Laborer or Unskilled Laborer should be given.

Secondly, consistent with applicable provisions in the Decent Work Act 2015, Consolidated Tax Code of Liberia and the NASSCORP Guide staff of every Firms should be disclosed on separate payrolls as either Contractors or Employees.

Thirdly, consistent with the Consolidated Tax Code of Liberia and the NASSCORP Guide, and the Decent Work Act those Contractors and Employees with separate payrolls Personnel Income Tax (PIT), and Social Security Contributions depending on if the person is a Employee plus all other deductions should be determined in conformity with the law.
Meanwhile, the Tax Administrators at LRA are informing us that inclusive of Staff Contractors other than independent Contractors, determination of Personal Income Tax is consistent with the four tax band. No that consistent with the revenue code, Independent Contactors, Residents and Non Residents persons Income Tax is determine consistant with the percentage provided for by the Law.

Lastly, Managers and Business Owners should obviously understand the filling of those payrolls monthly to Liberia Revenue Authority and National Social Security Contributions, with Employees, Employers and Contractors obligations clearly displayed and withholds and the required remittances be made accordingly with the Laws.

For details Advisory Services on Understanding and preparation of your institution Payrolls, kindly contact us for affordable cost on +231880188168/+231770186963 or [email protected]

It doesn’t matter which part of the world you are, we can do an online advisory service for you.

We provide all Financial Advisory and Consultation services (Payroll, Budgeting, Taxation, Fixed Assets Mgt. etc)

Thank you,

17/08/2026