Cecelia Sam Financial Consultation Services

30/09/2026

Enlightenment on new Standards IFRS Standards, Replacing Older One soon!

International Financial Reporting Standards (IFRS 18) a new standard, which is expected to be effective January 1, 2027, replaces International Accounting Standards (IAS 1).

This new IFRS Standard was issued in April 2024. The objective of this new standard is to ensure financial statements provide relevant, faithfully represented information about assets, liabilities, equity, income, and expenses and Improve communication of financial performance, especially in the statement of profit or loss.

So, in this new standard you see categories similar to the cash flow statement such as Operating, Investing and Financing Categories.

Follow us Cecelia Sam Financial Consultation Services and contact us on WhatsApp 077 018 6963, call +231880188168, Email: [email protected] for all your Financial Management and Taxation Services.

29/09/2026

QuickBooks Knowledge! QuickBooks Knowledge!!

To you Students Studying Business Related Courses (Accounting, Economics, Management, Public Administration, Entrepreneurship etc.) wanting to learn QuickBooks, kindly contact us now for very reasonable cost that you can afford. We do have a special package for Students. LEARN QUICKBOOKS, IT IS VERY ESSENTIAL SKILLS TO HAVE AS A STUDENT AND ASPIRING FINANCIAL PROFESSIONAL.

For you Professional Financial Personnel's (Accountant, Finance Officers, Finance Directors etc.) wanting to learn QuickBooks, kindly contact us now for very reasonable cost that you can afford. We do have a special package for you professionals. LEARN QUICKBOOKS, IT IS VERY ESSENTIAL SKILLS TO HAVE AND IT IS A NECCSSITY AT SOME POINT BEING A FINANCIAL PROFESSIONAL.

For you Small Business Owners (Pharmacies, Entertainment Centers, Clubs, Rice Stores, Cement Stores etc.), Medium Buisness Owners and Managers, Large Buisness Owners and Managers, Non for Profit Instituions etc wanting to learn QuickBooks and have it set up as a system for your financial transaction and reporting, kindly contact us now for very reasonable cost that you can afford. LEARN QUICKBOOKS, IT IS VERY ESSENTIAL SKILLS TO HAVE AND IT IS A NECCSSITY AT SOME POINT BEING A FINANCIAL PROFESSIONAL.

WE CAN INSTALL QUCIKBOOKS ON YOUR COMPUTER, SET UP THE ACCOUNTING AND INVENTORY PREFERENCE, PREPARE YOUR CHART OF ACCOUNTS FROM SCRATCH AND BUILD IT IN YOUR QUICKBOOKS SYSTEM ETC.

Contact us Cecelia Sam Financial Consultation Services on WhatsApp 077 018 6963 or call on +231880188168 or Email: [email protected].

We are a Legally registered Business and Platform that provides variaties of Financial Management and Taxation Services.

WE ARE AWAITING YOUR CALL. DON'T MISS OUR LOW-COST OFFER!!!

28/09/2026

Enlightenment! Some Acronyms use in Financial Management!

To all users of Financial Information (Internal and External Users). While it is true consistent with the conceptual framework of accounting, full Disclosure is required in in reporting, it is also vital like in other professions to understand some acronyms in acounting that financial personals use often.

The acronym CAPEX means Capital Expenditure, OPEX means Operating Expenditure, EBIT means Earnings Before Income and Taxes, EBITA means Earnings Before Income Taxes and Depreciation, P&L means Profit or Loss Statement, IFRS means International Financial Reporting Standards, IAS means International Accounting Standards, GAAP means General Accepted Accounting Principles, IPSAS means Integrated Public Sector Accounting Standards etc....

Kindly follow Cecelia Sam Financial Consultation Services by clicking the follow menu.
If you are in need of professional Financial Management and Taxation Services, you can contact us on WhatsApp 077 018 6963, call +231880188168 or email: [email protected]

25/09/2026

Vital! Vital!! Vital!!!

Essential for Financial Professionals: Elightenment on the understanding of Debit and Credits Entries!

It is very cardinal to Accountants, Auditors, Bank Tellers, Finance Officers, Finance Managers, Accounts Directors, Comptrollers, Chief Accountants, Chief Financial Officers, Deputy Managing Director of Finance etc., that you understand the fundamental steps cycles in accounting.

You can no way be a Financial Management Professional, if you do not understand the fundamental of accounting, consistent with the accounting cycle. The accounting cycles require you firstly to Recognize/Identify the Transaction, Record in the journal, Post to the General ledger, Adjustments for errors, Prepare Trial Balance, Prepare Financial Statements, etc...

For now, we will enlighten you on one of the most fundamental parts of the accounting Cycle which has to do with recording in the journal (Debit and Credits).

Every financial transaction after being identified, as a Financial professional, you must firstly know which accounts to debit and the account to credit. To begin with, let us state the accounting equation. The accounting equation depicts Assets=Liabilities + Owner's Equity. There are normal balances for all accounts be it Assets, Liabilities and Equities that you should know. There are also categories of accounts that make up Assets, Liabilities and Equities that you should know.

Every accounting entry journalize must have a debit along with corresponding credit. With in the accounting equation, there are accounts that increase when you debit and that are accounts that reduce when you debit. Similarly, there are accounts that increase when you credit, while there are acounts that reduce when you credit.
Hence, know what to debit and know what o credit at a time. You can not have faithful represented Financial Statements or reports when you do not understand debit and credits rules and it's application.

Meanwhile, it is important to mention that you should also take into consideration the basis of accounting your institution practice consistant with best practices and internal policy before journalizing your accounts.

For instance for revenue recognition, Company A sole an inventory to a customer for US$5 on Account.
1. An institution that uses cash basis of accounting in the transaction above will record.
Debit, Account Receivable for US$5 and Credit Inventory for US$5.
A/C Rec.....US$5
Inventory-----------US$5
Then after the payment is made by the customer.
Cash/Bank--------US$5
A/C Rec--------------------US$5
This is to say, an institution with cash basis does not recognize revenue until cash is received.

2. An institution that uses Accrual basis of accounting in the transaction above will record.

Debit, Account Receivable for US$5 and Credit Revenue for US$5.

A/C Rec.....US$5
Revenue----------US$5

Then after the payment is made by the customer.

Cash/Bank.....US$5
A/c Rec.----------US$5

Contact Cecelia Sam Financial Consultation Services for details understanding.

We provide Financial Management and Taxation Services in variaties.

24/09/2026

Enlightenment on Payroll Management: Financial Discipline!

To every Human Resource personells, Accountants, Entrpreneurs, CEO's, Directors, Managers, etc..

With regards to payroll Management in conformity with institutional policies and national policies, for instance, using Liberia as a case study (Decent work Act of 2015 or Liberia Labor Law, Public Financial Management law, International Accounting Standards (IAS19).

Every payroll before preparation be it employee's salary Payroll or Independent Contractor wages Payroll must have a very cardinal source document before processing.

For Employees, you should have important source document like verified attendance records, staff advances approved and process request, time sheets etc before processing payroll. There should be know amount indicated on the payroll less than the threshold for minimum wage set up in the Decent Work Act 2015. For example, all skilled laborers must be paid a minimum hourly wage of US$0.68 while, Unskilled laborers pay a minimum hourly wage of US$0.43. Consistent with the Decent work Act of 2015, you should ensure that no staff work over 8 hours. Staff working over 8 hours should be paid overtime. The number working hours for all laborers is 8 hours daily in Liberia.

For Contractors, there should be a job completion report, and approved contract among others attached before payroll is process.

All Staff, be it Employees or Contractors should have a Pays lip outlining Gross salary or wages, plus all other deductions (Income Tax, Social Security Contributions, Staff Advances if applicable, and any other policy approved deductions).

For details understanding and consultation on preparing your institution payroll from bottom plus advisory services, Contact Cecelia Sam Financial Consultation Services, on WhatsApp 077 018 6963, Call +231880188168 or Email: [email protected].

Send a message to learn more

23/09/2026

Enlightenment on Raising of Payments and Receipts Voucher Workflow/Internal Control!

Every institution mainly depending on the size has different workflow in raising Payments and Receipts Vouchers. But what is unique conventionally is the fundamental internal control that is require.

Here is for instance, A corporate institution with many separate Administrative and Financial Staff will have a payment voucher raised firstly, by ensuring that a request is made from the requesting unit, section or department duly signed by authorized staff then forwarded to either procurement department or Human Resource Department depending on the nature of the transaction, then, either invoices to purchase order are raised or job completion report, time sheet, or payroll are raised and duly signed by authorized staff depending again on the nature of the transaction (s). After all these, then the approved request with attached supportive documents (Purchase orders, Payroll or Job Completion Report) are then forwarded to Finance Section to prepare the Voucher, after preparing such voucher and signed by duly authorized staff, it is then taken to Internal Audit/Internal Control Units for scrutiny consistent with policy and guidelines. After this clearance from Internal Audit/Internal Control, then disbursement is subsequently authorized.

Meanwhile, let be clear that petty payments from petty cash do not go through these different workflows. it is exclusively done by Finance Section, after which those payments follow by disbursement report with supportive documents (petty Cash Vouchers) duly sign is then forwarded to Internal Control/Internal Audit for scrutiny and clearance and then replenish by Finance and Administrative Departments.

Smaller institutions, that have only one section combine as Finance and Administration, will definitely do all these workflows by themselves. It's mostly seen in Non for Profit Institutions.

Payment Receipts Vouchers obviously start with finance, where in customers present payments for services they have received or products, they have also received. These practices are done in not many institutions be it large firms or smaller institutions. Many institutions will just issue receipts to customers for services or products pay for, and at the end of the day prepare sales/Income report outlining the different inflow of funds (Cash/Checks). Either daily or at some point, Internal Audit/Internal Control Unit will verify those transactions.

Contact us Cecelia Sam Financial Consultation Services for details understanding on these workflows/Internal Control on WhatsApp 077 018 6963, Call +231880188168 or Email: [email protected].

22/09/2026

Enlightenment on Require Taxation to be File and Pay by every institution periodically!

Consistent with Liberia's Fiscal Policy with regards to budget year, the fiscal year runs from January to December annually. During this period every institution, be it public (MAC's and SOE's), Private Corporations, non for profit Institutions, you are require to file and pay taxes periodically.

If your institution has a Staff as Employees, then you will have to withhold, file and pay monthly Income Tax consistent with the Tax Band (Income Tax Table) that is depending on tax bracket the staff annual gross salary falls in. If you have an independent resident contractor, you have to withhold, file and pay 10% of Tax on Income periodically (At the point in time the contractor is pay). Remember nonresident independent contractor Tax is 15% to 20%, this you will have to withhold, file and pay periodically (At the point in time the contractor is pay). Also, as an Institution, you will be required to file and pay Quarterly Presumptive Tax (2% or 4%) depending on the Tax Payer Business Category, if you are an Business entity. You will have to file and pay Real Estate Tax and finally file and pay Goods and Services Tax (GST) withhold from Services rendered and product sole. Remember, as of Janaury 2027 fiscal year, GST will be replaced with Value Added Tax (VAT).

Contact us Cecelia Sam Financial Consultation Services, to have details understanding and determination consistant with the Revenue Code of Liberia on the require taxes mentioned. In essence, we can calculate (determine) the require tax to withhold and file for affordable cost you would love to know.

WhatsApp 077 018 6963, Call, +231880188168 or Email: [email protected]

We provided other Financial Advisory Services in Taxation, Payroll Management and Accounting, Fixed Assets Management and Accounting, Budgeting, Financial Statements/Reports, Bank Reconciliation Statement Preparation, Account Receivable and Account Payable Aging Analysis, Cash Plan, Financial Forms preparation, Quarterly Labor Statistical Analysis and Reports, Inventory Management and Reporting, QuickBooks Accounting Software systems set up of Accounting and Inventory preferences etc..

21/09/2026

Enlightenment on Financial Discipline: Budgeting as a Case Study!

Budget as a financial report is meant for both external and internal users in all sectors (Public, Private/Corporation and Non for-profit Institution).

Every institution daily transaction must be raised consistent with Budgetary Provisions. Do not spend off budget lines.

A transaction must be coded with a budgetary code before further processing. If you are to spend off Budget, then it must be justified consistant with the institution financial policy or conventional policies.

At end of every period, there must be an up-to-date Budget Performance reporting outlining Budgeted against Actuals to derive at a varience that could be favorable varience or unfavorable variances depending on the transaction.

18/09/2026

Enlightenment of on Public Financial Management Act of 2009-Liberia, section 19 which depicts "Public Access to the Budget''!

Void Politics and Sentiments, this is meant for Liberia Public Financial Management Actors and enlightenment of the public citizenry, Foreigners and Alians that pay Taxes.

Section 19 of the PFM Act of 2009 states:

''1. The proposed Budget will be available to the public immediately following its submission to the Legislature''

''2. The Approved Budget will also be available to the public immediately following its publication into handbills''.

We want to further state in this regard that the government arm statutorily responsible for this ex*****on is , the Ministry of Finance and Development Planning, Republic of Liberia. This is the fiscal arm of government responsible to develop and execute fiscal policies.

The ministry needs to go beyond just publication of the budget on their website, to organizing forums where and have the budget openly discussed by the Citizen. The ministry needs to embark on it's ''Open Budget" initiative once more. This is better for nation building.

Remeber, this is nonpolitical, this is one of Cecelia Sam Financial Consultation Services regular enlightenment on Taxation and Financial Management in Public and Private Sectors.

Contact us for variaties of Taxation and Financial Management Services.

17/09/2026