Finance vocabulary
Finance & Tax Glossary
Key terms every Nigerian business owner should know — from PAYE and VAT to WHT and CIT. Written plainly.
- Business Expense Tracking
- Business expense tracking is the process of recording and monitoring company expenses to improve financial visibility, budgeting, cash flow management, and tax compliance. It helps businesses understand spending patterns and make better financial decisions
- Cash Flow Management
- Cash flow management is the process of monitoring, analyzing, and optimizing the money moving into and out of a business. Effective cash flow management helps businesses pay expenses on time, avoid cash shortages, and maintain healthy financial operations.
- PAYE
- PAYE is one of the most important tax systems that employees and employers encounter. This guide explains the meaning of PAYE, how it is calculated, compliance requirements, and why proper PAYE management is essential for businesses and workers.
- PAYE Tax
- PAYE tax is a system that allows employers to deduct income tax directly from employees' salaries before payment. This guide explains PAYE tax in Nigeria, tax rates, calculations, and compliance requirements for employers and employees.
- Payroll Management
- Discover how payroll management ensures accurate employee payments, compliance, efficiency, and smoother business operations in modern organizations.
- VAT
- VAT (Value Added Tax) is one of the most important taxes businesses must understand. This guide explains what VAT is, how it works, who needs to register, how to calculate it, and how businesses can stay compliant while avoiding costly mistakes.
- Withholding Tax (WHT)
- Withholding tax is a tax deduction made at the source of certain payments before the recipient receives the funds. This guide explains withholding tax in Nigeria, applicable rates, calculation methods, and compliance requirements for businesses and individuals.
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