Customers: Are they all good for your business?
Customers. Any and all are good for your business, right? The answer to that is always “yes”. Well, for most people, that is. The correct answer, however, is “no”. And that’s because not all customers are good for your business. When businesses open, any and every sale or customer is grabbed and held onto for dear […]
The importance of collecting outstanding monies
In business, the income or sales cycle is critical to your company’s survival. It brings in the money to move the company forward. Simple. Well, yes. The customer or debtor can pay you at a later time (up to 60 days) depending on your terms. This has all been captured in your accounting system already. The […]
Affordable accounting is not out of reach
Accountants have a reputation for being expensive. Admittedly, for a smaller business, accounting fees are a tough pill to swallow. A grudge payment if you will. But affordable accounting is not entirely out of reach. Some accountants will charge you for their time and rightly so. However, this can become very expensive with respect to […]
3 ways to know if your numbers are complete and accurate.
In order to have useful financial information (or numbers), they have to be complete and accurate. Complete and accurate is crucial for your numbers to be useful. So what does complete and accurate mean? Complete and accurate can be separated by definition only. Complete means that ALL the transactions that occurred in your business have […]
5 Small business accounting tips for growth
Discover the small business accounting tips that every small business should implement to make your business grow! Establishing a Clear Budget One of the most important small business accounting tips small businesses is establishing a clear budget. A budget serves as a financial roadmap for your business, helping you allocate resources and plan for the […]
Small business accounting basics: A Beginner’s Guide
For small business owners, managing finances can feel like navigating a foreign language. But fear not! Understanding the basics of accounting is crucial for steering your business towards success. In this post, we’ll break down essential concepts in simple terms, including how money flows in and out of your business, what the key equation means, […]
Accounting and bookkeeping: what’s the difference?
When most people think about bookkeeping and accounting, they would be hard-pressed to describe the differences between each process. In this article, the functional differences between accounting and bookkeeping are explained, as well as the differences between the roles of bookkeepers and accountants. While bookkeeping and accounting share common goals, they each make up a different stage […]
Why business admin is like eating an elephant
Small business owners know that the accounting or business admin side of their business is a massive challenge. If left unchecked, it can lead to a mountain of slips and invoices lying all over the place. They run for the hills and only do it when they are forced to or really have to. Even […]
Barter – Can We Still Use It?
Is there more than one form of payment? When you provide a service or goods to another person or entity ie: sell something to someone to make money, we assume that you would get paid in some form of currency. The amount exchanged would equal the amount agreed by both parties. This is a perfectly […]
VAT registration: How and when to cancel it
Why cancel your VAT registration? A vendor’s VAT registration may be cancelled if certain requirements are met. Who can cancel a VAT? The cancellation of VAT registration can be initiated by either the vendor (individual, company or any juristic person) or the Commissioner (SARS). Most commonly, it is done by the vendor though. When can […]