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 […]
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 […]
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 […]
Technology: Do I really need that computer stuff?
Some business owners will avoid changes, especially in technology, in order to stick to the old ways of doing things. These ways might well be good and have probably worked for most of the businesses life. However, avoiding changes could be dangerous for your business as today’s business environment is more competitive than ever before, […]
Trusts – should you have one?
Changing the rules on trusts To anyone involved in a trust, It is now no secret that SARS has identified trusts as a targeted source for extra tax revenue. This is based on the fact that they were used as tax havens for taxpayers as trustees or beneficiaries. As they have become to know this, […]
What are fixed assets in your business?
What are fixed assets? Fixed assets are also called non-current assets or even capital purchases. These are items in your business that will generate income for a period longer than one year. They are all the “big things” in your company that you use to make or sell your service or products. Examples of fixed […]
Business is like a car
Business and Cars We drive around in various shapes, sizes, makes, models of transport. Some big and some small. Some owned and some not owned. We even pay other people to drive us home or to wherever we want to go. So, what has this got to do with business? Well, the answer is that […]