How to get a statement of account in efiling
A statement of account lets you see where your tax account stands with SARS. You can request one directly on SARS efiling. This is a GUIDE for the process for both companies and individuals for Income Tax only. The process for other Tax Types might be similar but may have more or less and different […]
Are dividends a good idea for your company?
Short answer Declaring dividends is not a bad idea in every case. It becomes a poor choice when profit has already been taxed in the company and the shareholder then pays a second layer of tax on the same profit. This post sets out the numbers so that you can see where the cost comes […]
How to Evaluate Your Accounting Needs
Maintaining a proper and accurate record of your business finances, will keep your business in a proper financial shape. On the flip, disorganized accounting practices can cause an otherwise excellent business to lose speed and even close their doors. Not only does it hinder cash flow, but it also affects your relationship with the suppliers […]
Bad debt: How to best handle it in your business
It is good business practice to have a policy in place that stipulates how your company deals with bad debts. In case you aren’t aware, a bad debt is when an invoice is not going to be paid by a client or customer. It is a debt to you that has gone bad. Besides hindering […]
Time wasters: Are you victim?
Your time is worth something. Believe it or not, your time has a value to it. BEWARE THE TIME WASTERS! The concern for you is this: Some people more than others have a third hand – their phone. You cannot constantly be “too busy”? Do you get to the end of the day and think […]
VAT in a nutshell
If VAT feels intimidating, don’t stress. Here’s a clear, practical breakdown of what it is, when you need to register and how to stay compliant.
The Basics of VAT
VAT is a broad topic, sometimes confusing, here are the basics of VAT for you to get started with. It can be complicated can be simple too.
Why performance management starts with your balance sheet
Most South African SME owners think about performance in terms of revenue. Did we hit our sales target this month? Are we growing year on year? Is the business busier than it was last year? Revenue is a starting point, although it is only one dimension of business performance. A business can grow its revenue […]
Disaster recovery – are you prepared?
What if disaster strikes? What if your Computer crashes? Computer is stolen? Office is broken into? Best selling product stops selling? Business partner leaves or passes away suddenly? Records archives burn down? How do I prepare for such events? Great question! The answer – BACKUPS. The magic number of backups is 3. One with you possibly […]
Records of expenses are critical
Records and business Accurate records of expenses are vital for business and without them, your accounting will never make sense. Nothing will be accurate. This will only lead to problems and much frustration down the road. Consider the following scenario: At the till or restaurant, you make a note of keeping the slip for your […]