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 […]
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 […]
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, […]
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: Do you waste it? Are you a time waster? Some people more than others have a third hand – their phone. You cannot constantly be “too busy”? Do you […]
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 […]
An online Accounting system? Yes/No?
I get asked more often than I would like to accept, “do I need an online accounting system?” the answer is no you don’t. All I have to say to this is, find me a successful business that does not have one. My answer to this is, Yes, you do. This leads onto the next […]
5 points to make your tax return easier
Tax season happens every year and there are certain items that are important to remember when submitting your tax return. Whether you do this submission or even if you get a tax practitioner to do it on your behalf, the below are important points to remember: You do not have to submit a Tax return. […]