Performance is everything — but what performance means is entirely up to you
Different meanings Ask ten South African business owners what performance means to them and you will get ten different answers. One will say it is turnover. Another will say it is profit margin. A third will say it is how many clients they retained this year. Someone else will say it is whether they made […]
4 ways to get control of your accounting paperwork
Paperwork. It’s such an important part of your business. And when that paperwork is related to accounting, tax and payroll it’s enough to strike fear into the heart of any business owner. The reason is fear of the unknown. Many business owners simply do not know enough about that side of their business. In this […]
5 Cash Flows Problems AND how to solve them
Cash flow problems? What is that? Cash flow is the number one problem in any business but it impacts smaller (newer) businesses more. Every business will encounter a cash flow problem at one time or another. Fortunately, most cash flow problems can be prevented with a bit of preparation and the right strategy. Here is […]
Four reasons why you’re not using a budget
You have all heard how important budgets are. But if you have never used a budget, why start now? Here are four reasons why companies do not have budgets or, if they have them, do not use them effectively. 1. They are incorrect or out of date Budgets are much like goals or dreams. They […]
Return on Investment: A Practical Guide for Your Business
In today’s fast-paced business world, understanding the concept of return on investment (ROI) is crucial for every entrepreneur. Whether you’re investing in advertising, purchasing new equipment, or expanding your services, knowing how to evaluate the success of these investments can significantly impact your bottom line. In this post, we will delve into the fundamentals of […]
Understanding Tax-Deductible Donations in South Africa
Donation, What Is It exactly? A donation is defined as any gratuitous disposal of property, which can include cash, assets, or rights. It is crucial to understand that for a donation to be valid: The important aspect here is ownership, you no longer have ownership of it. For example, if you donate R1,000 to a […]
Do I need to pay tax on assets, donations or inheritance money?
Inheritance can be a complex topic, especially when it comes to understanding the legal and tax implications. This article outlines the key terms and tax considerations relevant to South African taxpayers when dealing with a deceased estate. Key Terms of an Inheritance Deceased Person: The individual (taxpayer) who has passed away. Estate: All assets owned […]
Are you happily married to SARS?
SARS and you? For the purposes of this article, “marriage” refers to any relationship. In this article, we focus on your relationship with SARS. For the purposes of this article, SARS is the tax man in South Africa. This can be changed to the local tax authority in your country. For all marriages to succeed […]
VAT: What you actually can claim but did not know about
“Who loves paying VAT?” Sadly, more often than not, no one puts their hand up. Everyone pays VAT in one form or another. It affects everybody, no matter who you are, read more about this here. That said, here are a few tips in terms of what must be done regarding the VAT requirements. Number one […]
7 Accounting Myths – Busted!
So many times I am out at a restaurant, store, or outing and someone in my family or group of friends says “You’re the accountant, how much is this?” and wants me to calculate something in my head. I am going to let you all in on a little secret… I am not a mathematician, […]