Is the “recession” really impacting your lifestyle?
It is on everybody’s lips in South Africa and in fact all over the world. Recession. South Africa adds another word, junk status. Despite not completely understanding the concepts, the fear attached to them is taken seriously. This is not to mention floods, riots and of course COVID-19 This fear extends to any and every […]
Business Accounting
Business accounting – another language Over the years, I have come across loads business owners who run their business and that’s where it ends. They rarely (if ever) glance at their financial statements. Also called financials or reports – it has many names that all mean the same. You know what they are – those […]
Distraction – How distracted are you?
Distraction causes others pain! Last week, I was walking through a local mall. I was on the way to the car. All of a sudden a sharp pain radiated from my right ankle. It was not pleasant. I looked around and saw what had caused the pain. It was a trolley that had connected with […]
Payroll function? Do you know what it is?
What is the payroll function? Payroll is a critical part of a business in that it pertains to all the salaries and the payments that are involved with them and there is often confusion between payroll and HR (Human Resources). Payroll is the payments side of the department whereas HR is the more legal side […]
What are cost of sales? How do we use them?
Cost of sales A cost of sales (COS) is an expense you incurred in order to make a sale. COS and expenses are often used with the same meaning but are vastly different in the function they serve. As stated above, a COS is cost to your business that you had to spend in order […]
The Importance Of Outsourced Accounting Services
Why outsourced accounting? Accounting is the most vital aspect of any business because it ensures that financial decisions made are based on a sound base. However, many people either do not understand accounting or just do not want to do it. Hence, most business owners would rather hire a full-time accountant than outsourcing accounting services. […]
Accountants and bookkeepers – Do I need them?
I thought bookkeepers and accountants were the same? Not a lot of people actually know what the difference between a bookkeeper and an accountant is. This creates confusion as to which one they should hire and do they need one (or both)? Why you should consider hiring someone to help manage your accounting, to begin with. […]
Financial roots: why should they run deep?
In trees: When is the best time to plant a tree? 25 years ago, BUT the next best time is now.” Deep roots are imperative to a tree for 2 reasons: 1. They provide stability to the tree in tough conditions. A strong wind or rough storm will easily blow trees over but if the […]
Standards in Accounting ensure no grey areas
Standards and regulations Any industry has its own standards and regulations. This is especially true of the financial sector. The accounting side of this is no different. It is a strictly controlled section of the industry. It is unfortunate that a lot of business owners either don’t know or do not believe there are regulations […]
To work remotely or not, that is the question!
The world now works in a completely different. The question for all businesses is now, do we actually need an office? Having worked in an office for years, to work remotely may be an attractive option. There are, however, some practical issues to consider before you start setting up your office. When starting, running a […]