Business lessons from Bob
My son (let’s call him Bob) at the time of writing is about 10 months old. That was 10 years ago now. As with any kids can (and do), he has taught me various lessons in life. He has already taught some lessons about business too. Here are just 3 tips that my son has […]
Non Profits DO make money!
We all know about charities and Non-profit organizations and the amazing work they do worldwide. While we know they bring in money in way of donations and other sources, this does not mean they do not make a profit. On a technical note: Non-profit organizations are entities created for purposes other than making a profit, […]
Affordable accounting is not out of reach
Accountants have a reputation for being expensive. Admittedly, for a smaller business, accounting fees are a tough pill to swallow. A grudge payment if you will. But affordable accounting is not entirely out of reach. Some accountants will charge you for their time and rightly so. However, this can become very expensive with respect to […]
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 […]
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, […]