7 Business Lessons from 7 Years!
August 2022 marked the seventh birthday of BC Accounting Services, so to honour this, I have put together seven lessons, to mark one business lesson learned for each year. Business Lesson One: Just start. I had no idea what I was going to do when I was retrenched. I knew I was going to start […]
Are you making these mistakes?
Finance and accounting is a primary business function. There are common areas when a mistake is made. Accounting is an area that most businesses manage with the necessary care following the generally accepted accounting principles. The accountants or the person responsible can easily look over that mistake. A mistake may cost you! New Technology With the […]
Do your Annual Financial Statements look sexy?
Sexy? Consider the following scenario: Your business is running okay. Some months are not so good and some are better. You now wish to expand the operation and need some finance to do so. When you ask the accountants (or whomever is) to prepare them, the picture does not look good. This is often the […]
6 more ways you are throwing money away
“Let’s meet for coffee” Everybody loves meeting someone or many people for a drink. Possibly the most common is a cup of your favourite brew. This is a legitimate reason to do business and network with important connections, but it can get out of hand. These “business meetings” often become just a general, friendly chat […]
The Tax MAN! The fear attached
The Tax Man? Noooooooo! If you say tax man (SARS (South African Revenue Services) to South Africa) to anyone, they will shudder in fear which, in a lot of cases is unfounded. There are various reasons for this fear: Because they have not submitted tax returns in years, The believe that the tax man or […]
Do you stand on correct Accounting Principles?
Accounting principles versus absolutes I don’t like absolutes. Absolutes are it when people make statements that are said with authority and are generally taken as gospel truth. These statements are often incorrect anyway, eg: ALL businesses should be on TikTok. REALLY? Why? Is there data to confirm this? NO! With technology and everything in everyday […]
Do you have the accounting know-how required to run your business?
Many entrepreneurs who feel confident about their accounting know-how take it upon themselves to do their own accounting function. The thinking behind this is actually sound: “keep your fingertips on the numbers the business is producing”. Producing the goods Unfortunately, many business owners (despite having the skills to do so) don’t fully understand the rigours […]
Tax consultants – what do they do?
“Tax Practitioners” or “Tax Guys”: You will probably have a person who handles your tax affairs. This is fantastic but a warning – there are different types. Preparer: This is a person who is not qualified to give advice but is allowed to prepare tax returns on behalf of people. They cannot submit the return. […]
5 Business Cash Flow Problems a small business faces
A business is only as healthy as its cash flow. There are times when a business might suffer from a cash flow that is not good. This happens when new equipment is purchased or if there was a catastrophic event (eg: a fire in the building or factory) and the company had to close for […]
4 ways you are throwing your money away
Paying bank fees Bank fees are inevitable but why are you throwing money away here? These are charges that slip away from us and the money you spend may be more than you have to pay. If you don’t like the rates you receive – find another bank that suits your pocket. Gone are the […]