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 […]
Counting the cost.
Service is “too expensive” The focus of most business owners is the cost of any item or service. There are always ways to cut costs in a business but often the business cuts the wrong costs. The essential services are first to either get cut or not to pay for a service. Countries across the […]
The Company Car
The company car is often an employee’s favourite perk In reality, it is an accountant’s little ticking time bomb A company car is a great perk but the tax that is levied on this perk, is not as simple as many of these employees might think. Travel expense claims and deductions are one of the […]
Time: Where your time goes
I attend various networking meetings and events. I ask business owners if they would like to attend our meetings. Most decline. The most common reason? “I do not have the time”. It is clear that most of them don’t know where their time goes. Say what? I understand that many business owners are busy. Unfortunately, […]