The Unemployment Insurance Fund (UIF) is embracing technology in a big way and has finally launched its highly anticipated E-Compliance Certificate online system. This will enable employers, small businesses, and entrepreneurs to apply for a UIF compliance certificate (tender letter) without leaving the comfort of their homes or having to…
First National Bank (FNB), in partnership with Xero and Edge Growth, announce the launch of the FNB Xero Programme for Accounting Practices (FXP), a developmental initiative that will capacitate small black-owned accounting practices, and by extension the South African SMME sector. Applications for the programme will be open from 6…
The Companies and Intellectual Property Commission (CIPC) has introduced innovative measures that will make things easier for businesses. Here are two innovations that you need to know about: 1. NEW E-SERVICE: NEW COMPANY REGISTRATION The CIPC has launched the Automated New Company Registration E-Service platform. The automated service will form…
There are several tax relief measures that can help SMMEs affected by COVID-19. Those are some of the interventions announced by the government to help SMMEs mitigate the impact of COVID-19. The National Treasury and SARS are proposing the following set of measures to help businesses focus on staying afloat…
Accounting can be a great profession for work/life balance. However, as any accountant knows, that is not the case during “busy season”. "We say at a fraction of the cost, as a small or medium-sized business we will help you with compliance" Mashudu Tshakhuma is a qualified Chartered Accountant and…
What's The Difference Between Bookkeeping And Accounting? The spread of COVID-19 presents serious concerns and challenges for many business owners. But most of them are easy to navigate when you have a bookkeeper and Accountant by your side. This is because it’s nearly impossible to run a business for very…
How Your Businesses Can Navigate Covid-19 Local businesses have been put under a huge strain due to restrictions brought on by Covid-19. During the past four months alone, some businesses experienced significant changes. This was revealed by Mashudu Tshakhuma (31) a qualified Chartered Accountant who helps SMEs access funding. "Businesses…
Why You Need a Qualified Accountant During the Covid-19 Pandemic During these unprecedented times, when most businesses are likely to lose clients, there may be a temptation to slash accounting costs, a mistake you shouldn’t do. If you want to avoid dead ends or potholes, the best place to start…
7 COVID-19 Business Rescue Funds To Help SMEs As small businesses suffer the impact of the Covid-19 pandemic and national lockdown, the Minister for Small Business Development, Khumbudzo Ntshavheni, announced details of the intervention measures to support SMMEs affected by the Covid-19 disaster. "We've put in a facility for a…
"By failing to prepare, you are preparing to fail," Benjamin Franklin. Most South African businesses are not prepared for the challenges brought on by the COVID-19 pandemic. Due to the duration of the Covid-19 crisis, most businesses might report a lower income. The economy had a bleak 2020 before the…
"By failing to prepare, you are preparing to fail," Benjamin Franklin. Most South African businesses are not prepared for the challenges brought on by the COVID-19 pandemic. Due to the duration of the Covid-19 crisis, most businesses might report a lower income. The economy had a bleak 2020 before the…
Some South African businesses have weak controls over petty cash. Why? Because business owners assume that it’s a small amount of money, therefore no need to pay attention to controls over how it is spent. What they don't know is that over time, if controls are inadequate, they can lose…
Keep reading if last year you had: difficulty matching the closing stock with the prices; difficulty calculating how much you have spent on your current inventory; difficulty in calculating how much you have spent on inventory that you’ve already sold; or difficulty valuing your inventory. The most common issue raised…
It is common for business owners in South Africa to lament, "I don’t understand why my company is making a good profit and yet doesn’t reflect in the bank balance." This reminds me of an old saying that goes, it’s not how much you make, but it’s what you keep…
What is risk management and why is it important? A business venture can face financial risks in different ways. Some may be internal while others may be driven by external factors such as inflation or exchange rates. But financial risks can also include non-payment from clients, or poor financial planning…
Why Financial Statements are important The importance of accurate Financial Statements cannot be underestimated for any business operating in South Africa. While you may already know that financial reporting is crucial (mainly because it is a legal requirement in South Africa and most countries), you may not understand how preparing…
Every business has various daily costs and expenses that result from its trading activities. Some of these may change over a short period of time while others are fixed. You will find that as your business thrives, managing those expenses becomes difficult. Even more so if your primary aim is…
Preparation of monthly, quarterly and yearly budgets explained in 5 minutes Budgeting allows business owners to weigh the costs and benefits before committing resources. It is also about making an educated guess as to how the future of your business’s finances will look. It requires examining what happened last month,…
Here is Why Debtors and Creditors Management Is Essential Read the PDF Document
How Accountants Help Municipalities to Avoid Financial Distress In one way, at least, South African municipalities are like movies. The main casts are your colleagues, comrades, family members and friends. Nosy journalists, oversight bodies, opposition parties and any one scrutinising you closely on how you manage your municipality can be…
Five Signs You Should Hire an Accounting Firm When is the right time to hire an accounting firm? The answer is, when you have sufficient funds to pay accountants to help you out. However, you need to choose the right accountants you can trust with your financial information. The right…
Why Bookkeeping Is Still Important in 2019 Bookkeeping has always been important since time immemorial. The history of bookkeeping is littered with examples of ancient governments and entrepreneurs who recorded their financial transactions daily. This can be traced back to ancient Mesopotamia, whereas early auditing systems are traced back to…
"By failing to prepare, you are preparing to fail." Benjamin Franklin Preparing for an Annual Audit can be daunting and time consuming, especially if you will be doing it for the first time.There is also a likelihood that the prospect of an independent audit of your company accounts could trigger…