Why Bookkeeping1. Bookkeeping allows you to see whether your earnings are enough to cover your expenses and gives you information that guides your financial decisions
2. Bookkeeping helps businesses keep track of their financial data, such as which customers owe you money and how much
3. SARS requires a business to keep records, books of account or documents. The retention of records will assist a person to fulfil the requirements of the Tax Administration Act and to satisfy SARS that the person has complied with the requirements
Without proper bookkeeping, your business could very quickly and easily crash. Small business owners can do their bookkeeping on their own, but many invest in a bookkeeping service that will save them time and the risk of making very costly financial mistakes.
Bookkeeping is a significant trouble for all businesses and more so for micro, small to medium entities. Firstly, it’s because they don’t understand why they need to keep records and secondly how and what records needs to be kept.
What MGT Does1. Invoice Management-Issuing, filing, receiving & capturing invoices
2. Debtors & Creditors Management-Debtors & Creditors reconciliations & Debtors follow-ups
3. Petty Cash Management-Petty Cash Reconciliations and Controls around Petty Cash
4. Bank Reconciliations-Bank Statement capturing & Monthly reconciliations
5. Budgeting-Preparations of weekly, monthly and yearly budgets
6. Monthly Management Accounts-Preparation of monthly accounts & Management Reporting