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While there are many low cost businesses you can start, what to do when your idea requires money? Try one of these five ideas to fund your small business.

Lack of funding can pump the breaks on great new business plan. Lack of time, money, and dedication are the main reasons why most businesses never get off the ground no matter how profitable the concept sounds.

If you want to become an entrepreneur and establish a profitable small business that allows you to enjoy a flexible schedule and do work that’s fulfilling, you’ll need to figure out how you will cover start-up costs.


First, Figure Out How You Can Lower Expenses
To say that it’s expensive to start a business is definitely subjective. How much you need to get your business running properly depends heavily on the industry and nature of the business. Start-up costs like products and materials you’ll need, training and certifications, obtaining a professional website, and legal expenses can all add up.

This is why it’s important to consider ways to cut some of these expenses so you won’t have to worry about coming up with so much money. If you plan on running an online business, can work from home, and won’t have any formal employees, you can save money on renting an office and just create office space in your home.


You can also borrow or lease any equipment that you may need to start out and go paperless for the most part to avoid printing and using a fax machine.

Also, shop for business necessities on clearance and ask for a discount. People are not obligated to give you a discount but they may if you just ask.

Apply for a Small business Loan or Secure a Grant
Various government institutions offers different types of loans and some grants for businesses and the requirements can be very specific. These platforms doesn’t offer grants to people just for simply starting a business, but they are funds geared more toward supporting a business or cause in industries like agriculture, child care, medical and healthcare, technology, manufacturing, government contracting, social needs and other related industries.

Depending on the nature of your business and what you plan to do with it, you may qualify for a grant. The main idea is just to start looking and do a proper research.

Find an Investor or Sponsor
Reach out to family, friends, neighbors and mentors to see if anyone would be interested investing in your business. You can also reach out to companies that you might want to partner with in the future. Just be sure to show everyone a detailed business plan outlining your plan for your business and actual strategies and processes that you will implement.

When it comes to obtaining a sponsor, lots of corporate companies and organizations can be willing to sponsor your business along with any special events or projects you might be planning. To find a sponsor, reach out to companies that you’d truly be interested in working with, not just for the money. Send in a detailed proposal and clear business plan to several different prospects. For more information about how to secure sponsorship for your business.

Start a Crowdfunding Campaign
While there are many low cost businesses you can start, what to do you when your idea requires money? Try one of these five ideas to fund your small business.

Sites like GoFundMe allow you to publicly promote your reason for needing funding so others can make donations and pledges online, pre-order a product or service, or give what they can to help you get started and receive a token item in return like a t-shirt with your business’ logo on it.

Fund it Yourself
As long as you keep the start-up costs for your business low and reasonable, you can try to set aside money to fund the operation yourself. It may take some time, but applying for a grant, loan, or sponsor can take a lot of time as well as you wait to hear a response.


Why not set a budget and dedicate some of your income to saving up for your future goal? Since cutting expenses was the first step, list out all the expenses you know you probably won’t be able to get around. When you write out a basic list, you may realize that a rough estimate of your expenses is lower than you thought and you can always pay for items and services that will enhance your business later on.


Once you add up how much you will need to get started, decide when a feasible time would be to launch your business so you can break up your savings goal and set additional money aside in an emergency fund.

When you fund your own business initially, you won’t have to worry about paying anyone back or proving to anyone else that your plan is worthy enough for financial funding.

Small business funding in South Africa is available through government agencies, development finance institutions (DFIs), and private lenders.

Key funders include the Small Enterprise Finance Agency (SEFA), National Empowerment Fund (NEF), Industrial Development Corporation (IDC), and private fintech firms like Retail Capital or Lulalend, offering loans, grants, and equity.

Major Government and DFI Funders
Small Enterprise Finance Agency (SEFA): Provides loans and grants for SMMEs and cooperatives, often for those unable to secure commercial credit.

National Empowerment Fund (NEF): Focuses on black-owned businesses, providing funding from R250,000 to R75 million for various sectors, including rural and township development.
Industrial Development Corporation

(IDC): Offers funding for startups and expansions, focusing on industrial capacity and economic growth.

Small Enterprise Development Agency (Seda): Provides non-financial support and specialized incentives for small businesses.

Technology Innovation Agency (TIA): Focuses on technology-driven startups and innovation.

Private Sector and Alternative Funding
Retail Capital: Offers fast, online business funding solutions.

Lula (formerly Lulalend): Provides working capital through a revolving credit facility.

Finfind: An online platform matching businesses with over 600 public/private lenders.

Thundafund: A crowdfunding platform for startups.

Key Considerations
Specialized Funds: Options exist for specific sectors, such as the Tourism Transformation Fund, Women Empowerment Fund, and Black Business Supplier Development Programme.

Application Process: Most funders require a business plan, financial statements, and registration documents (CIPC).
Support Services: Incubators and Seda can assist with preparing for funding applications.

Funding information links:
https://www.gov.za/about-government/small-business-development

http://www.dsbd.gov.za/

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

No, Sir, you will have much more influence by giving or lending money where it is wanted, than by hospitality.

– Samuel Johnson

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If you are an owner of a small business or an established company, building a business budget for a new financial year is a most significant aspect of a successful business. An ad hoc business strategy, incompetent marketing, poor product quality and price and many other factors are results of business failure, but the most important factor can lead your business towards success is building a strategic business budget for a new financial year.

An efficient business budget helps you to overcome many issues such as it reduces problems related to unforeseen cash flow, minimizes risks, managing spending and many more. Here we have mentioned some key guidelines to prepare a business budget.

Workout Your Profit Goal
Based on your last year profit as well as new plans and strategy of the new financial year, figure out the number you want to set as your profit. Ensure all your actual expenses, including salary, new buying as well as unexpected expenses before you calculate the profit. Setting targets to achieve your desired profit let you keep determined in your work.

Keep Eye on Your Operating Expenses
Even running a small business, your regular expenses list never goes down. Some operating expenses such as electricity, phone, insurances, internet, and many more require to keep watching. Check which expenses you can reduce or remove. List out things that you can reduces or detach expenses and follow it strictly in order to achieve your profit goal.

Calculate Direct Expenses
There are some direct expenses in business that become very difficult to negotiate or minimize. Expenses which are related to selling or manufacturing products such as freight, taxes, government levies, wages and many other expenses are direct expenses. You need to find an authentic way to manage unwanted expenses and increase saving using the help of an expert business consultant or a tax agent.

Evaluate the Revenue
Once you set all your profit and expenses related figures, summarize your targeted profit, operating expenses as well as direct expenses in order to find your targeted income amount. Analyze the possibilities of the targeted revenue, if you don’t find it feasible, you should amend your business budget or you can hire an experienced accountant who can give you perfect business advice.

Think About Significant Factors
There are several important factors you need to consider while plan budget for your business. The key objective is how you will achieve your targeted revenue to accomplish your goal? You should also know the capability of your workforce as well as your business infrastructure and investment limitation. The prime thing to comprehend is you should never compromise quality of your products or services in order to achieve your targeted profit.

To plan your business budget for a new financial year, you need to take a help of a reliable and experienced business advisor having proficiency in all latest accounting techniques as well as recent government rules and regulations to give you the best accounting consultation.

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

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“Entrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. Cash flow matters most.”

– Peter Drucker.

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Are you that someone who keep overwhelming themselves with more information than doing the actual work? Take the time to implement all that you have read and researched about?

Please commit this year to not purchase any more reading material until you start implementing – learn to stop researching and start doing.

I hope these tips help you get out of research mode and into action mode.

Let’s get to it!

1 | Remember your why

There’s a reason why you started your business in the first place and now’s the time to sit down, get quiet, and remember that why.

Your why is there to push you when things get tough.

When you want to give up.

When you’re feeling low and like you can’t keep going.

It’s also the reason why you need to do the work instead of research and plan for the work.

Did you start your business to have a flexible schedule?

Does the product you create bring you and your customer immense joy and/or solves a problem?

Are there monetary goals you’d like to hit to serve a bigger purpose?

Whatever the reason is for your business, identify it. Write it on a post-it note. Set a timer to remind you every day.

This will help you stop researching and start doing. You need to take action so you can achieve your goals.

2 | Limit your fact-finding time

Many of us could research until we reach the end of the internet.

That’s all well and good but if you aren’t doing anything with that information it’s not that valuable to you.

A key step I’ve found in how to stop researching and start doing is to limit my fact-finding time.

You can limit your time in multiple ways:

– Set a timer for yourself when researching for an upcoming project

– Block out specific times in your calendar when you’ll be researching

– Commit to learning one thing from one person at a time

The point is to be persistent about whichever path you choose. Remember, researching is great but only up until a certain point.

We want to move toward our goals and to do so means we need to do the work to get there!

3 | Set a deadline for yourself

Nothing moves me faster than a deadline!

To truly learn how to stop researching and start doing, you’ve got to set deadlines for yourself.

These deadlines are commitments to your original goals for your business. You should want to adhere to these deadlines because they directly correlate with your ultimate goals.

Sometimes we even like to announce things to our email list or social media to have you guys hold us accountable.
It helps us stay motivated and focused, while not letting perfectionism hold us back.

Do whatever works to motivate you!

4 | Set small, achievable goals

When you’ve got big goals it can be hard to stay motivated.

I’m sure many of you out there have goals so big they might take years to achieve. 
But with goals so big it can be easy to fall into planning mode and never execute.

A gamechanger for us has been to set small, achievable goals for ourselves.

5 | Get an accountability partner

The final step to stop researching and start doing is to get an accountability partner.

The best motivation is to be accountable to somebody else. Hello, this is why the entire coaching and personal training industry exists!

Getting an accountability partner will help you not only stay accountable to someone else but also to yourself.

Remember, no one is pushing these goals onto you. These are the goals that you set out to achieve.

You want to make these goals become a reality. Your accountability buddy is just there to support you along the way!

Final Thoughts!

I hope these tips help you get out of research mode and into action mode.

I think a big reason why I never want to move out of the research phase is that I’m too afraid of “making a mistake.”

But making mistakes and taking chances helps you grow as a person and isn’t that what we’re all here to do? Continuously improve ourselves, day after day?

Let’s challenge each other this year by committing to making mistakes so we can learn from them. I’d love to know what you’re going to try this year. Head on over to this post on all our social media platforms to let us know so we can cheer you on.

Stop procrastinating, overthinking and start doing!

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

“Change is hard at first, messy in the middle, and gorgeous at the end.”

— Robin Sharma

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It’s part of the magic of the season — each new year is a chance for a new beginning. For those of you who freelance, this time of year is particularly important. It’s a moment to reflect on what’s going right in your businesses (soleproprietor) / profession, what needs improvement, and what goals should shape the next 12 months. In short, it’s time to plan for the care and feeding of your self-made careers. With that in mind, here are eight New Year’s goals every freelancer should make.

1. Build your brand

No matter how small the enterprise, branding matters. If you haven’t established a brand for your freelance business, resolve to do it this year. Remember, a brand is more than a logo and tagline; it’s also the experience clients have with you.

If you’ve already established a brand, apply it consistently and flawlessly online, in all printed material, and in person. Remember, the goal is to make sure clients keep your business top-of-mind and recommend your services without hesitation.

2. Update your LinkedIn profile

LinkedIn has established itself as the social networking hub for all things employment-related. Its network connects professionals in nearly every field imaginable — and many of them are in desperate need of freelance help. If your LinkedIn profile is out of date, sloppy, or incomplete, it reflects poorly on you and your profession.

3. Learn a new skill

Regardless of what field you’re in, markets never stand still. Changing technologies, new tools, and shifting tastes all demand that freelancers adapt or die. Stay competitive by sharpening your current skills; stay engaged by learning new ones.

4. Expand your network

Freelancing can be isolating, especially for those who work from home. A strong network of colleagues will keep you engaged socially and plugged into new professional opportunities. Devote an hour or two each week to expanding your network through social media, blogs, and industry events.

5. Ditch toxic clients

Take a critical look at your project list for the past couple of years. Are there clients who consistently paid late? Had endless demands and unreasonable deadlines? They’re likely costing your more money than they bring in. Free yourself by phasing out chaotic professional relationships. But be diplomatic; bad clients often employ good people and you never know where those folks may land.

6. Bump up your rates

For many freelancers, it’s tempting keep rates low to draw in more business. But over time, this loss-leader strategy can do more harm than good. Not only does it keep you at a financial disadvantage, it implies your services aren’t as professional or in-demand as your competitors’.

Assess what price the market can bear and adjust your rates accordingly. Communicate the increase clearly in writing and give your clients at least 60–90 days notice.

7. Make time for downtime

When you work for yourself, the boundary that separates your personal and professional world can get a little fuzzy. This year, establish (and stick to!) a more formalized schedule — one that allows for real downtime and breaks from client calls, email, and paperwork.

8. Save for retirement

Without access to employee-sponsored retirement programs, freelancers must take the lead on saving for the future. Some retirement programmes have distinct benefits and limitations. Choose the one that works best for you and make regular contributions — starting now.

9. Have a dedicated accountant for your business

Freelancers should have a dedicated accountant to save time and money, ensure compliance with tax laws, and gain access to expert financial advice for business growth. An accountant pays for themselves by identifying potential deductions and avoiding costly errors or penalties. You do not want to find yourself doing great in your career and later realise the penalties of being non-tax compliant. They are costly and discouraging.

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

We.Do.Tax

We are a leading provider of personal tax return services in South Africa.

https://www.matsobanemetja.co.za/wedotax.html

We offer a wide range of services, including the completion and submission of personal income tax returns, provisional tax returns, and capital gains tax calculations. Our team consists of a very powerful team of registered and qualified accountants and experienced tax practitioners. We can help you to legally structure your income, deduct allowable deductions, and claim your rebate as and where relevant.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

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Budgeting does not have to be a painstaking endeavor that makes you want to poke your eyeballs out. It actually can be fun. YES, I said budgeting can be fun! This budgeting for beginner’s guide will show you how easy it is and why you should make one.

A budget is simply a plan for your money. It’s seriously that simple.

A budget is what you make it. The budget itself is not an enemy.

If just the word budget makes you want run far far away – then call it something else!

Call it your money plan, treat yourself plan, profit plan, cashflow plan, dreams to reality plan – whatever resonates with you! Make it personal.

Having a budget doesn’t mean that you will be restricted and can’t have any fun.

It’s actually quite the opposite.

You get to have fun and not feel GUILTY!

You don’t have to call it a budget.

You don’t have to panic the next day thinking about how you are going to pay the credit card you just put all that fun on to!

The hardest part about making a budget is getting started. Once you have it done, it’s very simple month to month.

Budgeting for Beginners: A Step-by-Step Guide

So, now that we discussed why you need a budget, let’s get started on making one.

I highly recommend using pencil and paper for your first budget. There is something about writing it down that makes it feel more real. After you get the hang of it in a couple of months, then you can switch to a spreadsheet or an app.

But seriously, just write it down for now.

We are going to start with a general average month budget.

Step 1: Determine your income

This may seem like a no brainer but a lot of people don’t know how much money they actually make!

Pull up your bank account or pay slip and figure out how much each paycheck is. Jot down the amounts and make a total of all your income for the month.

Step 2: Determine your set expenses

This is the really hard part but the MOST important part. I want you to go through at least the last month or three if you really want to get accurate numbers and figure out how much your expenses are.

I want you to determine your set expenses, like rent/mortgage, power, water, TV, cell phone, insurance, car payment, credit cards, loans, and all other bills that come out every single month.

These bills really should be about the same every month. Make a list of all of these and their amounts. If you are not sure about a bill that may fluctuate, like your power bill, look at your averages, then estimate a little higher.

On your paper under your income box, write down your expenses.

Step 3: Discretionary spending

Then comes the even harder part. You need to figure out where all the rest of your money has been going.

This will be food, restaurants, gas, entertainment, impulse shopping, Amazon, clothes, ect.

This will be the eye-opening part. Look at the past couple of months and see where your money really has been going.

For example when I did this, we were spending R7 000.00 on food between groceries and eating out for a family of 4!

This will be where you can cut costs and start to save money! So it is very important to not skip this step.

In order to change your behavior, you have to face the facts. It’s hard and challenging and easier to ignore it and put your head in the sand.

BUT that won’t get you to where you want to be long-term.

So, let’s get busy and actually SEE where you money has been going.

Step 4: Determine your category amounts

Ok, you have your income and set bills and now you see where your money has been going. The next step is setting a reasonable amount for those categories. On your sheet, write them down:

Step 5: Determine how much is left

You should have your income and expenses laid out on paper. I want you to total your expenses on the sheet.

Then take your total income and subtract your total expenses.

At this point, you should have some left. We will use what is left over for our sinking funds and debt snowball.
You can utilise excel spreadsheet for this exercise.

Step 6: Sinking Funds

A sinking fund is simply saving for an expected expenses that doesn’t come up every month. You can save money for these items or pay for them with cash in that month depending on your budget.

When you can’t “cash-flow” it, then you need to save for it with a sinking fund.

Sinking fund examples: clothing, christmas, gifts, birthdays, house maintenance, vehicle maintenance,
property taxes, income taxes, vacation, medical expenses, general emergency savings, etc.

Depending on your personality and how you handle your money will determine the best way for you to save for sinking funds. They can be saved in cash envelopes, separate bank accounts, one bank account with a spreadsheet to track the amounts, or cash flowed.

I find I use a variety of these. I use cash envelopes, separate bank accounts, and cash flow expenses. For my personality, I like to focus on one big thing instead of several small things. SO, I tend to cash flow most small things month to month. I try to use the savings accounts for big expenses.

This will take some time to figure out which works best for you and your budget.

But for now, look at your budget and decide what sinking funds you want to save for on a month to month basis and which you can cash flow when they are due.

Step 7: Debt Snowball

At this point, you have all your bills, expenses, and sinking funds planned. You should have some money left over at this point. If you don’t, we will address that in a minute.

Now we are going to use what is left for your debt snowball. Using all of the money in the month for a category is called a zero-based budget.

What is a zero-based budget?

When using the debt snowball method, a zero-based budget is the best way to make sure that ALL of you money is working for you.

A zero-based budget is assigning every rand a job. So your cash balance should be zero.

The point of a zero-based budget is to make income minus the outgo equal zero. If you cover all your expenses during the month and have R1000 left over, you aren’t done with the budget yet. You must tell that 1000 bucks where to go. If you don’t, you lose the chance to make it work for you in the areas of getting out of debt, saving for an emergency, investing, paying off the house, or growing wealth. Tell your hands where to go.

Now you can and probably should leave a little bit of a buffer in your account and a miscellaneous category for your budget. Just in case you have something come up that you forgot or a mistake somewhere. It happens to all of us!

And by a little buffer, I don’t mean 500. I mean more like 100 or less.

But how can I budget when I am broke?

Even if you make R250,000 a year or R350,000 a year, you must have a plan for it. A budget is simply a plan for your money. If you don’t make a plan, then your money will disappear.

It doesn’t matter if you make a lot or a little, your money will not work for you, if you don’t tell it where to go.

When you are on a tight budget or a low income, it is especially important to do a budget. You don’t have as much leeway in your spending and a small mistake or emergency could be devastating.

How can a budget help me?

Well, most people find that after doing their first budget, they feel like they got a RAISE! I certainly felt this way as well. It’s a very eye-opening experience when you see the numbers on paper. It’s very likely that you have more money than you realize.

The issue most people have is that they don’t know where the money is going, so it feels like there is never enough.

When you start paying attention to every cent, it quits flying out the window and you can use more of it.

What is a debt snowball?

A debt snowball is where you take all extra money and apply it to your smallest debt first. You make minimum payments on everything but your debt with the smallest balance.

Then when the smallest balance is paid off, you move that payment and extra to the next smallest. You do this until the last debt.

You can use a debt snowball calculator to see the best way to do this.

FREE Budget Checklist

Step-by-step checklist to make your budget and manage your money! 

How can I budget with an irregular income?

If you have irregular income, your budget will basically look the same. The difference will be in how you pay your bills.

With an irregular income, I want you to estimate your average monthly income and use that for your budget. Some months may be more or less, but let’s start with a base line average and go from there.

You still have to list out your expenses and sinking funds and estimate your debt snowball.

The difference is that I want you to list your expenses in order of importance.

Food, shelter, and transportation, being at the top of the list. Those get paid first.

Then through the month as money comes in, you pay the next thing on the list.

Your debt snowball will have to wait until everything is paid and saved then start applying what comes in to the snowball.

Be sure to check things off on the budget as they get paid, so you don’t accidentally pay something twice.

How to budget when you get paid bi-weekly or weekly?

The monthly budget is good to see where all your money should go for the whole month.

I have been trying doing only a monthly budget this year, and honestly I find it hard to stick to. I have always done a budget for each paycheck, so this works better for me.

What if I make a low income?

Just like I explained at the beginning, you still need a budget. It may not look like the amounts that I have given as examples but just put your numbers into the budget.

You still need a budget on a low income and you still need to manage your money. Don’t wait until you have a big income to learn how to budget. If you cannot take care of the rands, how are you going to take care of the thousands?

If you have a low income it will be important to start looking for ways to cut costs and expenses.

How do I stick to the budget?

Sticking to a budget at first can be hard. Just remember that it takes 90 days to instill new habits and sticking to the budget will take some time to get used to.

No one is perfect with sticking to the budget, not even me. But don’t use that as an excuse to disregard the budget all together.

My biggest tips for sticking to the budget is when something comes up that messes up the budget, don’t give up. Just because you made an impulse purchase for unplanned item, don’t throw the budget out the window and be discouraged!

It’s easy to say “well I’ve already screwed up the budget, what does it matter now?”. It does matter, a small mistake is better than several hundred rands.

Other tips for sticking to the budget:

Make visuals of your goals- keep them around for when you are tempted. Put them at your computer, in your wallet, and at work.

Make sure you are your spouse are on the same page- make sure everyone is working toward the same goals

Have an accountability partner- if you don’t have a spouse or they aren’t on board, tell a trusted friend what you are doing and why and lean on them for support.

Get used to the comments- when you are making a lifestyle change, get ready for comments from friends and family about your choices. Not everyone will be supportive of your decisions. When you can’t do something or go out for lunch everyday, there will be comments. Don’t let it bother you and explain “it’s not in the budget”.

Leave money for fun- you won’t be able to stick to the budget if it’s so tight you can’t do anything fun at all. Now I don’t mean parties and concerts every weekend but budget in some fun money. This will help keep you motivated and stick to it.

How can I budget and save money?

Budgeting and saving money go hand and hand. Once you start budgeting, you will naturally start saving money.

Once you do a zero-based budget, it will be easy to save money. You just put it down as a line item.

You can also find ways to cut expenses and make money. Make a list of ways to make some extra money in the month.

Can you work some overtime, join network marketing sales, or sell some other things. Even if you don’t think you have anything worth selling, you will be surprised how quickly it makes a difference to your finances.

In conclusion:

A budget is the starting point for managing your money, finances, and future. Just get out there and do it.

It can be intimidating at first, but it gets easier every month.

Having a written budget is the first step in living your dreams.

With a budget and focus can help you get there. It helps you stop wondering where your money went and gets it doing what you want it to do!

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

“A budget is telling your money where to go instead of wondering where it went”

– Dave Ramsey

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A budget is not a limit, it’s a declaration of priorities

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THE IMPORTANCE OF PAYROLL MANAGEMENT FOR SMALL BUSINESS

In today’s fast-paced and competitive business world, the importance of payroll management can’t be overstated.

A reliable payroll system is more than just issuing paychecks—it’s about ensuring accuracy, building trust, staying compliant with laws, and most importantly, keeping your team satisfied and productive.

When your employees are paid fairly and on time, they feel valued.

And when they feel valued, they perform better, stay longer, and contribute to a more positive work environment.

Employee satisfaction is the key to organizational success.

In this article, we will learn about the importance of payroll management, the crucial role it plays in business, employee wages, and what you can do to streamline your processes for growth and legal compliance.

We will cover essentials, common challenges, methods for managing payroll.

The Payroll Management Process (6 Best Practices)

1. Collect Employee Data

2. Track Work Hours and Leave

3. Calculate Gross and Net Pay

4. Issue Pay (Direct Deposit or Check)

5. File Payroll Taxes & Reports

6. Maintain Records and Compliance

5 Key Benefits of Effective Payroll Management

– Employee Satisfaction

– Time and Cost Savings

– Data Security

– Simplified Compliance

– Strategic Insights

5 Common Payroll Management Challenges (and Solutions)

Too Much Manual Work

Keeping Up With Changing Regulations

Data Errors and Compliance Missteps

Managing Employee Records

FAQs about Payroll Management

Why is keeping payroll so important?

Compliance with government regulations:

Employee satisfaction:

Financial stability of the company:

What’s the difference between payroll and HR?

Can small business owners handle payroll alone?

What are three important objectives of a payroll process?

Here are the three important objectives of a payroll process.

What is the most important part of payroll?

What records do I need to keep for payroll?

At the bare minimum, you need to keep the following documents:

How can I avoid payroll errors?

What features should I look for in payroll management
software?

WHAT IS PAYROLL MANAGEMENT?

Employee payroll management is the entire process of compensating employees for their labor.

This involves calculating earnings, withholding taxes, and paycheck distribution.

It also includes administering benefits, ensuring regulatory compliance, and keeping accurate record keeping.

A well-managed payroll system reduces the risk of errors and ensures that employees receive what they’re owed—accurately and on time.

WHY PAYROLL MANAGEMENT IS CRUCIAL FOR SMALL BUSINESSES

Proper payroll management and payroll operations are important for at least 4 big reasons:

TIMELY PAYMENTS IMPROVE EMPLOYEE SATISFACTION

Imagine the scene: It’s payday, and your full-time employees get paid on time, every time, with clear, accurate pay stubs.

The result?

Happy, engaged employees who trust your business and are motivated to do their best work.

Neglect payroll, and you’ll quickly see the opposite.

Late or inaccurate pay causes confusion, lowers employee morale, and may drive your best people away.

A streamlined payroll process ensures timely payments and demonstrates professionalism.

This significantly improves employee satisfaction and motivation.

LEGAL COMPLIANCE AND RISK MANAGEMENT

Payroll isn’t just about numbers; it’s also about compliance and avoiding costly legal issues.

Federal and state laws require you to pay employees on time and withhold the right taxes.

Failing to do so exposes your business to penalties, back taxes, and reputational harm.

Compliance also means keeping accurate records, reporting through institutions sushi as SARS – South African Revenue Services, UIF – Unemployment Insurance Funds, COIDA – Compensation for Occupational Injuries and Diseases Act, and being ready if regulators come calling.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

The importance of payroll management here is clear: it protects your business while ensuring your team is compensated lawfully and fairly.

By the way, your business is not legally protected if you are missing these legal documents.

BUDGET MANAGEMENT AND FINANCIAL HEALTH

For most small businesses, payroll is the largest ongoing expense.

Accurate payroll management helps you forecast labor costs, avoid cash flow surprises, and stick to your budget.

Missteps in this area can mean underestimating expenses or, worse, missing payroll entirely.

COMPANY REPUTATION & EMPLOYEE RETENTION

Think of payroll accuracy as the silent ambassador of your employer brand.

If word gets out that you struggle to pay on time or make mistakes with wages, you’ll have a tough time attracting top talent.

Consistent, transparent payroll sets you apart as a reliable employer and keeps current team members loyal.

Retention is built on high employee and job satisfaction.

Part of this satisfaction comes from reliable payroll systems, which decrease turnover.

Employees are less likely to leave an organization if they feel valued and compensated fairly.

A good payroll management system helps organizations retain talent, thus saving the time and money needed to recruit and train new employees.

THE PAYROLL MANAGEMENT PROCESS (6 BEST PRACTICES)

Payroll management is a cycle of tasks that keep your employees paid and your business protected.

Here’s what goes into a solid payroll process:

1. COLLECT EMPLOYEE DATA

You need to keep detailed, up-to-date records for each employee, including:

Legal name and address

Tax file number

Start date, pay rate, and pay frequency

Tax withholding and deduction preferences

Bank account details

2. TRACK WORK HOURS AND LEAVE

If you employ hourly or shift workers, use reliable time tracking systems (e.g., time clocks, scheduling apps) to record:

Hours worked (including overtime)

Sick days and vacation time

Breaks and shift swaps

3. CALCULATE GROSS AND NET PAY

This is where accuracy matters most. For each pay period:

Calculate gross wages (hours worked x rate)

Deduct taxes (payroll taxes applicable)

Subtract benefits and voluntary deductions (health insurance, retirement)

Arrive at net (take-home) pay

4. ISSUE PAY (DIRECT DEPOSIT OR CHECK)

Get paychecks or direct deposits out on time. Reliable payroll software makes this process easier and error-free, and many employees appreciate payday notifications.

5. FILE PAYROLL TAXES & REPORTS

Every pay cycle, you must calculate, withhold, and remit payroll taxes.

Ensure that EMP201 and EMP501 are completed and submitted according – N.B. PAYE

Check the legal requirements and tax obligations of where your business is located to ensure compliance.

6. MAINTAIN RECORDS AND COMPLIANCE

Keep documentation on everything—from timesheets and pay stubs to tax filings and leave requests.

This isn’t just best practice; it’s required by law.

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

“Accuracy is the soul of payroll.”

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Upcoming Blog Topic: THE ROLE OF TECHNOLOGY IN ACCURATE PAYROLL PROCESSING

__________________________

Generating an income is always something we concentrate on when we are running our businesses. But that’s not the only thing that makes the business grows. Like an entity, a business flourish because it was afforded the accessories to be able to function. Some of these accessories are soft skills that can be easily overlooked by many.

Today I would like to talk about ethics.
Implementing best practices tailored to the specific needs of the business goes a long way.
Growing a business is not merely about compliance; it is about building a sustainable, responsible business that can lead by example in the global marketplace.

What is business ethics?
Business ethics refers to the moral principles and values that guide how a company and its employees behave, dictating honesty, fairness, and respect in all business practices. It involves making decisions that are not just legal, but also morally right, considering the impact on stakeholders like customers, employees, and the community.

Key principles include accountability, integrity, transparency, and respect for others. 
Key aspects of business ethics

Moral principles:
It is the application of good manners and moral principles to business situations, helping to resolve ethical dilemmas. 

Stakeholder consideration:
Businesses are expected to consider the impact of their decisions on various stakeholders, including customers, employees, suppliers, shareholders, and the communities in which they operate. 

Honesty and fairness:
Ethical companies act with integrity by being honest with customers and stakeholders, treating employees fairly, and engaging in transparent operations. 

Corporate social responsibility:
This includes a company’s commitment to corporate social responsibility, environmental concerns, and treating its employees well, such as providing fair wages and a safe working environment. 

Leadership and integrity:
Ethical leadership is crucial for embedding these values into the company culture. It sets the tone for employees and can lead to greater stability, trust, and a better reputation.

Legal compliance:
Operating within the boundaries of laws and regulations.

Why business ethics are important

Builds trust:
Ethical behavior builds trust with customers, employees, and investors, which is crucial for loyalty and long-term relationships.

Enhances reputation:
A commitment to ethics creates a positive public image and a strong brand reputation.

Attracts talent:
Ethical companies can attract and retain employees who value a fair and principled work environment.

Ensures legal compliance:
Ethical practices help a company stay within the law, avoiding legal penalties and reputational damage.

Drives profitability:
A strong ethical culture can lead to a more successful and profitable business in the long run.

Examples of ethical and unethical behavior

Ethical:
A company that pays fair wages, provides a safe workplace, has transparent pricing, and engages in community volunteer programs.

Unethical:
A company that misleads customers with false advertising, engages in price-fixing, or ignores environmental regulations.

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.

Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.

We have well trained and qualified staff that manages the aspect of both business and individual taxes.

We are the fast growing accounting service-providing agency in South Africa and across the globe.

If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog

Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.

You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za

A man without ethics is a wild beast loosed upon this world.

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Dikeledi Seoloane – CEO link-tree 🤎https://linktr.ee/DikelediS

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