Category Archives: Financial Literacy

Questions to ask before you hire a Bookkeeper or an Accountant.

A bookkeeper and/or an accountant can help you reach the next level in business. This means it’s really important to find someone who is willing and excited to help you grow and grow with you. Finding someone you trust will allow you to focus on business strategies knowing the financial side is handled. 1. WhatContinue reading “Questions to ask before you hire a Bookkeeper or an Accountant.”

How to account for your taxes as a small business

Business tax returns can be complicated, and they vary based on the business structure. Running a small business often requires you to perform a wide variety of tasks you might not have to perform at a large business, one of which is filing small-business taxes. A business is a Provisional Tax payer thus income taxesContinue reading “How to account for your taxes as a small business”

How do I know that I need a designated Bookkeeper?

If you’re spending more of your time as a CBO (Chief Bookkeeping Officer) than a CEO, then it’s time for a reality check. 1. Bookkeeping is taking up too much of your time There’s a finite number of hours in the day so you need to be using them wisely in your business. It’s not aContinue reading “How do I know that I need a designated Bookkeeper?”

The Components of the Annual Financial Statements

When I teach small business owners the importance of Bookkeeping, I always highlight that they know the following categories by heart. That is: Assets, Liabilities, Income, Expense and Owners ‘s equity. The reason I do that is because, the above-mentioned categories play a huge role in preparing the company Annual reports known as Annual FinancialContinue reading “The Components of the Annual Financial Statements”

#TaxMatters |CAPRICORN FM INTERVIEW

1. My employer deducts tax from my salary every month, why am I expected to file the tax return every tax season? – The employers are obligated to collect the tax monies from the employees every month in the form of Pay As You Earn. Individuals are further required to validate the information submitted toContinue reading “#TaxMatters |CAPRICORN FM INTERVIEW”

AVOID SHORT CUTS TO COMPLIANCE

There is no doubt that compliance plays a significant role in every entity. For smooth operation and other advantages that comes with it. Compliance will help your company avoid legal risks. Lawsuits and settlements can easily cost you millions of rands. Fines and other compensatory payments can also add up. Even if you are ableContinue reading “AVOID SHORT CUTS TO COMPLIANCE”

Individual tax season, provisional tax payers and SARS auto assessment.

Individual tax season has opened, the official filing resumes on 07 July 2023. From 30 June to 07 July SARS will be issuing communications to all the tax payers that have at least less complicated tax affairs auto assessment via text or email.If you have not received one yet, please wait a bit till theContinue reading “Individual tax season, provisional tax payers and SARS auto assessment.”

What happens when I don’t make use of the business bank account yet the business is trading?

What happens when I don’t make use of the business bank account yet the business is trading? I am not sure how best to respond to the above question other than say “it is a self sabotage” When a business is registered, it is given its own legal entities. Name of operation, registration number, taxContinue reading “What happens when I don’t make use of the business bank account yet the business is trading?”

PAYROLL TECHNICALITIES FROM AN EMPLOYER AND EMPLOYEE PERSPECTIVE

I am writing this blog at the right time where many employers are already in the middle of preparing their monthly payroll run. The objective of the blog is to breakdown the distinctive features of payroll from an employer and employee perspective. 1. EMPLOYEE – as an employee you do not worry much about theContinue reading “PAYROLL TECHNICALITIES FROM AN EMPLOYER AND EMPLOYEE PERSPECTIVE”

DO I HAVE TO PREPARE THE FINANCIAL STATEMENTS AS A SMALL BUSINESS?

We are always asked this question by small business owners when they need us to generate the SARS Tax Compliance Pins. And the answer is simply YES. I would like try to simplify the reason why that is the case. The most basic requirement of compliance is that you must submit the Tax Annual returns.Continue reading “DO I HAVE TO PREPARE THE FINANCIAL STATEMENTS AS A SMALL BUSINESS?”