10 Things All Small Business Owners Should Do Every Month


1) Tidy Up Your Workspace

During the month it can be easy to let your workspace (and other areas of your house) get into disarray. Having a tidy workspace can help to cultivate a tidy and focused mind so on the first day of every month take a few hours to clear out the literal (and metaphorical) clutter!

In addition to tidying up, give yourself permission to buy something nice for your workspace or office every month to make it more appealing. This could be some new plants, a fabulous new notebook, a desk organiser, some scented candles or even a luxury desk chair!

Making your workplace comfortable, tidy and appealing will help motivate you to spend more time in it through the month!

2) Reflect On The Past Month

Take a notepad and pen and draw a four-box grid on the page.

In the top left write down all the things you worked on in the past month, in the top right write down all the things you had hoped to do but did not complete.

In the bottom left box write down all the ‘wins’ you had in the past month. This could be a new client that you won, a new record day of email sign-ups to your list or a great testimonial about your business. Then in the final box on the bottom right note down the lows or negative things that happened in the month.

Top-Left – Achievements: This list will tell you everything achieved in the last 30 days so you can give yourself a big pat on the back. Now take a look at that list and use a highlighter to go over which of your achievements or tasks completed will move your business forward or earn you additional income. The highlighted list should ideally be about 70% of the items.

Top-Right – Not Achieved (Yet!): This list will help you focus in on what you need to work on next month. But take some time to ask yourself ‘why’ you didn’t achieve these things? Was it just a lack of time or did you choose to do things you like more or find easier? Ideally, this list should not include any of the all-important tasks that drive your business forward. If it does, you really need to establish a plan to focus on the more important tasks next month.

Bottom-Left – Wins: We need to see progress and wins to help us keep pushing forward so write down the things that happened in the month that might have been unexpected, this could be a press feature, an excellent testimonial from a client or finishing a project you thought would run into the next month. Celebrate these wins – grab a glass of bubbly and cheers to your achievement!

Bottom-Right – Room For Improvement: Noone is perfect, not me and not you and the chances are every month there will be at least one thing you can reflect on and think you could improve. Or this area could be to reflect on feeling that you were less inspired, creative or motivated that month. Use this list to help guide you in the following month to do better in specific areas or identify the reasons why you were less motivated and how you can turn that around.

Taking this time to reflect on the past month will help you to set realistic goals for the next month and also increase your chances of achieving them. It will allow you to step back and look at what you have achieved and how much you have done in the last 30 days!

3) Set Your Goals and Intentions For The Next Month

Every year, 3 months and also every month I set myself goals for what I would like to do with my business. Your long term 1, 2 and 3-year goals can change so it’s a good idea to set yourself monthly goals that are all moving you towards your bigger goals.

At the start of the month evaluate your business and ask yourself the following questions:

What is my overarching goal from this month? For example, to make more revenue; to add a new income stream; to get more press for my business; to grow my email list; to plan a retreat, or simply to build wider brand awareness.

What one thing can I do this month that will have the most impact on my business and help me achieve that overarching goal?

How can I ensure that I stay on track to achieve this task in the next 30 days?

What other tasks or goals do I need to do to support this one big goal?

What outside support could I get to ensure this is achieved? I.e. could you outsource parts of it that take you longer or you are less experienced at doing so that you can focus on the parts that you are best at.

Write down the answers to these questions and then set yourself a project in a project management system with deadlines to keep you on track through the month.

4) Set A Challenge

Set yourself a challenge to do something that might be hard for you, is new to you or is outside of your comfort zone. This could be doing your first Facebook live or reaching out for your first brand collaboration. This challenge can be anything you want it to be and should be a bit difficult.

Write this down and come back to it in a month when you are doing your reflection and see if you achieved it. If not, why not?

Pro-tip: Make yourself accountable to someone else to achieve your challenge. Find someone in your network who could also set themselves a work challenge and use each other as motivators to do this thing that scares you!

5) Do Your Accounting

There is nothing worse than getting to the end of the year and having to work through 12 months of accounting in one sitting. Make your future self happy by keeping up with this on a monthly basis. 

Have a separate bank account  so your business and personal expenses are completely separate

Have a separate payment gateway such if you are selling on your website

Scan your physical receipts as soon as you get them using a user friendly scanner app.

Create folders for accounting broken out by year, then month. Within each month folder 3 folders Expenses, Income and Transfers (for any bank transfers from your business to your personal accounts)

Set up all your online monthly/annual expenses to have the invoice sent directly to your email when the payment is made. As expense invoices are received to you inbox immediately save these as PDF documents to the correct folder for the month.

Use a naming convention for all your receipts, invoices and income so that you can easily locate them with a quick search of your documents.

At the end of the month run through all the income and expenses in your accounting software by adding the correct invoice or receipt and balancing your accounts.

Trust me you will thank me when it comes to year-end when all your books are balanced and receipts are filed!

You can always outsource this function to qualified people so it doesn’t eatt up your productivity in the business.

6) Review Your Monthly Business Expenses

As you do your accounting keep an eye out for any expenses that may no longer be necessary. Perhaps you signed up for an app you are no longer using or a service you haven’t used as much as you thought you would.

By doing your accounting monthly you can cancel any subscriptions right away rather than forgetting about them until the end of the year when you get to your annual tax filings. This will help ensure your business is streamlined with no unnecessary expenses.

7) Tidy Up Your Blog or Website

If you have a blog or a business website then you must have a monthly checklist of tasks to run through to ensure your blog is in order.

This list should include things like updating your plugins, checking your site speed and making any required updates, running a broken link checker, adding new deep links or updating blog posts based on your Google Analytics.

It can also be beneficial to ask someone else, a friend, family member or peer to take a look at your website. Since we look at it every day it can be easy to miss an obvious spelling error or a broken link to your most important social media page – getting someone else to cast their eyes over it will help you spot and correct these.

8) Check-In With your Employees or Freelancers

If you have employees or freelancers working for you make sure that you are checking in with them at the end of the month.

This is a good time to go over their goals and tasks and discuss progress. If they have not achieved the goals set to them for the month take the time to understand why and how you can support them to ensure that they can get the tasks completed the following month.

This is also a great opportunity to ask for feedback, are they enjoying the work, do they feel that they are using their full potential, are they happy with the way that you assign tasks to them, do they feel your instructions are clear? Hiring good people is tough so you want to make sure your team is happy!

9) Schedule Your Social Media Content

Save yourself time and hassle by scheduling out all of your social media content for the month in advance. This will ensure that you are consistently posting to your channels and that you don’t find yourself struggling to come up with a clever caption whilst standing in line at Starbucks.

You can make use of tools to help schedule social media content.

10) Reach Out To One Person In Your Network or Niche

Building your network and community is extremely important to growing your business, but sometimes networking can feel overwhelming and a huge task to undertake. So instead of giving yourself the challenge of reaching out to 10 or 20 people to collaborate or meet, set yourself the target of just 1.

This could be a cold or warm introduction, and it could be as simple as saying hi or sending a voice memo on Instagram and introducing yourself and telling that person you love what they do. If you are asking to meet in person or have a call with them make sure that you have an offer, something you can give them or a reason to connect – people are busy and will often look for what you can do for them so make sure to outline why creating a connection could be beneficial to you both.

If reaching out to just one person cold fills you with dread, then the other option is to attend a networking event, or virtual meet up. Events are a great place to connect with people in your industry and whilst you may not see results, a collaboration or benefit immediately these connections will one day pay off. This could be by someone referring a client to you or connecting you with a brand, the possibilities are endless!

Whether you are meeting people individually or at an event, think about what you can offer the people you connect with, chances are they will be more likely to help you or think of you in the future if you have been helping them out or recommending their services.

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

“Create with the heart; build with the mind.”

― Criss Jami

How to Build a Brand, Not Just a Business

You need to figure out what you want to sell. That may sound simple, after all, you’ve decided to build a business around something you’re good at. Something you’re passionate about. So that’s it right. You simply create products or services around that.

Is there a need for what you have to offer?

Let’s look at the first question – in order for your business to be a success, you first need to figure out if there is demand for your offer. So how do you do this?

1. Look at whether others are doing it

The most simple way to do this is to see who else is doing it. Do some competitor research to see how many businesses are doing similar things to what you want to do. Look at what they are offering.

If there aren’t many people doing what you want to do, that doesn’t mean you don’t have a viable business model, it just means that not many people have thought of it yet. If this is the case, then you’ll want to do some market research.

2. Do your market research

This can be a little tricky to do when you’re first starting out but as an online business owner, whether you’re looking to sell services, coaching or digital products, there are most definitely ways to do so.

The best way to do market research in the early stages of your business is via Facebook groups. Facebook groups are a goldmine of information full of people who you want to work with. Check out some relevant Facebook groups and do some digging. See what questions people are asking. See what services people are looking for.

How quickly do you need to make money?
Once you’ve established that there is a need for what you want to offer, you then need to ask yourself how quickly you want to make money.

Is this something that needs to bring in a full time income pretty quickly? Are you happy for it to go slower because you have that flexibility of say another job for example.

If you’re looking to bring in a full time income fast and you want to sell low-cost digital products but you don’t have an audience yet, then you may need to rethink  your business model.

The fastest way to bring revenue into your business is via 1:1 services. These typically demand higher price points meaning you can earn money a lot faster than if you were to sell low-cost offerings.

Once you’ve established your business model, you can then get to work on building your brand.

What is a brand?
Your brand is what enables you to sell your products and services. Your brand has personality.

Your brand is what makes your business unique. It’s what sets you apart from all those other businesses out there who do what you do. Your brand is what enables you to make money in your business.

When you have a flourishing online brand, you don’t have competition. Competition is only an issue when your business is the same as all the others out there and you’re not building an emotional connection with your audience.

Having a unique brand eliminates the need to compete solely on price. If your audience feels a stronger connection with your brand over that of your ‘competition’ then they will buy from you, no doubt about it even if what you’re selling is more expensive.

A vast majority of people will buy based on emotion. They will decide to buy because it feels like the right fit so the better you are at making an emotional connection with your audience, the easier you’ll find it to close sales.

People don’t just choose businesses to work with or to buy from anymore. They buy from brands that they have a personal connection with.

So to summarise the difference between a business and a brand.

Your business is the products and services that you offer. It’s your business model.

Your brand provides an emotional connection to its audience. A brand has personality.

How to build a brand, not just a business
So now we know the differences between a business and a brand, let’s dive into how you can build a brand, not just a business.

Building a brand is not something that happens overnight. It’s something that evolves over time and will continue to evolve as your business grows. As I said earlier, your brand is the emotional connection that your audience have with you and your business.

Your job is to influence their connection. You do this through a process called branding. Let’s look at some ways in which you can build a brand that sets you apart from others in your field.

1. Know Your Why
The first step to building a brand is knowing your why. Why does your business exist? What purpose do you want your business to serve?

Knowing your WHY in business is what is going to keep you motivated when things get difficult. Your WHY is the reason for the existence of your business in the first place. When nothing seems to be going your way and you feel like giving up, coming back to your WHY can be extremely powerful. When you wonder why you decided to start your own business instead of opting for the ‘safe’ corporate salary, it’s important to remember your WHY. This is what is going to pick you up, remind you of the dreams and goals you have for your business and your life and keep you moving forwards.

2. Define Your USP (Unique Selling Point)
The next step to building a flourishing online brand is to know what makes you different. What sets you apart from others in your industry. It can be tricky to think of how you are different when there are so many other similar businesses out there and it might not be something that comes to you instantly.

3. Create Stories
Stories give a brand personality. Your story is what makes you different. Your story will provide an emotional connection with your audience.

You might be thinking, but I haven’t got a story. Believe me, we all have a story. The best way to start to build your story is to think about your why. Why are you in business? More often than not, it’s because you have been where your ideal clients are now. You’ve been through what they are going through and you’ve learnt from that experience. You now want to help others to learn from your mistakes.

Stories aren’t just about you though, they are about your ideal clients.

4. Build a Consistent Online Presence
Consistency is key when it comes to building a brand. From ensuring your visual presence is consistent across all of your platforms, to the words that you write to the experience that you create to how you show up. Being consistent is the fastest way to build the all important know, like trust factor

5. Just be you
As a small business owner, you are the face of your brand and it’s you that will help build connections with your audience. By being yourself and letting your own personality shine through, you will attract people that want to work with you.

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

There’s no shortage of remarkable ideas, what’s missing is the will to execute them.

– Seth Godin

How to Price Your Services to Profit

Things to Consider When Pricing Your Services:

As a start-up you rely mostly on the market price or a mere comparison to that of your competitors. Careful that you don’t end up overcharging or under charging your services as a results. There may be many underlying factors that made your competitors to charge their current prices. Thus a very clear and extensive research is required prior you conclude on the prices you set for your product.

I like playing this scenario: What if your competitor has a close relationship with their suppliers and they get a discount for the goods thus that afford them to charge an equally discounted price? You are only starting in the business thus you still have a lot of work to do to reach to a level of having such relationships. Do your research, don’t just ride with the wave.

1. The value you provide.

The first thing that you should focus on when pricing your services, and by far the most important, is the value that you provide to your clients.

You should not be thinking about the time or cost first because what your client is paying you for is a service that they value that they either can’t do or would rather not do themselves.

One way that you can increase prices is to increase your value or perceived. What I have done in my bookkeeping business is increased my prices by adding value to my clients.  That value comes either in giving unlimited advisory  services, having meetings at their convenience where we review their numbers, and providing monthly reports and recaps of ways they can increase their profits, managing their expenses and assistance in credit facility applications. Providing an accountant letter, management account, secretarial services, etc.

I make sure to work behind the scenes and communicate concisely so that they feel they are doing very little work and mostly I relieve a burden from them and allow them more time to focus on their income producing activities or the parts of their business they are passionate about.

In your business how you add value may be different but think about what your customer is experiencing working with you and know that they are paying you mostly for the transformation and peace of mind that you are giving them.

Even if it only takes you an hour to complete a task, you don’t need to limit that to a certain amount per hour, you can charge a premium price if the value is great enough.  If you are saving someone from doing 10 hours of work themselves and getting frustrated, your value is great than the time it takes for you to complete a task, especially once you become an expert in your area from years of experience.

But remember, don’t lead with your experience, lead with the transformation the client will receive.  People are most interested in what they will experience working with you, and not your work history.

2. Your time

The second thing that you should consider when pricing your services is the time it takes you to complete the job. You have to know, or track, the amount of time that it takes you to complete a task for your client and make sure that you are pricing it appropriately to profit.

Sometimes in the beginning of your business it may take you longer to complete tasks if you’re experiencing a learning curve. If that’s the case for you right now, then you can be a bit more flexible, knowing that it will get faster for you in the long run. But overall you need to be tracking your time because if you’re charging a certain amount for a service that is taking you 12 hours to complete, then you have an unsustainable business model because no one can work for small fee an hour and stay in business long term.

Depending on what services you provide, tracking your time may be simple or it might be tricky.  If you work a little here or there on a project over the course of a month, you’ll have to create a log or system of recording your time so you can make sure your prices reflect the time it takes you.  

One thing to pay attention to is the back and forth that you have communicating with clients. If you are spending a lot of time just communicating needs or changes, you have to build that into the cost.  This may be something you don’t anticipate, but you should be aware of it and realize that even if it’s a quick response from your phone here and there, if this is the norm in your industry, you’ll find yourself a slave to your phone as your business grows and you may need to either increase prices to accommodate the time or create boundaries for streamlined communication.

3. Your costs

It should go without saying that you need to pay attention to the costs associated with offering your service. Even service based industries have costs associated with doing business.

In my business, I have to pay for software, bank fees, computer programs, and continuing education, and I have to make sure those costs are being paid by my customers or built in to the cost.

Be aware of what a job costs you, and pass it on to the customer, the same way a contractor would hand you a receipt to reimburse him for materials when doing a job on your home. Not in the exact same manner, but build it in to your price.

The money you charge should be able to cater for the business operational expenses. If you have employees you must pay salaries, buy electricity, etc. all these overheads must be covered by the prices you charge for your services. Pay a closer look to the fee you charge per service. If enough attention is placed – you should be able to determine the cost for your services or products correctly.

4. What you’re giving up

This one is huge. You have to be super aware of what you’re giving up when you’re working for a client.

Is it time with your family? Is it the ability to work on your passion? Is it preventing you from working on a client who values you more?

I’ve recently gotten to the point in my business where I realize that not everyone is going to think that my services are worth what I think they’re worth. But a massive part in being an entrepreneur is understanding your own worth and not negotiating it to the point of compromising your success.

You don’t have to be a jerk about it, but if you are talking to a potential new client and you can tell that they don’t see the value in the service that you provide then it might be best to part ways before you ever begin working together. That way you allow a space to find a client who values you, respects you, and understands your worth.

This will be beneficial in the long run even if you turn away customers because you are leaving space for better ones.

When you raise your prices you will get fewer people to come on board. But what would it look like if you could work with half the amount of clients and earn the same amount of money?

How would you be able to show up better and serve those ideal clients who value you? How much better would you feel in order to reach higher levels of success?

As your business grows and your expertise grows your prices should increase as well and sometimes you will outgrow your customers and that’s okay.  

When you start raising prices you may start repelling people. The key is to properly communicate the benefit they will receive and leave them open to come on board and experience the transformation with you.  Reaching a place in my business where I can be selective with my clients has been a game changer for me.

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

Give people as much as they give you. Don’t waste your 100% for their 10%. Value your effort and make sure to keep something for yourself too.

How to Manage Small Business Finances |  Monthly Money guide Workflow

Are you that person a week before taxes were due sorting through receipts and trying to get records up to date?

I know from experience that if you don’t make room to stay on top of your finances consistently, it’s a task that inevitably ends up on the back burner. Which is why I’m sharing on the blog the money guide go-to workflow for how to manage small business finances.

Step One: Duplicate Your Workflow Task & Assign to the Upcoming Month

It is advisable to create a workflow once, writing it down and re-use it time and again.

If you do not use a project management software you can simply print off the workflow and keep it with your planner, whatever system works best for you is the best system!
Managing finances can be exhaustive but once you keep a regular check of your finance you are more informed about the correct status of the business and the exercise will leave you feel confident about your money.


Step Two: Categorize Spending (Expenses)

Numbers don’t lie! Start by categorizing spending (also known as expenses). If you are using an accounting software make sure that your transactions are automatically added from your bank accounts/credit cards/and or payment processors. If you don’t use a bookkeeping software (or if your software doesn’t automatically pull in transactions) you can manually enter transactions in a spreadsheet like excel or google sheets.


For those of you who outsource bookkeeping, your bookkeeper will do this for you.

When it comes to categorizing your spending, I always say you want to be detailed enough that it means something to you, but not so detailed that you won’t do it. For example: you want an office supplies category, but not necessarily a paper clips category!

Step three: Input Income (Revenue)

Invoice your customers / clients. Ensure that every sales is captured. Do not wait until it is tool late, capture as it happens.

Step Four: Send Invoices and Payment Reminders


As far as payment reminders, any invoices that have not been paid by the clients, have someone in your team to email a reminder directly. Same with any online payments that have been declined, email for updated payment information. Have a workflow for declined payments as well that gets put into motion after a payment has been declined twice. Simple systems and workflows like this help make how to manage small business finances so much easier.

Step Five: Pay Bills

Setup as many bills as possible via debit order including all software subscriptions, internet and telephone, and even the credit card is paid in full automatically each month. If you work with a lot of contractors, pay their bills during your money date or setup automated payments if that option is available.


Step Six: Pay Yourself as a Business Owner

As the owner of the business, you are equally an employee in the business thus you should be under  the business payroll.
Your salary and bonuses are classified as an expense line item on your profit and loss statement.


Step Seven: Reconcile Business Accounts

This is one that is often forgotten but will make your life so much easier come tax time as a small business owner. You want to make sure all the income and expenses transactions that show in the bookkeeping software match the income and expenses transactions in your bank account.

Even if you don’t use a bookkeeping software, you want to go back and double check that everything you’ve entered into your spreadsheet match what your bank account says. I recommend printing off your bank statements, it makes life so much easier! Or if you have a big screen, pull up your system records and your bank statement side by side so you can double check them.

Technically, for your business to be ready to file taxes, your accounts should all be reconciled. This ensures that your profit & loss statement is actually correct.

Step Eight: Prepare Cash Flow Plan for Upcoming Month

A cash flow plan is just a fancy way of answering “do you have enough?”

Input your starting bank balance in your business checking account (the main account), all your anticipated income and expected expenses (including your business credit card balance which you pay in full each month) and then calculate your ending balance. Is there enough? If not, you need to come up with something to sell or work to book another client! This practice gives you peace of mind and helps to ensure there is always enough.

Step Nine : Review P&L for Year Against Annual Money Plan

An important step is comparing your actual income and expenses (using your profit and loss statement) against the money plan you would have created at the beginning of the year. This is the actual benefit of bookkeeping as a business owner, it’s the strategy part! How are you tracking towards your sales goal? Are you staying within your spending parameters in each of your expense categories?

We don’t want to create a plan and then never look at it. As I teach my students, we make the plan and then work the plan! That’s how I ensure I always have enough to pay myself.


This ensures you don’t get to the end of the year with a completely busted budget or unreached sales goal. It allows you to make small adjustments along the way so you can ensure you hit the numbers you need to hit to pay yourself, your team, and keep your business going without sweating bullets.

Also, this is the time to make sure you have enough saved for taxes. Have a look at your overall profit for the year and ensure you have 30% of that number set aside for taxes. Keep a separate tax savings account to use for this.

Step Ten: Scan, File and shred paperwork

Last but not least, scan, file and shred paperwork!  Luckily, most things now are just done online so you can attach the pdf bill directly to your software transaction. From there any paper you don’t need the physical copy for, you shred. 

So there you have it! I hope this guide helps.

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 tells us what we can’t afford, but it doesn’t keep us from buying it.

William Feather

Company Formation – what you need to know, in order to get started.

It is no doubt that in South Africa it has become so much easier to formalise your business. I am writing this blog with a purpose of highlighting the steps necessary to take in order to start operating and building a reputable brand.

Step 1. Company registration must take place, so you can have an identity for your business.
The company registration documents will have the business name, registration number, financial year end, business registration date, business address, the directors, etc. With the legal entities I have just mentioned there is two that I want you to know by heart. That is the business Financial year end and the company registration date. Why? The Financial year end = the month that you have chosen when you register your business that you will submit your tax returns. Company registration date = Anniversary of the business, you must submit the CIPC AR every anniversary of your business. What happens if you fail to submit the returns within these periods?
Tax will have your business as non – complaint and impose additional penalties for non / late submissions.
With CIPC – The commissioner can at anytime deregister the company or add penalties for late or non submission.

Step 2. Tax number
Once the company is registered at the CIPC, information get sent to SARS to generate the new company tax number. Thus no need to visit Sars to obtain the company tax number, it automatically get registered as two government systems communicate with one another.

Step 3. Open a business bank account
When you formalise your business you need to understand that a business on its own is a juristic person. What does that mean? It means that it is recognized as an entity with rights and obligations similar to those of a natural person. A company can own property, enter into contracts, and be held liable for its actions, all distinct from its shareholders. Thus even the business finances must be separate from that of the founder.

Step 4. Create your business logo
You will need to have a graphic designer to professionally create a logo for your business. Though a logo is not a legal entity you must have it in order to enhance the business ‘s identity for customers to recognize your business in a form of graphics. The logo design you will have it on all your advertising materials and company documentations such as the tax invoice, billing statements and letterheads.

Step 5. Tax invoice
Please do not overlook the importance of creating source documents for your business. You might not have resources to subscribe for an invoice or accounting software but that is never an excuse for not having a tax invoice for your customers. An invoice is a proof that a sale / transaction has occurred. Use your device to download an invoice template from the internet. Choose the one that is user friendly for you and populate your business details on. Your bank account, payment terms can also be detailed on your invoice.
N. B. Prior you send them to your customers please convert it into a PDF so it can be a professional document.
There are graphic designers that can assist with these templates by the way. Just ensure that the template has all the required details that form a valid tax invoice by Sars. The format must be the one that is recognized by the South African Receiver of Revenue. Please check their website to learn more on this.

Step 6. Email adress for the business
It is a given that you might not be financially ready to create a website for the business but you can at least create the business domain so you can have a professional email adress for the company. Find a company that can assist with this at a very reasonable price. They will assist maintain an host the domain until you are ready to have the website designed for you. Have a dedicated business contact details for the business. This include the telephone number and the email addresses. Give your business a trustworthy and professional look.

Step 7. Create Social Media platforms and a website
Customers would like to authenticate the validity of the business thus social media platforms can assist with that especially if you are still starting and does not yet have funds to have the business website designed. It gives the customer a sense of relief when they can be able to trace your business. Your social media platforms will be utilused to advertise your work, and give exposure to clients all over the world. Customers need to know about you, and most will find you on social media platforms.

Step 8. Start advertising your business
Every business need a customer to exist. Find them and sell to them. You can use designing app on your device such as canva to create the not so complicated designs to assist advertise your business. Put your brand out there. But equally, be mindful that not all of us are equipped with creating beautiful designs. Have a graphic designer that will help you build a reputable business. You don’t want to have untidy and clumsy designs exposed to your customers. Take it as packaging. The customers must be attracted to the packaging first so they can be interested in the product or services. Explore various ways of marketing. Do not overlook the traditional methods of marketing because you are easily accessible on the internet. Old traditional ways of marketing your business still works. Create awareness for your brand. Things like pamphlets distributions, word of mouth, networking, etc.

Step 9. Build systems and create organizational culture
You need to have a unique way of running your business especially when you are still alone in the business. This way you are building an organizational culture so tomorrow when you have extra hands Ina form employee, the inherit the same culture. Things like no sale happens in your business without an invoice issued to a customer. Giving customers a great service, simple and soft skills such as mannerisms plays a big role in building an organizational culture. Creating strict communication platforms as well.

Step 10. Create a blog
WordPress has free templates you can utilise to build a blog. Whether you are selling products or rendering services,  use a blog to teach customers about your business in more broader words. You can share your blog address and posts across your social media platforms, and your contacts. It is a more cheaper and efficient way of talking about your business.

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

“Start where you are. Use what you have. Do what you can.”

– Arthur Ashe

Best Accounting Tips for your Business

Secrets of Best Accounting Practices for Small Business

Hire a Bookkeeper

The need for an accountant or bookkeeper grows as your business finances get more complicated.

Bookkeepers and accountants perform similar tasks but have a different set of skills.

Accountants provide consultation and analysis and are qualified to provide advice on your taxes.

These financial advisors can help you with any business decision about finances.

A bookkeeper’s main role is to keep you financially organized and record transactions.

Whichever you choose, verify the bookkeeper’s training and qualifications and that you choose a certified public accountant if you go that route.

The right bookkeeping system also makes it easier to file taxes so that you get the most deductions and pay less in South African taxes.

Tax regulations and laws change and are notoriously complicated. If not followed explicitly, you could end up paying more in fees and taxes.

A bookkeeper can help you track expenses and annual revenue and pull your monthly financial statements, such as your income statement, reports for your bank accounts, statements for your credit cards, and your balance sheet.

An accountant or bookkeeper can prove an invaluable resource and make financial management much easier.

Determine Which Accounting Method to Use

There are two standard accounting methods you can use for your finances – accrual and cash basis accounting.

Both methods have their own advantages and disadvantages, so it’s important to understand how they work in order to determine which one is best for your business.

Cash-Basis Accounting

Cash-basis accounting is the simplest method and records transactions only when cash actually changes hands.

This means that revenue is recorded when it is received and expenses are recorded when they are paid.

Advantages

Easy to understand and implement.

Gives an accurate representation of cash flow.

Requires less record keeping compared to accrual accounting.

Disadvantages

Does not provide an accurate picture of a business’s financial health.

May result in incorrect reporting of income and expenses, especially when transactions are recorded at varying times.

Not suitable for businesses that extend credit to their customers or take on debt.

Accrual Accounting

Accrual accounting records transactions when they occur, regardless of whether cash has been exchanged.

This means that revenue is recognized when it is earned and expenses are recognized when they are incurred.


Advantages

Provides a more accurate representation of a business’s financial health.

Allows for better tracking of revenues and expenses over time.

Required by law for businesses that exceed a certain threshold.

Disadvantages

Can be more complex and time-consuming to implement and maintain.

May not accurately reflect cash flow, as revenue can be recognized before payment is received.

Requires careful tracking of accounts payable and accounts receivable.

Deciding the Best Accounting Method

When deciding which accounting method to use, you should consider your business’s size, industry, and financial goals.

If you are a small business with simple transactions and want an easy way to track cash flow, then cash-basis accounting may be a better option.

However, if you have a larger business with more complex transactions and want a more accurate picture of your financial health, then accrual accounting may be the way to go.

Start a Budget

One of the best accounting practices for any business is to start a budget.

The smartest business owners create a budget each year.

To budget efficiently, you must proactively address challenges in your budgeting process and manage your money well.

No business or company can operate without enough money coming in each month and year.

The key accounts to pay attention to are inventory management, expenses or debt payments, and monthly cash inflows.

If you do nothing else, make sure you manage these accounts so you can determine how much money you need to bring in to cover your expenses and make profits.

It’s also helpful to understand sales of your product income.

Keep Your Personal and Business Finances Separate

That way, you can separate your personal accounts from your business expenses and income.

Separating your accounts also proves to tax authorities that you have a legitimate business rather than a hobby.

Separate banking allows for proper business financial accounting without mixing up personal and business expenses and revenue.

It simplifies things and clearly shows what you earn and spend in your business.


Following these best accounting practices will make the whole accounting process less complicated.

Update Your Chart of Accounts

The accounting process starts with updating your chart of accounts, which lists and describes all your accounts.

The key is creating meaningful account categories for more accurate financial records.

When you set these up, you want to define accounts that align with financial reactions, such as expenses, revenue, assets, equity, etc.

You also want to review and optimize your chart of accounts regularly to keep track of how much you spend on customer acquisition, your break-even point, and ROI.

Even if you’re a solopreneur, a good record keeping is encouraged do you can stay up to date with your taxes.

Regularly Download Your Banking Transactions and Reconcile Your Financial Statements

To make managing your finances easier, download your business transactions (bank statements) and reconcile financial and bank statements regularly.

The longer you wait, the more financial errors and discrepancies go unchecked.

Things like unauthorized withdrawals and disbursements can take a huge toll on your finances.

Pay Your Taxes on time.

Self-employment taxes add up over time, so I recommend paying your taxes provisionally or throughout the year.

If you don’t, you’ll have a large payment to make when you file your tax returns. Plus you’ll end up owing a penalty too.

Paying provisional tax eases the tax burden a little.

Also, keep accurate tax records of all the payments you make so your accountant won’t get any surprises.

Some of the tasks in reconciling accounts includes: checking for errors, and reviewing your income and outgoing money to verify if you are on track to achieve your weekly, monthly, and yearly financial goals.


Evaluate Your Financial Data Monthly to Stay on Track

This includes a monthly report, to understand your key financial performance indicators (KPIs) and the primary drivers of income in your business.

Your accountant can do this for you, as an accurate analysis requires several techniques, including trend and cash flow analysis and financial forecasting based on historical data.

Track Contractor or Employee Time to Understand Profitability

If you have independent contractors or employees, have them track their work time with a tool.

This will show you where employees may need more support and see how much employee time and project-related expenses cost you.

Sometimes, employees are simply inefficient, and other times, they may struggle with specific tasks.

If your project or job costs are high, you can find ways to reduce expenses, such as finding less expensive tools, promoting more of your offers or services, or finding other solutions to reduce costs.

Keep Accurate Records

Most importantly, to have a successful business, keep thorough records.

Your record-keeping practices can make or break you.


It can also help during tax time if you get audited.

A tax audit is no joke, and not having detailed finance records can make this a nightmare.

It can cost you a lot of money if you need to hire an accountant, not to mention the incredible amount of time you will waste going through financial statements, bank records, tax write-offs, and other documents.

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

“Accounting greatness is not just about what you calculate; it’s about the financial stories you unfold.”

– Christopher Miller

Happy New Tax Year 🎉

What does a new tax year mean?

Well, it can mean multiple things.

1. Are you an employer and responsible for employees tax deductions as a results of PAYE, UIF, SDL and other taxes?
– February is the end of individual tax year. The ITR12 tax periods range from March to February the following year. This sum up the 12 months individual tax contribution to the state. You must have all your monthly EMP201 declarations complete, as well as the employer reconciliation done i.e. EMP501
If you also contribute the employee UIF via SARS please ensure that all your employees are equally listed under the company at the UIF. The company must obtain the unique UIF reference number. As you pay both your PAYE and UIF via SARS, note that every 6 months SARS send the UIF monies to them. It is important that after obtaining the PAYE no. you get it linked to that of UIF. If these procedures are not followed accordingly you will have the declarations only reflecting on the SARS portal and not on the UIF, thus you will experience some difficulties with employees claims, etc.

Please make sure that you have paid all the funds to relevant institutions as well. You should not be deducting monies from the employees yet you are not paying them. If you make your payments late you will also be charged late submissions penalties and interests. These additional fees also accumulate monthly. It is important that you close off your month on time and accurately.

The individual tax season opening and closing dates are always announced by the receiver of revenue. As an employer please make sure that you have provided your employees with the Tax certificates, also known as IRP5s

2. Do you run a company and the business financial year end is February?

What is the Financial year end?
It is the last day of a company’s accounting period. The accounting period is the time frame used to complete a business’s accounting cycle.

In simple terms, it is the month that you would have chosen when you register your company that you will account for the company taxes to the receiver of revenue. Which means it can be any month period in the year, not only February even though many businesses have Feb as their year end. If you are still not sure about your company financial year end, please check your company registration certificate – CK.

– If you have an active / operating business you need to make sure that you have prepared your Annual Financial Statements and ready for the submission. In the case of tax submissions the Income Statement and Balance Sheet are the important reports to submit. Only after the submission of the AFS you will know how much tax is payable. Few factors plays an important role in determining the tax value the company must pay. Information such as the company size i.e. the revenue, nature of business, etc. SARS looks at the net profit and decide the figure from there. The Net profit is called the taxable income.

While some companies may have a different financial year end, the administration and procedures remains the same across all companies.

It is important to note that in a case where the business was not trading you are still required to submit the nil returns. This is to communicate with the commissioner that though your company is still a legal entity it did not have any economic activities. If you do not submit, the return will remain outstanding. Failure to submit will have payable penalties added on your company.

3. Are you a sole proprietor or employee receiving an additional Income?
– some individuals are full-time employed by company X but that does not stop them to earn an extra income. It could be by selling products, affiliation with network marketing companies, offering skills, rental income, etc. This is the beauty of our democracy. It might be important that you disclose these commercial activities to your employer’s. Check your company policy and regulations with regards to this.

Though it is not illegal to have an extra economical activities in your spare time, do remember to comply. Every income need to be declared with the receiver of revenue. Additional incomes are treated differently as you are not contributing towards your taxes on a monthly basis in a form of a PAYE. Additional calculations must take place. You need to capture all the earnings derived from additional activities, less your expenses. You clearly need to indicate the figure correctly. You might have made a profit or a loss, either way you still need to declare. That is the right thing to do. The calculation will be treated as your “secondary IRP5” the primary being that of your employer.

It is your responsibility as a citizen of the country to make sure you understand the state ‘s expectations and comply. Non compliance is an offence and “I did not know” is not a valid excuse.

Be in the know and cover your back!


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

The hardest thing in the world to understand is the income tax.

– Albert Einstein

Small Daily Actions that helps increase your productivity


I wanted to take a break from sharing finance content today and rather share a bit of what helps me to be productive. I gather the tips may help other business owners/ even professionals too.

1. Don’t Make It Too Complicated

Making money is not complicated.
Almost anyone can do it. Sadly, so many people make it complicated, including myself
Even though it’s nice having awesome technology to help you get things done, it’s not required. Just use what you have.
You don’t need special landing page software, or to worry about complicated algorithms to be successful. Neither worry about having all the resources in place for you to be productive.
Focus and spend much time on what matters. As they say – focus on what pays the bill or influence your earnings.

2. Do Your Money-Making Activities First

Your business cannot exist if you don’t earn money.
Therefore, make a list of activities you do in your business that can directly be credited with earning something.
Making offers is the fastest way to make money. Always selling your products / services will always attract potential clients. That’s the only way to get customers. If you serve them well and happy with your offerings they will then recommend your work to others. Free marketing right there.

3. Keeping Up with Your Data

The other daily activity that is important to do is to keep up with your data.

If you have an administrator that help with capturing the daily activities, and based on something you can measure – make sure you are measuring.

If you don’t track and measure, you’re only working on assumption, and that’s not going to work long term.

4. Always Be Marketing

You’ve probably heard this before, but you should spend more time marketing than doing anything else in your business.

Of course, thankfully, you can outsource a lot of tasks to help you with your marketing and visibility.

But there isn’t a day that goes by where you shouldn’t be getting out there.

That may consist of publishing a new article, a blog, expanding on your online presence or even using your old traditional marketing methods. As long as the word is out there.

5. Schedule Everything

To ensure that you do the things you need to do to grow your business and get smarter about marketing, it’s a good idea to use your calendar to schedule everything you are going to do.

That way, when you go to work, you simply open your calendar and get started on those tasks.

To do list is extremely important. Draft, mark all your completed tasks. This is how you hold yourself accountable.

Consistency is the key to success.

Specific habits help you develop consistent action which helps you grow your business, your income, and your bottom line.

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.

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

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 goal is a dream with a deadline.

– Napoleon Hill

Steps on how to Organize Your Business Finances


Starting your own business is overwhelming to say the least. There’s always something new to learn and a mile-long to-do list that you’ll probably never finish. 

Even though it can feel really intimidating, ignoring your business finances isn’t an option. If you want to avoid getting in trouble with the tax institutions / government, and possibly paying big interest or fines, you’ve got to organize your business finances

9 Steps to Organize Your Business Finances

1. Separate Your Personal and Business Finances

Most business entities, (Pty) Ltd, are required to separate their business and personal finances. If you’re a sole proprietor, it’s not required but it is a good idea to get into the habit as soon as possible.

Keeping your finances separate actually makes your life much easier when it comes to documentation and taxes. Please open a business bank account for your business.

You are able to set aside money for taxes, my paycheck, big purchases like website hosting, or anything else I want to save for in advance.

2. Create a Business Budget

Having a budget, for yourself or your business, helps you make a plan, stop overspending, and achieve your goals. After all, you started a business to make money not to spend it.

Keep a list of all your recurring expenses like software or memberships, subscriptions, you pay for each month or year. This will help you become more aware of what you’re spending to run your business. It also helps you keep track of when you’re going to be billed again in case you want to cancel or upgrade.

There are wonderful softwares that comes on handy in this regards however you could also use a spreadsheet to track your expenses.

3. Set Up Finance Software or a Spreadsheet

All of your financial transactions should be recorded in the same place. Most people use software for this like QuickBooks, FreshBooks, or Wave. You can also use a spreadsheet, especially if you are just starting out. 

Get the Business Finance Tracker Google Sheet!

4. Track Your Income

Anytime you collect money from a client, affiliate program, digital sale, or other income stream you need to make sure that transaction is recorded. If you don’t have a record of it, you won’t be able to prove it for your taxes.

5. Track Your Expenses

Record every purchase as soon as possible including the date, description, amount, and expense category. Organizing your expenses by category as you go will save you time during tax season.

Some of the most common expense categories for online businesses are:
Ads + Marketing, Charity, Contractors,
Education, Gifts, Insurance, Internet,
license + Permit, Meals, Office Supplies,
Professional Fees, Software, Telephone,
Travel, utilities, Website, etc.

6. Save for and Pay Your Taxes

Set aside 20-30% of your taxable income each month in order to cover your tax payments. You may want to talk with an accountant to determine the exact amount you’ll need to pay.

Don’t forget that you may need to pay business income taxes every 6 months, payroll taxes on a monthly basis, labour and other and local or industrial governing taxes.

7. Stay Organized with Apps

Even though most financial records for online businesses will be digital, there are times when you might need to keep track of something outside of your computer. When you need to digitize something, try an app!

Apps are great for tracking things like meal receipts and mileage driven for business purposes.

8. Reconcile, Review, and Archive

At the end of each month, check your numbers. Make sure that all of your income and expenses have been recorded accurately and completely.

Review your income and expenses to see how you did for the month. Don’t beat yourself if it wasn’t what you hoped it would be. Just resolve to do better next month.

Also, take a look through your expenses. Were they worth the money you spent on them? Did you really need to spend that money? Keep this in mind as you make decisions for your business in the future.

Export files from your payment processors or other software and archive them. Check your paygate platforms or any other program you’re using for financial transactions. Update the file name to something searchable like “Google Sheet Transactions [Month Year]” and save them in a folder in Google Drive.

9. Set Up Recurring Tasks on Your Calendar

Monthly Reconciliation – During the first week of the month, you need to reconcile, review, and archive your transactions for the previous month.

Quarterly Estimated Taxes – create one task for each due date in a single year. Then set each of those 4 due dates to recur yearly.

Annual Taxes – Create 1 task to prepare your taxes in advance and one task as a reminder for the due date.

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.

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

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

“Beware of little expenses. A small leak will sink a great ship.”

– Benjamin Franklin

34

Benefits of Bookkeeping for Small Business Owners


1. Improved Financial Management
Bookkeeping can help you improve your financial management!
When you track your financial transactions, you’ll be able to create accurate financial statements.

That means you’ll finally have a good handle on your income, expenses, and cash flow.

With bookkeeping, you can finally gain control over your finances and make informed decisions that will lead to long-term success.

When you start a business, there is so much to keep up with, and many business owners do let the bookkeeping fall by the wayside. But, once you finally take the time to organize your financial records, it will completely change the game.

For example, once you start by accurately tracking your income and expenses, you will realize that your operating costs were too high compared to your revenue. With that knowledge, you are able to make some tweaks that will ultimately makes you much more profit.

2. Better Decision Making

Make informed, data-driven decisions. Especially when it comes to your business.

One most part is checking your financial reports. They can help you:

identify areas of financial strength and weakness

make informed investment decisions

prepare for tax season

And having access to that data means you’ll be able to make smart, strategic decisions that will help take your business to the next level.

You’ll gain a better understanding of where your money is going.

And you’ll be able to spot trends. Like income streams that you should lean in to because they are working so well. Or business expenses you should cut back on.

That’s why I’m such an advocate for bookkeeping. It will give you the information you need to make better decisions and ensure that your business always runs at its best.

3. Easier Tax Preparation

Taxes, taxes, taxes. No one likes them, but we all have to deal with them.

But when you stay on top of your bookkeeping tasks, tax preparation is a breeze.

With bookkeeping, you’ll have access to financial reporting showing how much your business has earned and spent. This is a lifesaver when it comes time to file your tax return.

No more digging through shoeboxes filled with receipts! And no more last-minute filing. You’ll have all your records organized and ready to go when it’s time to file your income taxes.

Plus, it’s easier to ensure you don’t miss out on any tax deductions when you’re organized.

And you can stay on top of your quarterly estimated tax payments.

So, make sure you take advantage of this awesome benefit!

4. Increased Business Efficiency

Time is the most valuable resource especially as an entrepreneur/ business owner? And let’s face it, we can always use more of it.

That’s another way that bookkeeping comes in to save the day. It helps us streamline our financial processes, reduce errors, and improve our overall workflow.

Think about it. When you have accurate records, you can make the informed decisions we talked about earlier – and make them faster.

You won’t have to waste valuable time sorting through stacks of paperwork or trying to figure out where your money went. Instead, you can focus on growing your business and doing what you love.

So, if you want to work smarter, not harder, making sure that your bookkeeping is handled is the way to go. It will help you keep things organized and save precious time and resources.

Since I’m all about efficiency, this is one of the main reasons bookkeeping is a must-do in any business.

5. Improved Cash Flow Management

As a small business owner, I’m sure you know that keeping a close eye on your cash flow is essential to running a successful business.

But when you have accurate information about your expenses and income, it’s much easier to manage cash flow.

Which is why bookkeeping can be such a lifesaver! 

It helps you more accurately predict future cash flow and plan for the long-term stability of your business.

Bookkeeping can help you:

– make sure that payments are made on time

– identify any areas where you’re overspending

– and create a plan to manage cash reserves

You’ll be able to take back control of your business finances and focus on growth!

6. Better Planning and Budgeting

I know that a lot of people think that planning and business budgeting are a headache.

But I do understand that it can feel overwhelming to create a budget, keep track of expenses, and figure out how to allocate resources effectively. However, it doesn’t have to be that way if you stay on top of your books.

After you implement a bookkeeping process:

– you can create realistic budgets

– track progress toward your financial goals

– make informed projections for the future.

It’s like having a crystal ball that tells you what your future money situation will look like.

When you have a clear plan, you’ll feel empowered to make informed financial decisions that will help you grow your business.

You’ll know exactly how much money you have to work with, where it’s going, and where you need to cut back. And that leads to peace of mind.

7. Easy Access to Data

One of the best things about bookkeeping is how easy it can make accessing your financial data.

By organizing your accounting records and generating financial reports with just a few clicks, you can quickly get an overview of your business’s financial health.

You’ll always have the information you need at your fingertips.

No more guesswork. No more wasting time sifting through piles of paper. Just clear, concise data whenever you need it.

Whether you decide to tackle this yourself or hire a service, I think you’ll agree that keeping up with your books is super important.

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.

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

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

In the balance of life, accounting is the equilibrium that keeps everything in check