The main objective of a dedicated Payroll function in any organization is the satisfaction of people getting their paychecks on time, with the correct calculations. What is the function of a payroll department? Payroll professionals manage employees’ financial data and are typically responsible for processing paychecks and other payments, keeping time records, and handling anyContinue reading “EMPLOYER PAYROLL GUIDE”
Tag Archives: #corporate
TAX BLOG: INCOME TAX AND VAT
1. Briefly explain the difference between Income Tax and Value Added Tax?– Income tax is a direct tax levied by the governments (SARS – South African Revenue Services ) on businesses and individuals that conduct their operations inside their jurisdiction’s borders. It is a direct tax as a result of earnings/ Income. – VAT –Continue reading “TAX BLOG: INCOME TAX AND VAT”
PREPARING FOR THE FINANCIAL YEAR END AS THE BUSINESS
Most businesses have already entered their new financial year end since the first of March. Their year end being February. The fiscal year is 12 months long. I have compiled this blog to make things easier for your next financial year end. With summarised points below. 1. Bank ReconciliationTo really avoid the unnecessary discrepancy ofContinue reading “PREPARING FOR THE FINANCIAL YEAR END AS THE BUSINESS”
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”
Are you thinking of venturing into business this year?
New year, New ambitions. Are you thinking of starting a business this year? Here are the basic finance details as far as compliance is concerned 1) I started the business using my money. How do I record that in the business books and how do I identify the funds?– an obvious fact is that aContinue reading “Are you thinking of venturing into business this year?”
Small Business Bookkeeping Tips
Happy New Year, we wish you a productive and successful new season with lots of profits 😊 I have compiled small business bookkeeping tips that will help you to be successful with processing your day to day accounts and office management. The tips show you how to do bookkeeping and will increase your ability andContinue reading “Small Business Bookkeeping Tips”
Capricorn FM Interview – #TaxMatters
I was again invited by the Capricorn FM for an Interview to discuss few compliance issues 1. I received an SMS from SARS that I am required to submit the business tax returns for a dormant company, what do I do?Please note that if the business is registered, it is liable to submit the annualContinue reading “Capricorn FM Interview – #TaxMatters”
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”
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?”
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