WHY SPEND SO MUCH TIME ON YOUR FINANCIAL RECORDS?
It might seem tedious, but financial records can save you a great deal of effort. Good records will:
- Keep you informed about your business’ past and present performance
- Keep you in control and give you the information you need to make good business decisions
- Satisfy SARS, UIF, VAT requirements and help you make accurate, timely remittances
- Increase your business’ chance of surviving, staying in business and earning profit
SETTING UP A BOOKKEEPING SYSTEM
There are lots of different bookkeeping systems, depending on your needs. Single-entry bookkeeping, double-entry bookkeeping and computerized systems are available.
Speak to us and we can assist you from your first step.
KEEP THE RIGHT RECORDS
You need to keep record of all your business transactions for at least five years. This includes:
- Paper or electronic receipts
- Details of expenses
- Payroll details
VAT collected and paid
As doing your own Bookkeeping is the most affordable option and can be great for start-up businesses trying to keep expenses low. Use a bookkeeping software program to track your day-to-day income and expenses. Speak to us and we will gladly assist you.
WHEN HIRING OUR FIRM
You can also hire a professional bookkeeper to come in on a weekly or monthly basis.
Our Bookkeepers offer the following:
- Record all your expenses and income
- Prepare month-end financial statements
- Work with accountants to prepare year-end financial statements and file tax returns
HIRING AN ACCOUNTANT
Hiring an accountant can be a large investment, but they are worth it once your business gets to a certain size or complexity. Outsourcing your financial management to a qualified accountant means you can spend more time managing the other parts of your business.
- Conduct financial reporting and analysis:give you an accurate picture of your business’ financial health
- Conduct financial audits: to make sure your business is in good financial health
- Act as a business consultant:accountants can be an invaluable source of advice, helping you maximize profits and stay financially stable throughout the life of your business
- Accountants may also offer bookkeeping services.If yours doesn’t, ask them for a referral to a bookkeeper they trust
We assist you with your payroll deductions you need to make; how to remit deductions to the government and how to track and report them.
You can deduct any reasonable expense you incur to produce business income, with some exceptions. Travel costs, office supplies and office rent are all tax-deductible expenses.
Speak to us to see what you can deduct from your business’ taxable revenue.
WANT TO KNOW MORE?
If you still have questions, talk to our team. We’ll help you find the answers you need.