PATC’s Coronavirus Management Plan

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Corona Virus molecules1.       DO NOT PANIC

  1. Avoid physical contact with other staff members and clients. Do not touch your face – use a tissue if you have to or toilet paper and then throw it in the dustbin.
  2. Recommend to clients that they either email or call or facetime or skype. Do not refuse a meeting, but discourage it.
  3. Always WASH your hands – IT IS AS EFFECTIVE (99.9%) as hand sanitiser. So if you don’t have hand sanitiser – it is ok provided you wash your hands. Hand sanitiser is when you do not have soap and water.
  4. Mandy – replace the towels three times a day. (Let me know if you need more stock. When handling the towels – wash your hands after). They talk about washing your hands on average 10 times per day. So if you ‘wee’ a lot (like me) and simply wash your hands every time you wee – in theory you should be fine.
  5. Every time you leave the office AND come back in – wash your hands. Or use the hand sanitiser as a second measure. It is unlikely that we will run out of soap – but hand sanitiser is proving a major challenge. So use it ‘sparingly’, opting for soap and water instead – but do not hesitate to use it.
  6. Joann, offer a spray to each and everyone that comes in or out – including visitors and clients.
  7. Like all other challenges, this too will pass. We must use our heads and not be swept up by social media. Verify all sources when getting new and disturbing news.
  8. We have to keep going – it is business as usual. We are an extremely low-risk environment and can’t afford to close down and working from home has its own challenges.

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The Financial Implications of the President’s Lockdown Speech

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a wall with many countries’ banknotes pinned to itUpon closer inspection of the official statement from the office of the President, this is my interpretation on it and not official advice.

  1. Using the tax system, we will provide a tax subsidy of up to R500 per month for the next four months for those private-sector employees earning below R6,500 under the Employment Tax Incentive. This will help over 4 million workers.

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Strategic Planning & Budgeting

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two smiling women collaborating in front of a whiteboardDuring the process of strategic planning, budgeting for the long-term should be a major consideration. Trying to plan for long-term expenses often proves difficult for many people. Here are the basics of how to budget for long-term success.

Determine Goals

The first thing that you will need to do to plan is to decide exactly what you want to accomplish. If you have no idea where you are going, then you will have no idea when you get there. Financial planning is all about setting and achieving small goals. Therefore, it is critical to sit down and decide exactly what types of financial goals you would like to accomplish. Break it down into segments. For example, you need to decide how much money you want to have one year from now. (more…)

Solvency & Liquidity

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a mason jar tipped over with many coins pouring out of itSolvency & Liquidity Test

A test required by the Companies Act which requires the directors of a company to assert that the company can meet all its expenses out of its incomes for the next 12 months (liquidity) and that its assets are more than its liabilities (solvency). This test must be conducted before the paying of a dividend, a share buy-back or a loan to a director. (more…)

What Is Financial Distress?

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an emergency exit sign on an orange wallWhat Is Financial Distress?

Financial distress is a condition in which a company cannot generate revenue or income because it is unable to meet or cannot pay its financial obligations. This is generally due to high fixed costs, illiquid assets, or revenues sensitive to economic downturns.

Ignoring the signs of financial distress can be devastating for a (more…)

Corporate Governance

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PATC explores the topic of corporate governanceAt PATC, we define corporate governance as the system of rules, practices and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a company’s objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure. (more…)

Company Records

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a pair of glasses resting on an accountancy textbookPATC defines company records as any documents, accounts, books, writing, records or other information that a company is required to keep in terms of the Companies Act 71 of 2008, or any other public regulations.

The Companies Act states in Section 24 that records should be retained in writing or in a form that can be converted into a written format for a period of seven (7) years unless a longer period is stated in other legislation. (more…)

VAT Registration & Deregistration

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three stacks of coins with scrabble tiles stacked on them to spell out VATWho Should Register for VAT?

Any person that carries on business may register for VAT. You can register once for all different tax types using the client information system. The term person is not only limited to companies but also includes, amongst others, individuals, partnerships, trust funds, foreign donor-funded projects and municipalities. In order to register, an application form must be completed, and a specific process must be followed, both of which you can find on our page how to register for VAT. (more…)