Every income earning individual needs to have a financial plan – this will ensure that your money and lifestyle is protected. However, it might surprise you to know that women have different financial planning needs to men, even if they need similar financial products. Do you know how best to plan your finances as a…
Just starting out in a new business? To make sure your business runs efficiently, you need to familiarise yourself with a number of accounting terms and understand how these are used (by yourself as a business owner and your accountant) in your financial records.
Income tax is the money paid to the government through SARS from the personal wages of working individuals. This money is used to help fund community projects such as government hospitals and roads. Once you are registered with the South African Revenue Services (SARS) as a taxpayer, the amount of tax you pay depends on:…
As difficult as it may be to believe, employee fraud and theft is a major concern in most businesses, small and large. In the case of a business, fraud refers to stealing cash or non-cash assets, intentionally misstating facts on the business’ financial statements, and corruption (where employees influence business transactions for their own benefit).
Your business probably has a budget but do you? If not, you should! In these tough economic times, creating and sticking to a personal budget is a fundamental step towards using your money effectively and avoiding debt.
Simply defined, cash flow is the money coming into and going out of your business, tracked on a cash-flow statement. If you have positive cash flow, you have more money coming into your business – typically through sales – than going out – to expenses such as payroll, stock, and rent.
Every successful business depends on a strong accounting element – financial records need to be properly recorded and analysed and you need to know the state of your business from a financial standpoint at any given time. That’s why you’ve hired a professional bookkeeper and/or accountant – or why you should.
Your business depends on your employees and you rely on their time and expertise. Life is busy and you may think about how much you value your employees but not actually show them. Once a year, at bonus time, is really not enough, especially if your employees have been working through a difficult time or…
Taxes are an inevitable part of life and of your business. They need to be paid to ensure that you stay on the right side of the law. When it comes to your business, there are a number of tax requirements. As the owner, it is your responsibility to ensure they are fulfilled.
Starting your own business can be an exciting and challenging undertaking. There’s so much to learn when you’re in charge. One of the most important aspects being how you handle the money in your business. Watch out! Without a clear financial plan and structured accounts, your business will not succeed.
