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  • Have you completed your PAIA manual?
  • One of the biggest issues I've received questions about lately is the 31 December deadline for compiling the PAIA information manual (Proatia Manual). Have you done yours? Recently, many of our readers have been asking about a big provision of the Promotion of Access to Information Act - that all public and private bodies must compile a PAIA Manual. So yes, that probably means your company. Thi... ››› more
  • [27 November 2015]
  • Use these 4 internal controls to prevent payroll fraud
  • If your business manages its own payroll, then your payroll is at risk of falling victim to errors, and even fraud! The four major examples of payroll fraud include: · Timesheet fraud: When an employee says they've worked more hours than they say they have, and you pay them for this; · Ghost employees: When an employee adds false employees to the payroll. This then leads to ... ››› more
  • [24 November 2015]
  • Are you having cash-flow problems? Know these 5 ways to improve liquidity
  • Liquidity refers to your ability to convert assets into cash so that your business can continue trading. The assets which you can easily convert into cash are called liquid assets. Liquidity can also refer to your ability to pay suppliers and operating costs. Now, at some point or another, businesses face cash-flow problems. But this shouldn't be seen as your demise, but rather the urgent n... ››› more
  • [24 November 2015]
  • What are your legal obligations when it comes to financial statements in your business?
  • If you run a registered company or a close corporation, you have a legal obligation to prepare financial statements. And you have to present your financial statements to SARS. If you don't prepare them correctly, you may declare incorrect income and incur penalties and fines from SARS. Or you could present a false picture to any person who relies on your financial statements to make business d... ››› more
  • [20 November 2015]
  • 13 Tips on how to effectively manage your inventory!
  • reader. As a business owner, managing inventory is like walking on a tightrope. Not having enough inventory means you run the risk of losing sales, while having too much inventory is costly. Without an effective and efficient inventory management system, you don't know whether or not the next order your customers place, will result in excess stock or a stock out. So improving your inventory... ››› more
  • [19 November 2015]
  • Amazingly simple way to manage your 2016 financial budgets
  • I'm not sure about you, but this time of year stresses me out. With just two months left of 2015, there's so much I haven't done that I set out to do. And there's not much time left to get it all done. Fortunately budgeting wasn't one of them. I've spent the last month working on this year's financials, and forecasting for 2016. It's never an easy task, and one I've always battled with. N... ››› more
  • [19 November 2015]
  • Why your business needs an accurate and functional cash flow budget
  • My friend's been running her business for just under 2 years now. She's always finding it hard to meet her financial obligations. At the end of every month - on paper, the business has made a lot of money. But in reality, she's struggling to pay for her expenses. So she was thinking of closing her business. I asked one of our writers at FSP to have a look at her company's financial records. It ... ››› more
  • [09 November 2015]
  • Three steps to compile your financial statements and pass your audit.
  • According to the new Companies Act (2008), you must compile financial statements at the end of your financial year. Auditors or reviewers will look at the financial statements when they do your financial audit or review. So you need to make sure these statements meet the standards set out in your financial reporting framework, the Companies Act and the Income Tax Act. So read on for three s... ››› more
  • [04 November 2015]
  • Follow these three steps when compiling your trial balance
  • In South Africa, your accounting practices must comply with International Financial Reporting Standards (IFRS), or IFRS for SME's which is referred to as the 'financial reporting framework'. And, in order to do this, you must draw up a trial balance at least once every financial year. A trial balance is an accounting report that comprises a summary of all entries in your accounting books. ... ››› more
  • [27 October 2015]
  • Four strategies to manage your budget & increase profits
  • In the past few weeks I've told you the importance of having a budget for your business and I even showed you how to create one. But today I'm going to tell you how to effectively manage your budget. Because just developing a budget isn't enough. For you to effectively manage a budget, you and your employees need to be aware of a few strategies. Here's four strategies you can use to manag... ››› more
  • [15 October 2015]
  • Six checklists to a improve your business budget
  • It's almost December and we all know what that means... right? Holiday, parties, and shopping! Well, not exactly. What it should mean for you as a business owner is that it's time to put together your business budget. Hopefully you know the value in having a budget for your business operations and you're not recklessly spending money. You need to improve your budget so you know exactly w... ››› more
  • [13 October 2015]
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