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  • Take control of your inventory with a Standard Operating Procedure
  • You need to manage and control your inventory to reduce your financial risk. If you don't, this could impact your bottom line significantly and reduce your gross profit. This is why your business has to create a Standard Operating Procedure. It gives you a detailed description of how to manage your inventory on a regular basis. And make sure you perform the task consistently with a standard ... ››› more
  • [17 August 2015]
  • Are you making these five common inventory mistakes?
  • 'I didn't care about inventory management until my manager left and I started running out of stock, losing sales and loyal customers. I lost 2% to 3% of sales every day!' This is a situation that one of our readers experienced. You and many of our other readers may not realise the importance of efficient and effective inventory management. But it forms part of any successful business. It provi... ››› more
  • [14 August 2015]
  • If you don't have a credit control system in place your business is in trouble
  • Do you have internal measures in place to control your company's credit sales and purchases? Do you know what to do if debtors pay you late? Or when you pay creditors too early? Having a credit control system helps you control the way you collect and pay what's due for sales or purchases, and reduces the risk of loss in your business. In just five easy steps you'll be able implement a sa... ››› more
  • [13 August 2015]
  • Four benefits of keeping your payroll in-house
  • Payroll software has made inroads in the small business market. This is because it gives such business owners full control over how their employees are paid. Staffing a payroll professional or simply using a programme to do it yourself offers many benefits. Let me teach you about a few... Four reasons to manage your own payroll #1: You'll have instant access to your data If you manage your o... ››› more
  • [03 August 2015]
  • Three tips for hiring a great accountant for your business
  • Sure, do-it-yourself accounting software is easy to use. But it's not the sole answer for you as a business owner. Just as having Microsoft Word doesn't make you a writer, having accounting software doesn't make you an accountant! And that's why it's necessary to have an accountant... The first step to finding a good accountant is getting referrals. Ask people in the same industry who they u... ››› more
  • [23 July 2015]
  • Set your financial records straight! What to keep and for how long
  • So you think you've got your financial records in order. Did you know there are some financial records you need to keep for up to seven years? If SARS audits your business, it might request financial records you don't have anymore! It will then not only doubt your business validity, but you'll face massive penalties or even jail time for up to two years! But how do you know what to keep and for... ››› more
  • [29 June 2015]
  • Knock off R34 000 from your audit bill with this one checklist
  • In most businesses, auditors spend more time preparing information and reconciling accounting records than performing their actual audit work! For example, if your bookkeeper doesn't prepare your fixed asset register before the audit, your auditors will do this for you. And this increases your audit time by up to four days. With audit fees at approximately R500 an hour, this will cost you a... ››› more
  • [22 June 2015]
  • Why your business needs an accurate, up-to-date accounting service
  • I come across many business owners who believe they don't need to hire a bookkeeper, accountant, or even engage accounting services. They'll only do so when forced to by legislative compliance. And doing this will cost so much more money because the accountant must play catch-up! But from day one, your business incurs expenses, earns income, purchases assets, owes money etc. You need to rec... ››› more
  • [15 June 2015]
  • What your trial balance can tell you about your accounting errors
  • If you run a business, you have a legal obligation to present your financial statements annually to SARS within six months after your financial year end. And you know that the first step to creating them is your trial balance. It's the main tool you should use to prepare statements as required by IFRS and The Companies Act. But if your trial balance is incorrect, your financial statements wi... ››› more
  • [25 May 2015]
  • What's a risk register and why you should use it?
  • When talking about risk management, we also have to talk about the risk register you can use in your business as a management tool. What is a risk register? Well it's a document that helps you understand the impact a risk may have on your business. In addition to this, a risk register helps you to make sure you don't get unexpected surprises in your business. It's important to understand ... ››› more
  • [20 May 2015]
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