- 10 critical elements you should look out for on your balance sheet... or you won't get business financing
- If you're responsible for managing your company finances, you probably know how much money your business is making. You either know your bank balance or you calculate your profits and losses, right?
Well this isn't the only thing banks and funders look at when investigating your business's financial health. They'll look at your balance sheet too to see if your business is worth investing in.
... ››› more
- [04 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]
- Shareholders: listen up or you could trigger unnecessary dividends tax!
- As a shareholder, you probably make and take loans to and from your company.
But do you understand the serious consequences from SARS if you don't account for these loans correctly?
Added to that, some shareholders aren't aware their liability is limited, even though the company is a separate legal entity.
Read on and I'll show you the negative implications of shareholder's loans so you ... ››› more
- [18 May 2015]
- Nine top tips to prepare a successful financial plan
- It's everyone's dream to have their own business. Investing so much time, effort and money into a business is scary. So you need to have a financial plan.
The first question you want to ask yourself is, where do you want your business to be in two, five and ten years' time?
If you want to have a solid financial plan for your business and you've decided what your goals are, here are some use... ››› more
- [07 May 2015]
- Protect your accounting data while surviving load shedding
- According to Daryl Blundell, all small businesses should protect their systems and accounting data when the lights go out. As well as from power surges when electricity is restored after an outage.
Whenever Eskom cuts the power, he adds, all the files you were working on can be lost, damaged or corrupted so there's not much chance you'll recover your work.
While cloud accounting is a solution... ››› more
- [06 May 2015]
- Cloud-based accounting: Three steps to help you choose the best cloud solution for your business
- If you're interested in changing accounting so that you store documents online, you might be interested in knowing more about cloud-based accounting. Read on to discover everything you need to know...
Cloud-based accouting and how it helps your business
Cloud-based accounting represents the web-based programme with the accounting software you need, without any need to physically install th... ››› more
- [01 May 2015]
- The top three mistakes businesses make with Inventory Management and how to fix them!
- A bad inventory management has a lot of negative consequences for your business. This includes having to pay costs to cover losses, not to mention the risk of losing clients whenever a much-needed or in-demand product is out of stock and you can't fulfill the order in time.
In fact, the damage can be so extensive, you they could easily run into hundreds of thousands of rands.
That's why to... ››› more
- [30 April 2015]
- Financial projections are a must at every step in your business!
- Financial management means a lot of changes at many levels of its development. When it comes to your business plan, you must be willing to modify yours at any given time and must include certain basic financial projections. The domain of your business' activity doesn't matter. The financial projections will prove extremely helpful when it comes to health of your cash flow and budget.
Almost a... ››› more
- [30 April 2015]
- When accounting for your payments, here's how provisions help
- Sometimes in business, you'll be forced to make late payments. Other times, you'll make payments in the future thatyou need to account for today.
Lots of businesses account for their transactions incorrectly and end up understating expenses and liabilities.
Today, we wnat to make sure you don't make these mistakes.
Here's the best way to recognise and disclose provisions
If you never... ››› more
- [29 April 2015]
- Five risks to take into account when you deal with financial management
- Sometimes even the most highly developed risk management systems of investment banking and fund management don't work. That's why YOUR business needs a Plan B and even a Plan C.
In fact, you shouldn't manage the financial aspects of your business only according on numbers. There are many market movements you need to pay attention to.
While this can sometimes feel like you need a sixth sense ... ››› more
- [29 April 2015]
- Choosing the right finance clerk is an important task in your business - here's how to make the best choice
- Your finance clerk has a very important role in your company and his responsibilities are related to the proper functioning of your financial department.
This because he assists your financial manager in bringing the finance department and functions together. He must do routine clerical, bookkeeping, accounting and administrative work to accomplish the financial reporting functions of the com... ››› more
- [27 April 2015]