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 record all these transactions correctly. And put them on annual financial statements.
Read on as I explain the eight benefits of having up-to-date accounting practices for your business.
A team of accountancy experts helped me to reduce my audit fees, free up time and pay less tax for R5.10 a day
The eight benefits of an accounting service
I understand your start up business might not be able to afford an accountant or bookkeeper at the initial phase. But you still should consult an accountant who'll show you how to do it yourself until you can afford accounting services.
Then, at financial year end, it will be easy for you to compile your annual financial statements and meet your obligatory compliances. You won't have to play catch-up and fork out more in fees.
For a really affordable accounting service you can use all year for just R1 997 (ex. Vat), simply follow this link.
And the best part is, if within 30 days, you don't think the service helps you, you can return it for a full refund!
Here are the benefits you can take away from this accounting service.
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Advise you on how to track and record transactions correctly;
Show you how to preserve invoices and other supporting documents as required by law;
Tell you WHY it's important to do so;
Show you how you can eliminate accounting errors;
Improve your cash flow;
Show you how to analyse your financial statements and identify errors before you declare incorrect taxable income to SARS;
Keep you 100% up-to-date on new and updated accounting and reporting standards; and
Eliminate fraud in your company.
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Correct accounting practices will help you meet all your obligations
The beauty with accounting information is it contains vital statistical information you can use in your business.
1. For your business
As a business owner, you can meet your obligations of growing the business by making strategic business decisions based on your accounting information.
Without sound accounting practices, you'll negatively affect your profitability. This is even if your business is viable. And your financial management decisions will likely be poor.
2. For legal compliance
You can meet the most demanding obligatory compliances. For example your tax, PAYE, workmen's compensation and UIF are rooted in your financial statements.
If you don't manage your accounting practices correctly, you're in danger of paying too much tax, and cutting your cash flow at the knees. Or paying too little tax and facing the wrath of SARS in penalties, interest and fines.
And if your accounting practices are lagging behind all other business functions, you won't be able to get your tax clearance certificate!
So don't delay with getting your accounting up to speed, here's an extremely affordable accounting solution for a small business owner like you…
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