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Financial Statement

  • Three easy steps to improve your company's accounting management in 2017
  • February is almost finished but you still have a chance to improve the way you run your company and do business. This includes your accounting management. After all, if you can't manage your finances properly, your company won't grow. Now's the time for you to make the changes you need to get your company to grow and succeed. To help you do this, I'm going to show you three easy steps ... ››› more
  • [22 February 2017]
  • 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 de... ››› more
  • [05 January 2017]
  • Three reasons why you need to analyse your financial statements
  • You probably have an accountant who prepares your financial statements diligently every month. And what usually happens... you file them away, without so much as a second glance. I know you don't worry about preparing your financial statements because you have a competent team who you know and trust to do it.   But you really should be analysing your financial statements. Here's why… ... ››› more
  • [01 June 2016]
  • Why do I need financial statements if I have a small business?
  • 'I have a small business which my wife and I started in 2014. We've got 1 employee and our turnover was R890 000 last year. We're not even VAT registered. So do I really need financial statements if it's a small business, and why? This is a question we received recently from one of our Accounting Handbook subcribers. And while I thought the answer was obvious… I was surprised to see that so ... ››› more
  • [13 May 2016]
  • 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]
  • 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]
  • Three tools you can use to detect red flags in your financial statements!
  • Managing your business requires financial statements to make informed, intelligent decisions that will affect its success or failure. Your investors need financial statements to analyse investment potential and banks require financial statements to decide whether or not to loan you money. So you need to make sure your financial statements are financially and ethically sound. Read on for... ››› more
  • [06 October 2015]
  • Nine indicators to help you identify fraud in your business
  • Financial statement fraud is when your financial manager intentionally overstates or understates assets, revenues, and profits. You might have suspected management doing this in a desperate attempt to meet company goals and objectives to meet investors' expectations. But instead this will actually cripple your business and you could be the one that ends up in jail! So, today I'm giving you... ››› more
  • [28 September 2015]
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