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Financial Statements

  • 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]
  • 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]
  • 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]
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