To help ensure you maximise your profitability and business compliance, here’s a list of five common accounting mistakes business owners make.
It’s not enough for your business to only generate sales. Collecting payment for the products and services you’ve supplied is equally important.
No doubt you’re well aware of the obvious ways procrastination impacts your life – late for a meeting (again), the fully-booked house you wanted to reserve for the holidays, or the apologetic call to a client for not delivering a project on time. But do you realise that you’re paying an even bigger price in lost opportunities and bottom-line financial costs?
If all you’re doing is keeping track of your transactions, you could be missing key information about your businesses’ financial health. To measure your success and plan for the unexpected, take some time to consider these financial ratios next time you review your financial statements. Management thinker Peter Drucker is quoted as saying that “you […]
Every business owner’s dreaded scenario. You’ve done the work, the quality’s great, the product’s excellent, your workmanship exceeds expectations, but your client isn’t paying. You’ve exhausted every avenue for finding a way for the account to be paid and now you’re faced with writing off the debt. What are the tax implications for your business? […]
Running your business with your head in the clouds has two vastly different meanings. You’re either running around absentmindedly, using impractical systems or (our preferred option) your head’s in the clouds when it comes to your company’s financial management. In which case, you’ve already adopted cloud-based accounting.
Fraud: the f-bomb you never want to hear connected to your accountant. But sadly, it happens. You’ve been with your accountant for years. You’ve built a relationship and he (or, indeed, she) knows your business and your dreams for success. He’s been there to celebrate the profits and refocus when there were losses. But the […]
The most common way to accumulate wealth is by making good money choices and recognising bad ones quickly, setting financial goals, being financially disciplined, and managing your finances well. Importantly, you need to develop habits that ensure you’re able to accumulate assets and generate more money, year after year. Being an entrepreneur often means that […]
Are you running your business by the seat of your pants and hoping you’ll find the money at the end of the month to pay the bills? If so, it’s likely you’ll end up with uncontrollable debt and financial pressure that could sink you. Do any of these apply to you? You’ve got no plan […]
South African consumers and businesses can expect wide-reaching price increases during 2022 as global factors and local forces come into play. The question is, how do business owners prepare for inflation? Already implemented is a massive fuel hike (1 March) that, among other things, increases the cost of raw materials and freight. With ongoing Russia’s […]