Should your financial management be in-house or outsourced?
Struggling to decide between hiring an in-house financial manager or outsourcing your accounting needs? This comprehensive comparison breaks down the pros and cons of each option. In-house managers provide expertise and control but can be expensive and inflexible. Outsourced accountants offer a broad range of expertise, flexibility, and cost-effectiveness, but less direct control. The decision ultimately depends on your business’s needs, size, and financial situation.
The pros and cons of SARS auto assessments
SARS auto assessments have both pros and cons for individual taxpayers. While they are convenient and can result in faster refunds, taxpayers may have less control over their tax returns and may not be able to claim all the deductions and tax credits they are entitled to. Therefore, it is important for taxpayers to carefully consider whether auto assessments are the right option for them and to seek professional advice if necessary.
How prepared is your business if the pawpaw hits the fan?
Is your business prepared for unexpected financial challenges? With insurers considering whether or not total grid failure-related risks will be insured, now’s the time to act. Don’t wait for the pawpaw to hit the fan – start creating a rainy day fund for your business today. In this blog, we explain why a rainy day fund is essential, and provide five tips for creating one. By taking proactive steps to ensure your business is financially prepared for the unexpected, you can enjoy peace of mind and focus on growing your business.
It’s nearly tax time! Are you ready?
Are you ready for the 2023 tax season? Running from 1 July to 24 October 2023, this shortened filing season means you need to be organised so that you’re not scrambling at the last minute. Read our blog to find out what you need to know to get ahead of the pack.
Is your business recession-proof?
Have you wondered how some businesses seem to weather economic downturns with ease, while others struggle to stay afloat? The answer lies in recession-proofing your business. Read our blog for some practical advice on how you can recession-proof your business and ensure its long-term success.
Getting the measure of your financial reports
As an employer, you’d have heard about the Compensation for Occupational Injuries and Diseases Act (COIDA), more commonly known as Workmen’s Compensation. COIDA is compulsory insurance that benefits both the injured employee and you as the employer. Its purpose is to give employees guaranteed benefits and it protects employers against claims for on-duty injuries and occupational diseases.
Are you covered if your employees are injured at work?
As an employer, you’d have heard about the Compensation for Occupational Injuries and Diseases Act (COIDA), more commonly known as Workmen’s Compensation. COIDA is compulsory insurance that benefits both the injured employee and you as the employer. Its purpose is to give employees guaranteed benefits and it protects employers against claims for on-duty injuries and occupational diseases.
Are you up to date with your EMP501 recons?
If you’ve got your hands full with tax-related paperwork, filing accurate tax returns and meeting SARS deadlines could be one of the important responsibilities you battle with. And, if you get it wrong, the interest and penalties payable on late or inaccurate VAT, PAYE or company income tax returns can be harsh.
Do you pay too much tax as a commission earner?
Tax directives for individuals who earn commission enable SARS to instruct your employer or fund manager to deduct tax at a set rate/percentage (determined by SARS for your specific case) and not at the general income tax rates.
Does your financial reporting deliver real meaning?
Financial reporting provides insight and transparency into your company’s financial position and operations. It’s important because it gives company stakeholders the right information, with the right amount of detail, to make better-informed decisions.