Small Business Archives - The Busy Bookkeeper

TOP

FEATURED

Provisional Tax and Your Small Business

by Magdalene on Feb 4, 2020

FEATURED

What is provisional tax? Provisional tax is a method created by SARS to help relieve the pressure of making one large payment at …

FEATURED

Small Business

Understanding Your Financial Statements

by Magdalene on Nov 21, 2018

FEATURED

The Importance of financial statements. In my experience as an Accountant for over 10 years, I’ve found that my clients have …

FEATURED

Small Business

How The Vat Increase Affects Small Business

by Magdalene on Jun 6, 2018

FEATURED

South Africa, 1 April 2018. The day South Africa effected is first vat increase in 25 years. While percentage wise, the 14% …

FEATURED

Small Business

How To Write A Business Plan

by Magdalene on Dec 22, 2017

FEATURED

A goal without a plan is just a wish. As Entrepreneurs and Business Owners, we often birth amazing ideas that we’re …

FEATURED

Self Improvement Small Business

How To Become More Successful

by Magdalene on Oct 30, 2017

FEATURED

Have you ever wondered why success seems to escape you? You’re putting in ridiculously long hours, are checking the items off your …

FEATURED

Small Business

Simple Tips To Help Boost Your Productivity

by Magdalene on Oct 25, 2017

FEATURED

If you’re struggling to maximise your productivity in business – Read this. In this blog post, we’re going to unpack a powerful …

FEATURED

Small Business

Create A Business You’re Madly In-Love With

by Magdalene on Oct 24, 2017

FEATURED

Do you often long to create a business you’re madly in-love with, but you just don’t know what is right for you, …

If you're not creating a profit and loss report, how are you measuring your business's profitability? A profit and loss report is an overview of your business's total income, cost of sales and overhead expenses. They are usually analysed monthly, quarterly, bi-annually and annually. These reports help you assess the financial fitness of your business, and assist you track your revenue and expenses. ⁠ ⁠ I have clients who request a gross profit and loss report, split by sales item. This measures turnover/ sales against cost of sales. These reports help them analyse if a sales item/ project is making, or losing them money for each of these sales items. These key insights assist in setting pricing structures that are profitable, or perhaps finding suppliers who are more cost effective to ensure maximum profitability. ⁠ ⁠ Having a good accounting system will save you time. There are many cost effective cloud accounting systems that will generate these reports for you based on the data that you have captured into the system.⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting⁠

SARS published a media release on 7 December 2020, warning taxpayers that criminals may be posing as tax practitioners or tax experts who promise them that they could secure a refund from SARS. SARS is being inundated with desperate calls from honest taxpayers who fall victim to these criminals and scammers who pocket the refunds for themselves and their accomplices as they often operate as syndicates.⁠ ⁠ SARS urges honest citizens who suspect such criminal activity to provide information to SARS. They can contact SARS anonymously using the number 0800 00 2870 or by anonymously completing an online form available on the SARS website.⁠ ⁠ #sars #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting

I have known people who self-sabotage as they are stuck in their comfort zones. Growth IS uncomfortable, but the rewards speak for themselves.⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting

Accounts receivable is the money that is owed to your business from the sale of goods/ services. This translates, when received from your customer/ client, to cash flow which is absolutely vital to a business's runnings.⁠ ⁠ Creating a good internal system of control can minimise the risk of late paid/ unpaid invoices. I have found that picking a day to create and send out invoices, and then another to follow up on payments, really saves time on general admin tasks. ⁠ ⁠ Make your payment terms clear on the invoice as well. You cannot impose interest on late payment, or hand them over to a collection agency, if the customer/ client is not aware when the payment is due by, or that this is a condition of sale. ⁠ ⁠ Be very selective when extending credit. If you feel that you need to, ensure that you document everything just in case you need to make use of a collection agency due to non-payment.⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

South Africa’s economy rebounded in the third quarter of 2020 (July–September), coinciding with the easing of COVID-19 lockdown restrictions. All industries recorded an increase in economic activity compared to the second quarter, with manufacturing, trade and mining leading the charge. Businesses were supported by an increase in both exports and household spending.⁠ ⁠ Good news, or is it premature to celebrate?⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Do you agree?⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Many countries have tax relief measures in place for small business. Filing tax returns is a massive cause for concern among many small business owners. ⁠ ⁠ Firstly, it is ideal to ensure that your bookkeeping is accurate to maximise your claimable expenses and pay only what you need to on tax.⁠ ⁠ Secondly, in South Africa there are small business tax advantages that are available to your business should you qualify. It is always wise to hire a good tax professional who will be able to advise you correctly, and submit your business's returns, saving you time and stress.⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Small businesses are adapting beyond just accepting digital payments. They’re taking it a step or two further. They’re investing more in online marketing and ad spending, and using more digital services to improve their operation and increase their agility to be more resilient in their operations. ⁠ ⁠ They’ve started creating e-invoices and embracing value-added services like spending analytics to understand where they are spending, how much they are spending, and how they can better manage their expenses going forward. Many are also recording and submitting their tax digitally.⁠ ⁠ It’s clear that the trend towards cloud technology has accelerated, and this acceleration is going to continue post-COVID. Small businesses that are open to change, are embracing this trend, and are supporting their customers’ buying preferences through this disruption, are the ones that are thriving. ⁠ ⁠ **Extracted from Xero's article - Future proof your small business ⁠ ⁠ Moving to a cloud accounting system is a smart choice. It improves internal systems, as well as communications between accountants and small business owners. ⁠ ⁠ #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Hello 2021 🎇 Happy New Year from The Busy Bookkeeper! #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #hello2021 #newyearsday2021

Good record keeping is a key factor when it comes to bookkeeping. Bookkeeping is the backbone of your business, and it can't be accurately performed if your records are not well kept. The financial health of your business is determined by sound bookkeeping. You won't be able to make sound management decisions based on

If you could retire today, what would you do with your free time? Would you become an avid investor, play golf or start a craft business? I'd love to hear! #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Due Diligence: 1. General: Measure of prudence, responsibility, and diligence that is expected from, and ordinarily exercised by, a reasonable and prudent person under the circumstances. 2. Business: Duty of a firm's directors and officers to act prudently in evaluating associated risks in all transactions. 3. Investing: Duty of the investor to gather necessary information on actual or potential risks involved in an investment. 4. Negotiating: Duty of each party to confirm each other's expectations and understandings, and to independently verify the abilities of the other to fulfill the conditions and requirements of the agreement. Also called reasonable diligence. Use it in a sentence: When it came to his investments, Ken never put much research into it, but after a huge huge loss, he started to do his due diligence. #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #businessdictionary #femaleentrepreneur #businesswoman

For a long time, accountants were considered bean-counters, which is essential, but they’ve become much more than just number-crunchers. They’re essential business partners and will be vital in guiding small businesses through the challenges ahead. Read more here: http://ow.ly/OEEo50CFzqV #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Merry Christmas from all of us at The Busy Bookkeeper! #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #christmas2020 #femaleentrepreneur #businesswoman

Request your bank statement before cut-off every month, or just generate it from your internet banking platform. These documents are vital when it comes to data capture and general account reconciliations. If you're not in the business of checking your statements regularly, take this opportunity to go through your transactions. Keep invoices, cheques etc and match them against what is on your statement. There may be errors that you weren't aware of that need your urgent attention. Another tip, should you be capturing the bank statement yourself or submitting it to your accountant, is downloading the transaction history in csv/ ofx format. Accounting software is getting smarter. Bank statements in these formats save time as the accounting software allows you to import the transactions effortlessly. Some good accounting systems, like Sage Business Cloud or Xero, allow for “mapping rules” where the software recognises certain transactions and auto-allocates them to the correct account if you have assigned it correctly. Interested in a good cloud accounting system? Here's a free 30 day trial of Sage Business Cloud: http://ow.ly/yauD50CFyKC #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #sagebusinesscloud #sage #xero #cloudaccounting #femaleentrepreneur #businesswoman

Depreciation: 1. Accounting: The gradual conversion of the cost of a tangible capital asset or fixed asset into an operational expense (called depreciation expense) over the asset's estimated useful life. The objectives of computing depreciation are to (1) reflect reduction in the book value of the asset due to obsolescence or wear and tear, (2) spread a large expenditure (purchase price of the asset) proportionately over a fixed period to match revenue received from it, and (3) reduce the taxable income by charging the amount of depreciation against the company's total income. In effect, charging of depreciation means the recovery of invested capital, by gradual sale of the asset over the years during which output or services are received from it. Depreciation is computed at the end of an accounting period (usually a year), using a method best suited to the particular asset. When applied to intangible assets, the preferred term is amortization. 2. Commerce: The decline in the market value of an asset. Use in a sentence: What Bill did not realize was that once he had driven his expensive new Mercedes off the car dealership's lot, the initial depreciation would be at least twenty percent of the sales price of the car. #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #businessdictionary #femaleentrepreneur #businesswoman

What tools/ software do you use that has been a game changer in your business? I've found that since my company moved to the cloud using various shared systems with our clients, business is now more fluid. I'd love to hear yours! #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #femaleentrepreneur #businesswoman

Value has to be the primary driver in setting a pricing strategy. This can then deliver both higher profits and improved customer satisfaction. Andreas Hinterhuber’s extensive research shows that business efforts to increase prices result in higher profitability than those to reduce costs. He sets out below the key components to increased business profitability. Read more here : http://ow.ly/3Jit50CFydz #thebusybookkeeper #businesssavvy #businessadvice #businessadvicedaily #smallbusiness #accounting #tax #accountants #goodbusiness #durban #southafrica #fempreneur #womeninbusiness #finance #femaleentrepreneur #businesswoman

× How can we help you?

Category: Small Business

Provisional Tax and Your Small Business

Understanding Your Financial Statements

How The Vat Increase Affects Small Business

How To Write A Business Plan

How To Become More Successful

Simple Tips To Help Boost Your Productivity

Create A Business You’re Madly In-Love With

Follow us on Instagram