Do you use a time tracker? Do your staff use one? Whether it’s an Excel spreadsheet or an organisation-specific app, time trackers aren’t just for administrative staff or junior employees who work on hourly projects. They’re for everyone who wants to master their time. And, while they might seem a little nerdy, they could just change your life. Here’s how… (more…)
Email from the Prince of Peru? Three ways to stop a phishing scam in its tracks!
We’ve all had that suspicious looking email show up in our inbox or that pop-up on a website promising us millions in easy money. A royal prince needs you to hold on to his fortune in exchange for a massive reward, an old lady needs your help protecting her inheritance, ‘SARS’ wants to give you a large sum of money… all in exchange for a few personal details. (more…)
When it comes to business, is it worth keeping it in the family?
From a Mom and Pop shop to an inherited seat on the board of a large organisation, working in the family business is often not as simple as it seems. While there are many perks to working with your nearest and dearest, there are some serious challenges as well. (more…)
Outsourced accounting – 5 reasons why it works
When it comes to your business, does the thought of regular accounting tasks fill you with dread? Do you worry if you are doing things right or if routine tasks like submitting your returns will take you away from you growing your business?
Here are 5 reasons why outsourced accounting is a must for your business:
- You can’t be an expert in everything. Unless you’re in the accounting business, you’re probably not an accounting expert. If you outsource that task to professionals, you will free yourself to focus on why you’re really in business in the first place. At the same time, you will enjoy the benefits of professional industry knowledge and hands-on experience.
- Save time… Accounting takes time. These valuable hours might be better spent focusing on your passion for what you do, developing your team, and nurturing your client relationships.
- …and money! While time-consuming, accounting is a non-negotiable for any successful business and ignoring this task could have far-reaching financial and legal implications e.g. large late submission penalties. Also, paying a fee to an outsourced supplier tends to be cheaper than paying on-site staff to get the job done.
- Reduce fraud and theft in-house. A professional eye will know what to look for in your books and will be able to pick up unusual spending or allocation trends. They will also remove spending and invoicing from your in-house team, making it harder for dishonest employees to cook the books.
- Gain more control overall. While it might seem that outsourcing will remove your control, when it comes to your books, it could actually improve it. Paying an external supplier means you can set the terms around hours worked, selected tasks, which professional tools are used, and how reporting is done.
If you decide to outsource your accounting, make sure that you choose an established and reputable business partner. It is important that you enjoy a professional relationship with all your suppliers, especially if they’re involved in the money. With the right partner, outsourced accounting will ensure you get a clear picture of your business’ financial state, save valuable time, and benefit from informed advice.
CHOOSING AN ACCOUNTANT FOR A START-UP BUSINESS
It’s no secret that starting a new business will be one of the most challenging things you will tackle in your lifetime (if this is what you choose to do of course). You’ll need to deal with market strategy, finding customers, monetizing a product and or service, getting the right people to work for you, cash flow, business models, office space, office equipment…and the list goes on! Unfortunately, too many people look over one of the most essential pieces of this start-up puzzle – “choosing an accountant” for a start-up business so that the finances are kept in order, taxes are recorded correctly and essentially, accountants are there to make sure you don’t run into trouble later on in the lifetime of your new business!
Most small business owners say that their accountant is their most valuable advisor – a good accountant will…
- Keep your books in order
- Assist with tax planning
- And ensure that you meet all your tax deadlines
So how does one find the right accountant for the job, one that doesn’t mess you around, make amateur mistakes or slack on helping you get the maximum benefits from your taxes?
Below are some tips from the PATC team to help you choose the best accountant…
- Consider choosing an accountant as soon as possible, if you can do this before starting the business, even better! Get your accountant to advise you on start-up expenditure and how to register your start-up with the relevant tax authorities (namely SARS).
- Remember not to trust anyone off the bat (this is a most unfortunate reality of life), it is best to check that the accountant/firm is qualified. You’ll need to check if they are members of registered Accounting Bodies: www.saipa.co.za and www.thesait.co.za
- Experience! We place massive emphasis on this when recruiting staff and when hiring an accountant, this should be an even more weight bearing attribute to look for. Accountants need experience in order to be able to do their job correctly!
- Assess their fees, what do the fees include? Are they monthly fees or annual fees? Are there any cancellation fees in the contract? Are there any entry or exit fees? How much will extra work be charged at if it falls outside the agreed contract of tasks for your business?
- What services does the accountant provide? Basic tasks that should be included are; setting up a payroll, completing annual company accounts, VAT, Liaison with SARS, income tax returns, PAYE, Bookkeeping, UIF, SDL, Workmen’s Compensation and Provisional Tax.
- Try to shop around! Trust your intuition and go with the firm that you feel you can build a relationship with. It is vital that you discuss your specific needs with them to assess whether or not they will be the right fit for your business.
- Remember that smaller firms of accountants tend to understand the specific needs of smaller companies, and as a result, will often be more responsive and attend to your individual needs more than larger firms. PATC is a medium sized firm of Accountants yet small enough to know the true needs of start-up / small businesses.
- Ask the potential accountant/ the short list you have in mind for testimonials from their current clientele. Hearing their opinions or personal experiences will help you to make a decision.
- Choose an accountant that uses some form of the latest technology (online accounting), this shows that they are current and is usually a sign that the firm is efficient and on top of things.
Ready to shop around? Contact PATC for a FREE consult today and determine whether we’re the right accounting firm for your start-up!
6 NEW YEAR’S RESOLUTIONS FOR YOUR BUSINESS
The act of writing personal “New Year’s Resolutions” permeates everyday culture during the December January holiday season, but what about our professional ones?
Oh yes we all know it, it is oh so easy to slip into a rut in the office! Wake up every day, complete the same tasks, send the same emails, take lunch at the same time and attend the same meetings (where you probably say a version of the same thing every time)…sound familiar? Well, let’s use 2016 to make a change and gain momentum by making improvements in our businesses and / careers. As a working professional or business owner it is your responsibility to make goals or New Year’s resolutions and stick to them as well as to motivate others in the office to do the same. You may need to implement formal programs whereby you incentivize and reward staff for their contributions or ideas to keep them on the same path as you throughout the year.
Use 2016 to make meaningful goals that last! Rather than promising to eat healthier or lose weight, make the New Year’s resolution about improving your company. If you are not sure where to begin with this, then here is a list to start with;
1.GO PAPERLESS
Come on guys, its 2016! We should all be pretty much be paperless by now. We simply can’t afford to waste paper in the office. Besides the obvious concerns for our atmosphere and earths increase in the depletion of natural resources, paper costs your business money and documents should only be printed if they are absolutely essential! If necessary, make restrictions and set penalties in place for those that print too much. Whatever you need to do to get this cost and wastage down, do! Make it one of the “admin” goals for the office for 2016.
2. ANALYSE YOUR MARKETING STRATEGY
Make time to go through the marketing stats for 2015 and set goals to make 2016 even better. Analyse what worked best for the company. Whether you have in house marketers or outsource your marketing, are the efforts made by them up to date / current? Remember that marketing very often leads to direct sales and should therefore (if it isn’t already) be a key focus for your business.
3. DEVELOP A MOBILE STRATEGY
For several years, you’ve heard about mobile becoming an important focus, well if you haven’t developed a good mobile strategy yet, it’s time to stop procrastinating because it is only becoming more and more significant.
Spend some time this year developing a mobile strategy and overhauling your website, emails, social accounts, blogs and any other online content to be mobile-friendly and of course user friendly in order to connect with your audience in the way they prefer.
4. WRITE A NEW VISION STATEMENT
Your business most probably already has a vision statement that reflects how the business aims to grow and impact the world over the long term – but what about this year / what about revisiting the current one? Take time to identify strategies and goals (short and long term) that will help your business get to where it needs to be.
5. REACH A NEW DEMOGRAPHIC
All companies should allow for evolution that lets them reach a broader demographic. Over time your prospective customer base may shrink and it is therefore important to be able to reach a new demographic by adding a new product / service / new variations on the items you presently offer. Consider this for 2016 and watch your business reach new heights.
6. INCREASE PROFITS
Besides death and taxes, one of the “unescapables” in life is that costs always increase! No matter the business or industry, costs are bound to increase and it should definitely be a goal of yours to improve efficiencies, cut costs or raise prices where possible / necessary. It is vital that you find ways to boost profits so that you will have more capital to reinvest in order for your business to grow in the future.
Contact PATC if you would like us to assist with your budgeting / investment advice, accounting or taxes in the next year.
HOW TO BE ORGANISED
Advice from Gavin Bacon, Owner of PATC
It is easy to get into a disorganised state of mind and become messy at work when we move closer to the end of the year. I have put some tips together for you to use to avoid this from happening and to help you stay on top of things. When organising your office desk space and paperwork, I always find it easier to separate things into 3 more manageable piles: (more…)
Let’s help SARS report tax or customs crimes!
What it that SARS regards as suspicious activity or potential crime?
SARS has made reporting a tax or customs crime easy and simple to encourage the public to help them identify the thieves and hand them the sentence or penalty they deserve. (more…)
Employer Interim Reconciliation Ends
An employer is required to submit an Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601) by the 30th of October 2015. (more…)
MONEY, MONEY, MONEY
Nowadays, starting a business can cost quite a large amount of money, often in one lump sum that is not always a viable option. There are a number of tricks one could use to make sure you are starting your business in the correct manner, growing and developing at a rate that is going to ensure your financial stability. (more…)
