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We believe there is a better way. We are an accounting, tax and business consulting firm based in Stellenbosch.

We believe there is a better way. We are an accounting, tax and business consulting firm based in Stellenbosch.

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How to pay yourself if you are a small business owner – Part 1

How to pay yourself if you are a small business owner – Part 1

Photo title: Money being cut into many pieces. Source: TaxCredits.net

Licence: https://creativecommons.org/licenses/by/2.0/legalcode

What is the most tax effective and correct way to get the profit of your business in your personal bank account?

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New financial year - time to get your house in order?

New financial year - time to get your house in order?

We are entering a new financial year for the majority of small business owners and individuals. In follow up to my previous blog regarding the small business sins, I believe a new financial year is a great time to start fresh.

For the majority of small business owners, time and money is a scarce resource. Hence implementing a proper structure and system is not at the top of their priority list. Most only spend some resources on complying with statutory obligations for SARS and CIPC, because they have to do so by law.

There are some profound underlying changes that occur when you get your house in order, but for now let’s focus on some of the more obvious ones. The typical small business owner does not want to spend time on creating a structure for their business because they perceive this as a waste of time. The reason they believe it is a waste is that they think they should rather spend their time on making more sales or getting more clients or to just do what they have to do to survive.

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25207 Hits
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The operational trap for Small businesses

The operational trap for Small businesses

I believe the majority of small businesses struggle because they are obsessively focussed on operations and seldom care about words such as administration, systems, structure, controls, data analysis, customer relationship management, budgeting, financial reporting, professionalism, technological advancement, strategic planning …. They just don't have time for all this. They believe this is for bigger businesses. Let's call this Small Business Sins (SBS).

I believe this is what keeping them from becoming a bigger business.

Let's look at an example regarding one of the neglected areas mentioned above, take accounting systems:

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