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With the end of the financial year around the corner for the average person or business, there is no better time to re-evaluate your bookkeeping process than now. If you have always felt that there must be a better way of keeping record of your business finances, step back for a moment, call in your finance staff and be prepared to roll up your sleeves and consider to your most valuable asset’s input – it will be worth the time spent in the end.

Changes to your current system need not be dramatic but be open to the possibility. Here are some ideas to get the discussion going:

  • Separate your business accounts from your personal accounts. Apart from the psychological influence this will have on your spending, it simplifies your control over your financial reporting.
  • Set a recurring monthly date to review your financial reports and bookkeeping on a regular basis. This will prepare you for any discussion on availability of finance or other instant financial decisions that need to be made.
  • Avoid hard copies. Not only will this require less office space, but it will also save a lot of time on finding what you need.
  • Pay recurring payments by using the “Recurring Payment” facility offered on internet banking by most of the South African banks. This simplifies the management of these types of payments tremendously. You may even consider setting up debit orders since the “Recurring Payment” facility usually only allows a maximum period of 12 months.
  • Prepare for tax. Not only is budgeting cash flow for tax important, but there are also physical requirements that need to be met on a regular basis, e.g., returns that must be rendered on time – EMP501’s, EMP201’s, provisional tax, VAT, SDL, etc.

If a fresh start sounds good but it seems daunting, give us a call to learn how our comprehensive bookkeeping services can help improve your business


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