by Melanie Thompson | Nov 25, 2022 | Uncategorized
Turning back in your diary you see your notes around getting your Bookkeeping and Taxes in order. As a tax deadline draws near or worse, you receive a letter from SARS, this becomes more critical.
This might be your starting point, but you should consider financial management as a way to improve your business. As a business owner, you have a legal obligation to run a well-organised business with due diligence and compliance. You also want to know how your business is performing.
You start feeling anxious and overwhelmed by the sheer magnitude of the task ahead. It seems like an insurmountable obstacle, and you don’t know if you have the energy and emotional resources to get through.
First question –
Maybe I can do it myself?
Then,
But what has prevented me from completing this task in the past months?
You know it is possible to do a large portion of this work yourself, but do consider these questions before you make the final decision:
- What is the reason you have not yet updated your accounts?
- Do you know what you must do? Or are you still looking for free training on the internet?
- Have your eyes glazed over every time you start the work? It may be because of boredom or lack of accounting structure. No judgement. That’s why there are Accountants in the world.
- Do you have the time? Do you really have the time to keep up to date and stay compliant?
- Are you aware of the compliance laws ?
- Do you know which business expenses you are able to claim?
If you are answering No to the above questions, consider using a remote Accountant or Tax Professional to help.
You might even be concerned to show the professional how many months you need done. You don’t know what to ask for and you feel alone dealing with your books. This is not true, there are many business owners in the same place as you right now. One of the reasons I chose this career is to help you create order out of chaos. Don’t worry about the state of your current accounts or the lack thereof. We can start where you are right now.
Some of the reasons to use an outsourced Bookkeeper or Accountant on a monthly or quarterly basis, is they –
- Keeping your accounts up to date,
- Give you financial reports in time to make profitable business decisions.
- Help you to interpret your financial reports.
- Submitting tax returns efficiently
- And most importantly, their big focus – making your business more profitable.
It is always daunting to start in any area that is not your speciality, so consider outsourcing to an expert as they have the skills, resources, knowledge built up over time and working in other businesses to do the work efficiently and correctly.
This will free up your time to focus on your primary purpose – to make money and make your business a success!
by Melanie Thompson | Oct 27, 2022 | Uncategorized
PLEASE TELL ME ……
I had a question today from a client that took me by surprise. Will you discuss the Profit & Loss figures with me before you submit the Tax Return and I have to pay the tax?
Now while I am clear on my work ethic and processes, I should have communicated this more.
I am aware of my process, which is calculate, discuss with owner, calculate, discuss, ……. Until we are both on the same page. I am there to advise you, answer your questions, get you legal and compliant, but in the end – the business owner holds all the responsibility and authority for their business.
I make it a space where my clients can ask me anything, and I commit to finding them the answers. And going forward, this is a point I will be sure to mention as we start working together.
So remember – Once I have the figures calculated, I will request your permission in writing to do the submission. You will be fully aware of all the figures involved before you give the go-ahead click.
by Melanie Thompson | Aug 27, 2022 | Uncategorized
If you fit into one of the following brackets, take note
- Provisional Tax payer,
- February Year-end Companies, and
- Sole Proprietors.
I know tax season strikes fear into most people, but it doesn’t have to be that way.
This is a time that most want to avoid, but let’s turn this year around and use the time for “good”.
If you don’t know what to do to get your Tax submission ready, we’re here to help you every step of the way.
Make sure you have your hand on the steering wheel of your business all year round.
REFLECT
Here are some questions you can ask while you work through your numbers to prepare the Tax return.
1. How were my Sales for March to now?
2. What did I do right in this area?
3. Where should I improve?
4. Expenses. Which of the expenses do I need, and which ones can I eliminate?
5. Do I still need to subscribe to my current monthly subscriptions? Think about which subscriptions you want to cancel.
PLAN
1. What Sales do I plan to make each month?
2. How and where am I going to achieve these Sales?
3. List any subscriptions to cancel & action
4. Note any expenses you should cut down.
And lastly, what Salary am I paying myself monthly?
SALARY TAX EFFICIENCY
Is my monthly Salary the best balance between my needs and Tax Efficiency for the year?
August is the time to think about and put plans in place for year-end.
Once you reach February you have no control to change/improve Tax Efficiency.
ACCOUNTING KNOW-HOW
Remember, outsourcing this area in your business means you don’t have to remember all the deadlines.
Make sure you engage an accountant that understand business.
You don’t want a “plug in numbers and submit” old-school Accountant unless you’re an accountant yourself.
Your Accountant is going to ask the above questions of you… IF you choose someone who is invested in your success,
by Melanie Thompson | Dec 18, 2021 | Uncategorized
As we enter the final days of 2021, and the holiday season, I wish all a Wonderful Holiday Season with your family and Friends and all the best going into the New Year.
I love a New Year, with the feelings of a new start, renewed energy. And before this fades, set your intentions for the year, set your word.
For us at Bookkeeping First, it is a time to plan, organise, prioritize and be ready and refreshed to take on all the challenges.
A quote that really sticks with me is “if you think it is expensive to hire an expert, look at the cost of hiring an amateur”. Myself as a business owner, I have to commit to outsource the areas I am not good at, and the areas that I choose to neglect because they don’t feed my passion in my business. I have taken on a wonder assistant, who compliments my business and together we look forward to meeting new clients in the coming months.
On the serious side, over the past months, I have heard much mention of SARS enforcing compliance, charging penalties. Now is the time to get your business affairs in order. It will be a great start to the year knowing you have one less thing to worry about.
With our services, you choose how much or how little you want to do, based on your time and budget.
Blessing for the Season.
Melanie
by cjh | Jun 3, 2021 | Uncategorized
You seem to have less time for working on your business, and more time is spent on tedious admin. But when is the right time to outsource your Bookkeeping?
Do you need……
1. To focus on your core business, by devoting your time to strategy, marketing, funding and daily operations.
2. A background in finance to ensure that no mistakes are made that will cost you money.
3. A work-life balance, where presently you are taking hours to learn and perfect bookkeeping and you could outsource this department for a few hours.
4. A bookkeeper. You may think DIY is saving you money, but a qualified bookkeeper saves you by reducing human error and brings expert knowledge to cash and tax management.
5. Help to manage your cash flow, by ensuring payments are timely, and sales = money in the bank account.
And lastly, consider the Opportunity cost of the time you have freed up, the time can be better spent on something or with someone you love.
by cjh | Jun 3, 2021 | Uncategorized
Over the past year, I and I am sure many of you have been exposed to the philosophy of listening to your body and your intuition.
While I skirt around the edges, life lessons have taught me that when you feel something is not right, you need to listen to that voice.
So you have made the responsible business decision, and have a Bookkeeper or Accountant. But then over time, you have that feeling….
“I asked for Management Accounts, why is it taking so long”, “I should have submitted some documents, where are they”
Listen, take note, and ask questions.
And be guided by your inherent intuition.
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