When starting your business, one of the most important documents to keep are financial statements. These are statements that documents all operational costs within the business, its financial standing and cash flow at any given moment. There are three main statements every SME needs to keep record of to efficiently run your business: income statement,
Being tax compliant with SARS means that your SME is following all the rules as laid out by law. One of the easiest ways you can ensure this does not become a tedious process is by keeping your books up to date, detailed and clean from the start. Or get help from a tax expert
The SARS tax compliance system makes it easier for taxpayers to request their Tax Compliance Status (TCS) via eFiling. This is a great way to ensure that all vendors, suppliers, partners, employees and other third parties are compliant with SARS. Here are a few easy steps to check your status: Log into eFiling Activate the
An EMP501 reconciliation is a report of all employees’ earnings, which must be submitted to SARS. Employers are required to reconcile the payroll taxes liabilities (PAYE, SDL and UIF) declared monthly on the Employer declarations (EMP201). The three elements that must reconcile in order for your submission to be successful are the: Monthly Employer Declarations (EMP201s)
When it comes to business travel, it can become tricky for reimbursement. The right way for a business to manage this is for the employee to provide the kilometers travelled and the business will then calculate the kilometer to the Rand in order to reimburse. The tricky bit comes in when you have to calculate
If you intend to grow your business from micro to small to medium, you will need discipline and diligence, especially when it comes to your business’s finances. Typically, SMEs do not have an in-house accountant, meaning that this critical business function is then outsourced. CN Outsourced Finance provides business advisory solutions for small to medium
