Are You and Your Business being left behind?? Benefits of Online Accounting and Payroll Systems for Businesses:

Most business owners have a number of tasks on their plate each day in order stay on top of things and keep their company profitably successful. Normally the systems such as accounting, bookkeeping and payroll are nowhere near the top of this list as their focus is on operational matters first. Some great solutions many business owners are discovering are the online accounting and payroll systems available these days. These applications make the process of calculating revenue, cash flow, and payroll easy and accurate. Your company’s financial information will be secure, but you can access it from anywhere in the world. Simply put, online accounting and payroll systems are a great investment for any business owner.

Here are some very good reasons why you should consider them today:

• User Friendly

Online systems are easy to learn and use in day-to-day business operations. Once set up, you can keep your financial information up to date with a few regular data entries and information can be automatically uploaded and processed when needed. All systems updates are done automatically and there is no need to buy additional upgrades to stay current.

• Security

Since online systems store all your data online, you have no more worries about backing up your data again. This is done automatically for you by the software supplier and is stored on multiple cloud-based data storage sites to ensure the safety of your information.

• Cash Flow

Having up to date information will improve your ability to manage all aspects of your business. This includes creditors, debtors, stock control, invoicing of customers, automatic customer and supplier statements, payslips for your employees  and detailed financial reporting on all elements of the business. All of these features contributing to improved cash flow management and control.

• Accuracy

For all types of business computations, accuracy is essential. Mistakes made in calculations can possibly lead to significant losses or other major issues. Online systems minimize the chance of making these mistakes. The automation of data processing ensures improved accuracy and prompt information availability.

• Productivity

Paperwork can be tedious and tiring, causing employees to get distracted and become less productive. Online accounting software is much more efficient than filling out paperwork because half the work is already done for you. This helps employees to be much more productive than they were before.

• Pricing

The systems are very competitively and affordably priced and are good value for money when experiencing the value they add to any business.

Contact us for more information today!

SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns.

Administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of the Tax Administration Act of 2011, non-compliance with regards to non-submission of required CIT returns may be subjected to a penalty, as follows:

(1) If SARS is satisfied that noncompliance by a person referred to in subsection (2) exists, excluding the non-compliance referred to in section 213, SARS must impose the appropriate ‘penalty’ in accordance with the Table in section 211.
(2) Non-compliance is failure to comply with an obligation that is imposed by or under a tax Act and is listed in a public notice issued by the Commissioner, other than:
(a) the failure to pay tax subject to a percentage based penalty under Part C; or
(b) non-compliance subject to an understatement penalty under Chapter 16.

The penalties range from R250 to R16 000 per month that non-compliance continues, depending on a company’s assessed loss or taxable income.

Please note that it is compulsory for registered companies to submit their income tax returns. If a company is dormant, it is still required to submit any outstanding returns prior to 2018 to prevent a penalty being imposed. The criteria for the exception in 2018 are set out in Notice 600 of 15 June 2018, which is available on the SARS website.

South Africa income tax is governed by the Income Tax Act South Africa and collected by the South African Revenue Service (SARS). All residents living and working in South Africa are typically liable to pay income tax in South Africa, although how much SARS income tax you must pay depends on your tax residency status and earning amount.

South African income tax is levied on residents’ worldwide income, with appropriate relief to avoid double taxation for certain foreigners, plus exemptions and allowable deductions as per the Act. Non-residents, however, are only taxed on their income from South African sources.

This detailed guide covers the main aspects of individual income tax in South Africa, including who must pay South African income tax, income tax brackets, SARS income tax deadlines, income tax deductions and allowances, SARS income tax calculators and how to fill out your South African tax return.

Who has to pay income tax in South Africa?

South Africa operates on a residency-based taxation system, meaning that residents (whether permanent or temporary) pay tax on their worldwide incomes. Residents are those with citizenship or residence permits, but you are also considered a resident for tax purposes if you have been living in South Africa for more than 91 days in total in each of the last five tax years, or at least 915 days in total across those five years.

What earnings are subject to SARS income tax? 

SARS income tax applies to the following type of earnings:

There is also an additional dividends tax in South Africa imposed on dividends payments to shareholders at the rate of 20% (this increased from 15% in February 2017). This is a separate tax that is withheld from the dividend payment by the company making the payment.

We provide professional and efficient tax services for all your personal or business tax needs.

We will sort out your tax for you – accurately and timeously – and remove the risk of penalties and legal action.

1. What are your most important financial concerns?

Most people first seek out advisors when they have specific financial concerns. Those concerns should be addressed. That’s not to say that other issues won’t be uncovered, but remember this is about you. So you should be the focus.

2. How do you make important investment and financial decisions?

 People have all kinds of ways of dealing with money. Some people meticulously track everything because the organization and control gives them a sense of security. Some people hide their head in the sand because money creates so much anxiety that they don’t want to deal with it.  Your advisor should want to know your approach so he/she can figure out how to best work with it.

3 .What changes do you expect in the future in your finances that you wish to plan for?

If you’re in your 20s, 30s or 40s, you’ve likely already experienced a lot of change in a short period of time.Your advisor should understand all of the potential changes coming your way and be able to help you prepare for them.

4.Is your outlook generally optimistic or pessimistic concerning the future?

Now we’re getting into things you may have not initially thought a financial advisor would address. But your money mindset is key to understanding some of your behaviors around money. So knowing traits like whether you’re optimistic or pessimistic about the future can help your advisor address any underlying issues about money you may have.

5.Have you ever worked with a financial advisor before?

Your previous work with an advisor is important for a couple of reasons. , advisor covers a wide range of concepts. So it’s good to understand what experiences you’ve already had and how they’ve impacted your understanding of what financial planning is. Second, if you’ve never worked with an advisor before, your new advisor should help you understand what his or her process is like and how it may differ from other advisors.

We aim to deliver the best possible financial advice, services and products to a diverse range of clients. Our primary goal is to assist our clients in achieving their financial objectives and ultimately, attain complete financial peace of mind.

• Bookkeepers Prevent Errors

Even the most seasoned business owners mess up on their books when they lack the proper experience. Mistakes could range from data entry errors, missing entries, double entries, and mixing up types of expenses. A professional bookkeeper with a keen eye is less likely to make mistakes.

• Bookkeepers Keep a Tight Schedule

Part of a bookkeeper’s role is to pay bills, and they’ll know when it’s best to spend within budget. They’ll also accurately invoice with timeliness. It’s easy to fall behind on paying and accounts receivable when you’re running your own business. Pay no more late fees and get paid on time with a bookkeeper!

• Bookkeepers Free Up Your Time for Other Tasks

When you hire a bookkeeper, you can put your time and efforts elsewhere. Focus on networking, marketing, managing, purchasing and/or supplying, selling and communications. Letting someone take over a task as important, detailed, and distraction-free as bookkeeping allows you to focus on company success.

• Hiring a Bookkeeper According to Your Needs

Depending on the size and complexity of your business, your bookkeeper can be full-time, part-time, temporary, or contracted. Each choice comes with its own benefits. Adjusting your bookkeeping to your needs is important in saving you money.

•  Understand and Analyze Your Company’s Standing

With a bookkeeper, you can find out where you stand financially as a company. This can help you figure out where you can or should put money, allocate money or cut back. A bookkeeper should be able to simplify and explain any confusions and concepts.

Hiring someone for bookkeeping provides you more benefits than you’d think, including less stress! For what you spend you’ll get back even more.

Accounting Assistance Port Elizabeth

Choosing an accountant is like choosing a new business partner. The right accountant will become a trusted colleague you can depend on, who offers advice and guidance as your  business grows.

We will find the best ways to distribute your assets, adjust your earnings to maximize returns, and even handle all the tedious,laborious billings, VAT and salaries.

We offer a full and comprehensive range of Accounting Services to small, medium and large businesses, individuals and professionals.

We will also assist you in setting up an online or offline accounting system supplying an accounting solution to suit your needs while also providing training and on-going support to your staff.