Article by Noordwyk Accountant: Bakani Ngulani
Accounting and Compliance is an expensive but necessary part of running any business. For SMMEs like yours, this cost can be crippling – but the alternative, to do without expert knowledge & advice, is risky & time-consuming, and potentially even more expensive.
Having sound accounting systems in place ensures that you run your business in a result driven manner as the numbers speak facts not gut feelings or assumptions. In today’s fast paced world, having accounts done 4 months after year end is not ideal, monthly management accounts help keep your eye on the ball.
Sound accounting comes with timely submission of various reports be it returns to SARS or various potential customers for registration purposes. With the new SARS tax clearance system, it is now more than ever important to ensure that your tax affairs are up to date hence keeping you compliant. Being tax compliant saves your business penalties and opens up a world of opportunities be it to new business or ensuring you get paid on time.
The tendency amongst SMME owners is to try and do everything from running the business, to handling support functions such as marketing, admin work and accounting but at the end of the day one ought to realise that they are businesspeople not superhumans. Such an approach leaves one’s business exposed to bias according to importance and sadly this is often accounting and compliance. The effects of this are SARS penalties up to 200% hence suffering unnecessary financial loss or even worse, deregistration of the company!
Seeing how paramount accounting and compliance are, two questions arise; can you afford taking the risk of not having an accountant but more importantly for a small business like yours, can you literally afford an accountant? Most likely the answer to both these is a no, fortunately there is a solution.
To strike a balance between running your business and handling the core support functions, why not consider outsourcing the accounting function? BN Business Solutions is a wholly black youth owned accounting firm focusing on full outsourced accounting and compliance at rates structured for SMMEs. Contracting BN Business Solutions gives you the comfort of knowing that your accountants are taken care of by a professional award-winning firm at a cost lower than a full time accountant hence leaving you free to focus on running your business.Contact BN Business Solutions today on 010 140 2255 or email firstname.lastname@example.org; alternatively visit our website www.bnsolutions.co.za