Audit & Accounting

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How COVID-19 unexpectedly prepared the audit industry for the future.

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As the world gradually emerges from the COVID-19 pandemic and returns to a more regular routine, the permanent effects of the last 2 years on various industries are becoming apparent. Most professions were severely disrupted, especially during stricter lockdown times, with accounting and auditing being no exception. However, in many cases, these changes brought about…

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Preparing Your Company for Financial Year-End

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Financial Year End (FYE) can be an overwhelming and stressful time for a business. For most companies in South Africa, the new fiscal year has only just begun and thinking of FYE may be something you only plan to do again in a few months’ time. However, being prepared and consistent with your financial records…

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The ‘No Fireworks’ Budget Speech Of 2022

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Finance Minister Enoch Godongwana’s maiden Budget Speech of 2022 was themed “keeping money in the pockets of South Africans”. In essence, the budget speech boils down to making good use of small gains. Treasury has done what it can to create an environment conducive to returning business confidence and investment, and the Cabinet is hoping…

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Accountant vs Bookkeeper: What does my business need?

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As a business owner starting an enterprise, you tend to manage all aspects of your new venture, including the finances. But as the company grows, you find yourself in need of assistance with various accounting tasks. Employing the services of a financial professional for your company is vital; however, do you need an accountant or…

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Cloud Accounting: Fast, Secure, Accessible & Flexible

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Every day, without even realising it, more businesses operate successfully with various cloud-based services. Do you know if this affects your accounting requirements and whether a cloud-based accounting system is superior to traditional on-premises software? Cloud accounting (also known as online or web-based accounting) software usage began in the early 2000s and differed from more…

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Tax effects on assessed loss brought forward limitation

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Background of tax effects on assessed loss The carryforward of assessed losses by a company is regulated by section 20 of the Income Tax Act 58 of 1962. Currently, a company can carry forward assessed losses indefinitely subject only to the requirement that the company continue to carry on a trade. When the assessed loss…

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Business Succession Planning: Passing the torch to the next generation

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Building a business is hard work, but also a very rewarding endeavour, which many individuals see as their life’s work. Many resources, emotions and years are invested into a company, so planning what will become of it when you are no longer around is vital. This is where effective business succession planning can make a…

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The tax effects of your crypto assets

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Cryptocurrency aka a crypto asset is not considered a currency for the purposes of South African income tax, it is regarded as an asset and SARS applies the normal income tax rules to it. Income received or accrued from crypto assets transactions can be taxed on revenue account under “gross income” or alternatively such gains…

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The Importance of Independence of your Auditor

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Auditor independence is part of the foundation of the auditing profession. An independent, reliable, and ethically sound audit gives a company credibility and allows the public to trust in the accuracy of the results and the integrity of the accounting profession. Since the early 2000s, a series of publicized accounting scandals involving corporate fraud have…

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The role of leadership in the financial industry.

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In the past year, many of us – individuals and companies, in South Africa found ourselves reassessing our priorities such as leadership, abandoning old ways of operating and embracing new approaches. Effective leadership is especially important in challenging and uncertain times, particularly so with the Covid-19 pandemic, and the resulting economic impact. While the normal…

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