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Are you a newly appointed company director or trustee? Here’s what you need to know in less than 3 minutes. Overview: The Duties, Responsibilities and Liabilities of Directors and Trustees in South Africa Being appointed as a trustee or a company director in South Africa carries many obligations and legal responsibilities. Failure to uphold the…
Read MoreFor the CFO, the phrase “compliments of the season” is synonymous with “budgeting and forecasting”. The start of a New Year always signals the final checks ahead of the next financial year. Even if your fiscal year does not start on the first of March (as with many South African businesses), it’s always good to…
Read MoreThe global pandemic this year changed everything we thought we knew about how 2020 would shape-up. The year, instead, turned into one of rapid-fire adaptation and response—especially for our finance minister, Tito Mboweni. When he delivered the Medium Term Budget Policy Statement (MTBPS; aka the mini-budget), he knew that the private sector and tax-laden citizens…
Read MoreYou probably expect your business to provide for your family when you die—but don’t think that “leaving everything” to your family guarantees their financial security. A simple misstep now could see your loved ones and your business stranded when you pass. That’s because the laws surrounding death and business can clash with surprising consequences. This…
Read MoreMany people think that a last will and testament ensures that your final wishes will be carried out— only to have their loved ones pay the price for ineffective estate planning. If you own a business or shares, especially, estate planning is crucial! Without it, your will could be inexecutable, leaving your dependants and enterprise…
Read MoreWhen comparing accounting providers, you may see “internal control” listed as a service and wonder what the significance of this deliverable is. The term internal control is used for accounting systems that can add tremendous benefit to your business. How Internal Controls Improve Auditing Procedures, Financial Integrity and Operational Efficiency There are numerous advantages of…
Read MoreImportant Notes For Personal Income Tax and Company Income Tax Taxpayers In May this year, the Commissioner of the South African Revenue Service (SARS) announced changes to the 2019/2020 tax filing season for individual taxpayers. The mainly operational changes come as a response to the effects of the COVID-19 pandemic and social distancing requirements. They…
Read MoreImproved Cash Flow Management and Cost-Savings Enabled by Cloud-Based Systems There’s no denying the harrowing economic effects of COVID-19 in South Africa. Regardless of sector or size, all business owners are focused on ensuring their organisations’ short, medium and long-term survival. Thankfully, the same systems that enable remote working for the safety of individuals are…
Read MoreBackground COVID-19 has brought about unprecedented uncertainty in South Africa and in this article, we will discuss some of the material relief measures that have been instituted by the South African Government (the “Government”) to provide essential assistance to employers and employees of businesses impacted by COVID-19. Before we consider the nature and scope of…
Read MoreFinancial Audit: The Multi-Tasking Business Booster Historically, financial audits have carried the reputation of being “dreaded” and “burdensome”. Something you only complete if it is required by law. The idea of a voluntary audit seems absurd. Until you understand the multiple business benefits of an audit beyond legalities compliance. Audited financials show both the shareholders…
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