A – Z of Accounting | Basics of Accounting

First things first, Accounting is the practice of recording and reporting on business transactions. This helps you see how well your business is performing, in comparison with your expectations. 

Accounting methods 

Cash Accounting

Expenses paid and income received is accounted for when cash flows(when cash is paid or received)

Accrual Accounting

Expenses and income are accounted for when incurred

GAAP suggests Accrual Accounting. It portrays more accurate records

We touched a bit on this topic in our Bookkeeping workshop, here’s a skit:


Record Keeping

To enlighten you, this means setting up accounts in which financial information is stored. Accounts fall into the following classifications:

•Assets: business valuables, help the business make more money. E.g. product design 

•Liability: obligated to be paid by the business, they take money out of the business. E.g. loans 

•Equity: ownership of assets that may have debts or other liabilities attached to them. Eg. shares

•Revenue: this is the amount billed to customers in exchange for the delivery of goods or provision of services.

•Expenses: the cost of operations that a company incurs to generate revenue.

Transactions 

If you own a company, you should set up separate accounts for banking, credit cards, etc. Don’t buy business supplies with your personal credit card. Organize your accounts and protect yourself and keep these two separate. Amongst other reasons, this will help you if any tax or legal issues arise (might depend on your business structure). 

These transactions are recorded within the business’s accounts by the accountant. Key transactions include:

✅The purchase of materials and services from suppliers.

✅Selling goods and services to customers. (Send invoice to customer) 

✅Receive payments from customers. 

✅Pay employees. (subtracting tax and other deductions, resulting in net salary).

Reporting

Also known as Bookkeeping, recording all transactions that occur in the business account. Amongst other reasons, this helps you budget, know the financial health of your business, and prepare you for tax season. The most common books are Income statements, Balance sheets, and Cash flow statements. 

Just to expand the above mentioned:

Income Statement – it presents all revenues and subtracts all expenses. It essentially measures the ability of a business to attract customers and operate in an efficient manner.

Balance Sheet – it presents the assets, liabilities, and equity of a business as of the end of the reporting period. This can also determine the ability of an organization to pay its bills.

Statement of Cash Flows – it presents the sources and uses of cash during the reporting period. It is especially useful when the amount of net income appearing on the income statement varies from the net change in cash during the reporting period.

Another thing to look at is Budgeting and Forecasting. This has much more benefits other than getting funds from the bank or investors. Planning your finances helps you keep a healthy relationship with your money/accounts; thus helping you make better financial decisions in your business. Keep it realistic and achievable. 

Should you need assistance or have any questions regarding accounting, do get in touch with us here: 

📧: info@accasesolutions.co.za

☎: 0615238833

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5 ways to make money from your skill/qalification | 2022

It does not matter what you study in varsity, you can monetize the skills you learned in your course without going about getting employed. Well, most courses. The important thing that most, maybe even most students miss is having skills. Your job does not stop at getting your qualification, you constantly need to upgrade your skills, especially in the ever-changing world that we live in. 

In this blog, we will share with you various ways you can explore to monetize your skill. Sometimes, just sometimes, you do not need to be employed or have a big business to get benefits from the skills you’ve learned – simple things like blogging. Read on.

5 ways to make money from your skill/qualification:

In this digital era that we live in, you will have to be online to get the most of these: 

(1) Freelancing

This is one of the well-known forms of making money: some take it as a side hustle, and some are making a living off it and fund their lives with it. Even if you are unemployed, you can still make the most of it. You will have to build a personal brand, it helps when you’re active online. Share relevant content in your industry: whether it’s news, trends, new things that are working in your industry, and all that kind of content. You will find that in some cases, clients will want to see your previous, which is understandable. 

What you can do to build your portfolio is to either do a trade exchange with a business (where you will both benefit), or give them free work so you can have something to use to build your portfolio. 

(2) Become a coach

This is not so popular, but coaching is one way to make money both on and offline. You can offer training to either professionals or businesses. Yes to professionals too. As we have mentioned prior, you need to constantly improve your skills, in any industry. 

Offering coaching will essentially help businesses or business owners in that they will stay on top of their game and have a competitive advantage. You can offer monthly or quarterly contacts to come and train employees. 

(3) Create an online course

By this time, we’ve probably all taken an online course at least once. An online course is basically curated and packaged content; these mostly include video content. Thanks to platforms such as Udemy, you can create a profile and sell your course there. Udemy is one of the biggest global online academies that exist: an advantage is that there are already people looking for a course you have to offer. 

Although this is not an online platform, you can even use social media or LinkedIn. LinkedIn actually has an academy called LinkedIn to learn. However, you decide to sell, selling courses is lucrative. 

(4) Sell digital products

Digital products are intangible products such as electronic books. Just like a course, you can package it nicely and sell it. The nice thing about ebooks is that you can sell them at quite a low price, and you know what they say about low prices, “customers want high quality at a low price and they want it now”. Crazy as it may sound, this can be one of the viable options to do so. 

(5) Start a podcast

A podcast is a distributed audio file using RSS feeds to the subscribed user. Podcasting becomes easier when you are also good at speaking. It allows you to open/start conversations around what’s happening in your industry, what’s working on not, or just sharing advice. You can even feature or invite other professionals to have a session with you. 

Example:

A side hustle/money-making idea on monetizing a Bookkeeping:

Following our successful Bookkeeping Workshop in February 2022, we have packaged the session into a mini-course. This includes recordings of the session, and materials (editable sheets too). 

With this skill, you can make money in the following ways: 

➡️ Freelance this service to businesses 

➡️ Write an ebook and sell it to small business owners 

➡️ Host mini webinars and teach this skill to small business owners at a fee. 

To buy this workshop session + material, send a DM or email to info@accasesolutions.co.za 📧

Have you tried any of these? Did it work for you? Let us know in the comments. 

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Business Doesn’t Have To Be Hard. Read These 7 Tips

 If you have been in business for some time, you know how challenging the entrepreneurial journey can be, it can get lonely too. It’s worse if you are a solo entrepreneur or don’t have a dedicated team you work with. In this blog, we will share some tips that will help make your journey a little less of a pain in the butt. 

Running a business shouldn’t take up all of your time, especially with small tasks. Thanks to technology, there are automation tools, and many other business systems you can put in place, that can make your life easier. Which we will get into. These shouldn’t cost you a leg and an arm either, especially for small businesses. 

According to reports and statistics, some of the common reasons why startups fail are due to, but not limited to lack of knowledge, and poor sales and marketing. Let’s get to it below.

7 tips to make running a business easier:

(1) Build cultures: the culture of an organization affects the running of it largely. If you share the same values, beliefs, attitudes, and practices that you live by in your organization, not only will you work well together, but you will get more done. For instance, let’s take it back to one of our examples of the common startup failure reasons stated above – lack of knowledge. If you have a reading culture in your business you get to learn more and ultimately earn more. 

(2) Hire young people: this is practically free. Organizations such as SEDA can lend you, interns, for free. You don’t have to pay them a salary, but mentor them and give them work experience. This can also help you save coins on taxes, this is called Employment Tax Incentive.  In his 2022 Budget Speech, Finance Minister Enoch Godongwana announced an increase in the ETI values from 1 March 2022.

(3) Automate: we can’t emphasize how much time you will save by automating things. From bookkeeping systems, accounting, marketing, social listening, and so forth, these things can save you so much time yet do so much for your business to keep it running smoothly. It is even becoming unnecessary to hire an administrator because these things can be automated, even email responses. Depending on the kind of business you’re in, automate things where you can, while you tackle tasks that need your attention more. 

(4) Use customers as advocates: a happy customer will give you free marketing! You can use this as a strategy. You’d be surprised how easy it is to get people to do stuff, all you need to do is ask. If you are selling products, send them a personalized card and ask them to tag you when they use it. If you’re selling services, ask them to leave you a review on your page or website. Endorsements are effective, but you need to fully satisfy customers.

(5) Tell stories: people love hearing success stories and things they can relate to… which can help you with their confidence in your product or solution. Storytelling is the use of evoking emotions to connect your brand to customers. Be authentic when building your brand, show what it takes, or what it took for your business to get where it is. Share highlights of your business, awards, the evolution of your logo, social proof/client testimonials, and show them before and after service of a client’s success. Take your community along with you on your journey. 

(6) Keep your books updated: you can either do this by setting up software or hiring a bookkeeper to keep your books in check. It can be easy to use business money for personal use, especially if you’re a solo entrepreneur. Poor money management can lead to business failure. Not only does keeping your books up-to-date let you know how much you made or lost, but it also makes things easier during tax season. We have a full guide on this, which we discussed in our Bookkeeping Workshop. Get in touch with us if you are interested in getting the session recording + materials: info@accasesolutions.co.za 

(7) Cut down unnecessary costs: don’t wait until your ship sinks till you save, start now. Saving money is critical for the survival of your business. Cut down on traditional marketing and go digital, stop attending unnecessary meetings and do virtual meetings instead, unless it’s necessary to do so. Partner with other entrepreneurs, creators, or freelancers, in that way you save on costs while getting serviced. This can also take us to our first point – hire interns. 

Let us know if any of these have worked for you, or which ones you are going to try, Feel free to add more in the comment section down below. 

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How to boost your business’s Tax Incentives by hiring young people

We had briefly touched on this in our previous blogs, but let’s get a bit deeper into it. President Cyril Ramaphosa emphasized the role of the government in helping businesses thrive in this year’s State of the National Address (SONA). This is mainly for job creation in South Africa. 

With the unemployment rate in South Africa (as discussed in our previous blog), the need to support small businesses so they grow, and also to encourage entrepreneurship, especially amongst the youth has significantly increased. 

Introducing ETI’s

The good news for businesses, they can utilize the tax benefit by hiring young people. This is called the Employment Tax Incentive (ETI), and it’s said to be one of the most powerful tax benefits out there. ETI essentially reduces your overall Pay-As-You-Earn (PAYE) contribution without affecting the employee’s salary. 

> Employers will be able to claim the incentive for a 24 qualifying month period for all employees who qualify.

> The incentive amount differs based on the salary paid to each qualifying employee and whether the qualifying employee was employed after the inception of the ETI programme. 

How ETI works

Simple example:

If you hire 4 young people with salaries of R5000 per month, the total monthly payroll for all 4 employees would be R7500 from your overall monthly PAYE liability in the first 24 months in which the employee qualifies.

This can be done on your payroll system, and your employee’s salary will totally be unaffected. 

NB: The value of the ETI the employer may claim depends on the value of the monthly remuneration paid to the qualifying employee. If the employee has worked less than 160 hours in the month, the remuneration amount must be ‘grossed up’ to 160 hours per month to calculate the value of the ETI. The amount can then be calculated and be ‘grossed down’ in the same ratio.

Source: SARS

The math is simple, employers are rewarded for hiring young people, in return, they gain skills and experience. The private sector grows, and the economy grows. 

Who qualifies?

In his 2022 Budget Speech, Finance Minister Enoch Godongwana announced an increase in the ETI values from 1 March 2022.

An employee qualifies for the ETI if he/she:

  • works for you assists in conducting business, and receives remuneration for their work,
  • is documented in your employer records according to the provisions of section 31 of the BCEA,
  • earns at least the minimum wage,]
  • is between 18 and 29 years old, or is employed in a special economic zone, and
  • has a valid South African ID, a valid asylum seeker permit, or an ID in terms of Section 30 of the Refugees Act.

An employee will not qualify for the ETI if he/she:

  • is a domestic worker,
  • is a “connected person” to the employer,
  • spends more time studying than working (unless the employer and employee have entered into a learning programme as defined in Section 1 of the Skills Development Act, or
  • earns a monthly remuneration of R6,500 or more.

We hope this helps you somehow, feel free to contact us if you need any more clarity. You may also refer to our blog about other effective and legal ways to avoid paying tax in South Africa: https://accasesolutions.co.za/2021/06/17/how-to-avoid-paying-tax-as-a-small-business-in-south-africa/

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4 Business Financing Options In South Africa | 2022

Although there are various ways or rather businesses that do not need financial assistance to launch/kick-off (which the majority of established businesses in South Africa did not need), some businesses cannot be launched nor can they survive without start-up capital. In this blog, we will be talking about substantial sources of financial aid and opportunities in South Africa. 

  1. Government grant funding

This is the most popular type of funding, as it does not need to be repaid. It’s worth noting though, the application process is pretty intense. What can help enhance your chances of securing funding is if you show how your business will improve the lives of others through employment, solving a need, or contributing to economic growth.

Some well-known programs you can check out:

National Youth Development Agency (NYDA)

Youth Pipeline Development Programme

Black Industrialists Scheme (BIS)

Technology Innovation Agency (TIA)

Small Enterprise Finance Agency (SEFA)

This type of funding is best suited for black-owned, youth-owned, and female-owned businesses.

  1. Equity funding   

This is where the investor takes an ownership percentage of the business in exchange for funding. There are no monthly interest repayments whatsoever. However, this works best when you want to expand. It is not impossible to get it when you are just a start-up, although it is more challenging when you have no track record of sales whatsoever. Sometimes private equity funders are more interested in growing their investments. 

With Equity Funding, investments are paid back in two ways:

· Paying dividends when the business makes money. (percentage of profits to be outlined in agreement contract). 

· Sale of shares. Investors eventually ‘exit’ the business. The goal of every investor is to make more from their shares than they initially paid for them.

This is basically a partnership. To find these kinds of people, either approach people with common goals/mindset or a business-minded person you know might be interested. To win this kind of proposal, it’s important to make sure they see the value and ROI.  

  1. Venture capital funding

Unlike personal equity funders, venture capitalists actually fund start-ups and mainly focus on making money from your business. This means that they are likely to invest exclusively in businesses that can provide good returns on their investment.

Be careful with venture capital though, it can be very expensive funding, especially in a case where your business is still in the start-up phase with a low valuation – you may end up giving a high percentage of ownership away in exchange for funding. 

Here is a list of 2 prominent venture capitalists:

AngelHub Ventures

Edge Growth

  1. Personal debt finance

This is the use of personal means such as credit cards, home loans, or even your pension fund, to fund your business. The nice thing about this option is that you have full control of your money and business, the downside to it is that your business failure will be a big blow to your personal finances.

Every type of financing has its downsides, do thorough research before going with any option. Find out what they stand for and what they are trying to achieve. As mentioned, it’s also important to make sure you have a shared values and vision. Let us know in the comments how you raised capital to start your business. 

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How to harness liabilities to generate money | 2022

We like to start our teachings with the basics, so let’s get to understand what liabilities are. Liabilities are essentially what you owe other parties. Unlike assets, liabilities take money out of the pocket! 

Examples of liabilities are:

  • Bank debt
  • Mortgage debt
  • Money owed to suppliers (accounts payable)
  • Wages owed
  • Taxes owed


Liabilities are known to decrease a company’s value and equity. But in this blog, we’re going to look at things with a different eye. Debt is a word that many people are afraid of. We’ve also seen some shows and all types of reads specifically teaching people to get out of debt. Although, we don’t believe debt can only be seen as a negative measure. Let’s show you how…

You really need to be strategic about it and make sure your potential gains are high. The general rule of thumb here is to make sure your gains are much more than your debt. 

Have you ever heard anyone say “the rich use credit to make money? It’s actually very true. Take the property business for instance: agents may take up a loan to buy property in a good area, either renovate it and sell it, or rent it out. Either way, they get to make good gains. Let’s take a look at some other examples you can implement in your business: 

Assets financing – ideal for business owners looking for funding specifically to purchase physical equipment. 

If you are looking at expanding your offerings or growing your business by getting better production equipment etc, this could be a good investment for your business. 

Commercial real estate loans – best for business owners looking to finance purchasing new or existing commercial property or renovating commercial space

Do a good research about the area you are thinking of locating your business, considering the demographics, activities in the area, and things as such. Also, search about the property value. Should you think of relocating your business, you will at least make a good profit from that 

Microloans – ideal for new or established businesses looking for a small amount of capital. For established businesses, this money can be thrown in things like marketing campaigns and ADS. Things like data mining and interpretation can help you make better decisions in these instances, ensuring that you take a calculated risk with the loan. 

Five tips to help you manage your debt well;

  1. Pay the amount due, or more, on time – when it is due.
  2. Know what admin fees and other charges apply, and when they must be paid.
  3. Know the interest rate you are charged, as well as if and when it can change.
  4. Make sure you can afford the repayments if interest rates rise.
  5. Talk to your creditors if you run into financial difficulty.



The word we’re leaving you with is, debt requires you to be disciplined. If you miss payments or pay later than the agreed time, you might face penalties or other obligations. 

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How the tax system works in South Africa | 2022

With everything, you first have to understand the most basic things. Tax is simply a compulsory contribution to state revenue that every South African working citizen and business must pay. Non-South African residents are taxed on South African-sourced income. The majority of the state’s income is derived from income tax (personal and company tax).

Every year, the Minister of Finance presents the Budget, which outlines the total government expenditure for the following financial year and the ways in which this expenditure will be financed. Which we recently had on the 23rd of February 2022. See below:

This tax money pays for public goods and services, but it is also key in the social contract between citizens and the economy. Paying taxes fosters economic growth and development. 

Understanding taxes: types, filing for returns, refunds from SARS:

There are many different types of taxes. Just to mention a few, some include:

  1. Pay As You Earn (PAYE)
  2. Personal Income Tax
  3. Provisional Tax
  4. Capital Gains Tax
  5. Value Added Tax

An example: 

Ordinary taxpayers are the people who earn a salary from an employer. The employer deducts Pay As You Earn (PAYE) from their salary monthly and pays that to SARS on their behalf. Here’s an example of how Net Income will look like after taxes: 

Filing for tax returns

Income tax returns must be requested by registered taxpayers every year. The year of assessment for individuals covers 12 months, beginning on 1 March and ending on the final day of February the following year. Tax returns must be submitted to SARS on the date given, please note that SARS tax returns and CIPC tax returns are two different things and must be filed separately to both organizations respectively. 

Companies are required to submit an income tax return within 12 months from the date on which their financial year ends. People whose income comes from sources other than a wage  – such as a trade, profession or investments and companies – are required to submit two provisional tax returns and where applicable make two provisional tax payments during the course of the tax year and may opt for a third “topping-up” payment six months after the end of the tax year. – Source: SARS. 

You can submit tax returns yourself, or hire a certified and registered tax practitioner to file your returns on your behalf. Here are some things to consider when picking the best accountant/tax personnel for your business 👇

As per Tax Administration Act no. 28 of 2011, every person who provides advice to another with respect to the application of tax principles or assists with any tax matters for a fee must:

✅ Be registered with a Recognized Controlling Body that’s registered with SARS. 

✅ Be qualified.

✅ Undergo examination to evaluate their ability to competently perform functions of a tax practitioner

✅ Engage in continuing professional development.

Accase Solutions, for instance, is registered with the IAC, Institute of Accounting and Commerce as a Certified Tax Practitioner since the registration of Accase Solutions, practicing under practitioner number PR0100503.

Why SARS issues refunds:

If for instance, you take unpaid leave at work, the payroll administrator has to adjust your tax therein. If the adjustment is not made, it means that your company deducted more tax as it was based on a wrong annual income. In this case, SARS is liable to give you a refund.

The whole point of filing for tax returns is for SARS to determine all your taxes, and if you have paid, they conclude on the right amount. If you have overpaid them, they will definitely give you your money back. Understand that, you only get a refund IF you have overpaid because you filed for returns.

If you want a breakdown/in-depth understanding of different types of taxes, please refer to this blog: https://accasesolutions.co.za/2021/03/29/important-things-to-know-about-tax-in-south-africa/

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How-To Plan your Business Finances in 2022 |

Most people can agree that the past two years have been unlike any other in so many aspects including, but not limited to finances. Businesses also took a head knock, especially those that were not on digital platforms. If anything, we’ve all learned that life can be unpredictable, no one would have thought we would be battling a global pandemic. 

Some also think that 2021 was even more challenging from day 1. What are your thoughts on this? Let us know at the end of the blog. For now, let’s plan our business finances. Whilst many things are out of our control, we are still in charge – let’s plan and prepare! 
Some also think that 2021 was even more challenging from day 1. What are your thoughts on this? Let us know at the end of the blog. For now, let’s plan our business finances. Whilst many things are out of our control, we are still in charge – let’s plan and prepare! 



3 tips to plan your business finances in 2022: 

Before anything, you need to set goals and objectives. Just to enlighten you: a goal is a desired result that you envision and commit to achieve, while an objective is a strategy or implementation steps to attain the identified goal. 

Start here: How much money do you want to make in 2021? (Goal)

Secondly: How many products do you have to sell, or clients do you have to serve to make that amount? (Objective) 

Have you had that figured? Let’s get started; 

Budgeting – this can never get old, it helps you navigate where every rand goes. “budgeting is knowing where your money is going, and not wondering where it went”.

To help you get started, here are six steps to create your financial plan:

1️⃣ To start off, think about what you want to accomplish and ask yourself… Do I need to expand? Do I need more equipment? Do I need to hire more staff? Do I need other new resources? Most importantly, how will my plan affect my cash flow?

2️⃣ Create monthly financial projections by recording your anticipated income based on sales forecasts and anticipated expenses for labor, supplies, overhead, etc..

3️⃣ Through the year, compare actual results with your projections to see if you’re on target or need to adjust. Monitoring helps you spot financial problems before they get out of hand.

We wrote a full blog on this, see here: https://accasesolutions.co.za/2021/05/27/plan-to-succeed-finance/

Pricing – pricing directly defines your positioning – it tells people where you are in your business. Do you have to increase your prices? Let’s dive a bit into this: 


Although this is not compulsory, it’s worth considering. Sometimes demand outstrips supply, there’s inflation and all those kind of things to consider. Review your prices and consider raising them. Take a solo entrepreneur that runs a consulting business for instance – attending workshops, seminars, taking online courses here and there – that’s a lot of knowledge for someone to charge the same rate year in, year out. 

The more you learn the more you earn, it’s not clichè. Businesses charge for their value, not cost of production, etc. But it’s important to remember that whatever you do, have your target customer in mind. Don’t overprice. 

Things to consider when pricing your services:

1. Figure out your service delivery costs – fixed and variable costs

2. How many hours it takes you to deliver your service

3. Taxes

4. Account for dry season and holidays

5. Most importantly, profit. 

…for products, you might want to consider:

1. Cost of production/manufacturing 

2. Cost of delivery

3. Market price 

4. Taxes

5. Profit 


A few other things many people consider this:

* What is everyone else charging? 

* What is the top person in your industry charging? 

* Where do you fall?

Savings and investment – we preach this all the time, but is it ever enough? Would your business survive another hard lockdown? 

There are 3 most important things to take into serious consideration in 2022: savings accounts; emergency account, investment, and insurance (if need be). 

Savings and investments are important for your personal and business reasons. Savings means keeping your money, investment means growing your money: both are important. With savings, you can have specific goals attached to it – this also helps decline you to be committed. 

When it comes to emergencies and/ or unforeseen circumstances, many like to say that your emergency account should at least have 6 months of your monthly earnings for unforeseen circumstances: if you earn R10 000 per month, your savings account should at least have R60 000. 

The pandemic taught us the importance of all these accounts, we never know what will hit us tomorrow. When it comes to insurance, it really depends on the type of business you have, or even where you are (stage) in your business. These are things you might want to consider factoring in, in 2022. They go in your budget and come first. 

Here’s a comparison of different banks and institutions to help you make decisions for 2021:  https://www.google.co.za/amp/s/moneytoday.co.za/best-savings-accounts/amp/ 


Let us know your thoughts – opinions and comments, feel free to add your tips as well!

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How to close off business for 2021 | Bookkeeping | Accounting


What better way is there than to prepare for the future by reflecting on your progress? This is why KPIs (key performance indicators) are so important. “It is better to move forward, than to move fast and backwards”. Now, how do you measure that you’re really going forward? 

What do the books say about revenue growth? The “books” are a business’s revenue, expense and income summary reports. Lucky for you if you are using an accounting software, it automatically closes your income and expense accounts at year end before adding your net profit (or loss) to your retained earnings account. If you have not automated this process and recording in your books manually, read on. 

Closing the books annually lets businesses draw up financial statements that give business owners insights into their business’s financial health. This also helps you to properly file for your income tax returns. 

Here are 5 things you need to do before you close off the business year: 

* Monetize all invoices.

Be sure to send out reminders to clients on outstanding payments and that all the invoices are being monetized. If some clients don’t pay you, you can write the invoices off as bad debt (or if you think they are never going to pay you-this is why contract agreements are important). Follow up on invoices and payments, and make sure all the business money has reached the business account. 

* Record your expenses.

ALL your bills go onto this; from things as little as internet costs, fixed costs, to variable costs. This includes incurred business expenses, keep track of those separately; you can claim tax deductions on these.

* Reconcile bank statements.

This is a common practice for many, even for personal finance. This will help you identify discrepancies, possible bank errors, or fraudulent activity that may have happened in your account. This can also help you reflect on some transactions you have authorized, that might kill your business, canceled and uncleared checks. 

* Profit and Loss.

This reports on your business performance over the year. This shows the value of sales, expenses, and overheads and the resulting gross and net profit or loss for the year. Run it from the first day of your fiscal year to the last. 

* Balance Sheet.

This report shows the worth of your business from the day you started trading, up to the end of the fiscal year. It includes your company assets and liabilities. 

That’s a few pointers from us. Let us know what your year end closing tradition is like, we would love to hear about the different ways for different businesses. 

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Black Friday for Business | 2021 | South Africa

Black Friday?  



Just so you know, Black Friday is the biggest international sale that was started in the early 1900s in USA and to date, it is still the biggest last Friday of November where consumers around the world buy necessities to prepare for the holiday and gifting season. It is an annual shopping event that businesses and customers all over the world eagerly anticipate

Small businesses can take advantage of Black Friday, this presents you with an opportunity to win customers and keep them coming back for more. Everyone likes saving and getting discounts.   

Although Black Friday 2020 was a flop for South African retailers – statistics show, with a huge decrease in in-store sales. Shoppers avoided malls and stores due to coronavirus – but also there was a lack of money in their pockets, because of the economic impact of the virus and lockdown. But this year, we’re getting more prepared and focusing on what we can change/improve. 

We had already had a social media post that summarises this, but in this blog we will discuss this in detail. Keep reading! 

Here are 3 things you can do:  

1️⃣ Social listening: Black Friday is on everyone’s lips, tune in your target market’s conversation to find out what kind of deals they hope to find. You can do a keyword research on either Google or Social Media to find out this information, see what people are mostly searching or talking about. 

That is why market research, before anything else is so important so you may know your customers. Know where to find them, how to find them, and how to entice them. 

2️⃣ Start preaching & marketing: customers research in advance, start advertising teasers. Some people already have a budget dedicatedly Black Friday deals, help them make buying decisions. On the day/weekend, people will be going straight where they want specific things and not hop into shop after shop. 

5 Black Friday Marketing Ideas:

  • On-site notifications
  • Popups
  • Email marketing
  • Flash sale
  • Social media ads 

3️⃣ Make the experience smooth: Over the past year, Covid-19 restrictions pushed many traditional stores and customers online. Online transactions increased by more than 60% – more brands selling online means higher competition. More customers, especially those who are new to the digital retail space, means new challenges and demands. 

Now that the restrictions are lifted, it might be quite a mess at physical shops, online shops also get a lot of traffic. Make sure you are prepared for the numbers and offer a variety of payment options. If need be, hire a VA (virtual assistant) if your business is online based and make arrangements with your developers to make sure your e-commerce site can take the traffic. If you have a physical store, prepare your team to be active and on the ground – helping customers. 

Before the launch of your Black Friday marketing campaigns, make sure you didn’t neglect the details that can make or break the customer experience. Take a careful look at your store or website and see if there is any room for improvement.

Do you have any Black Friday deals planned?