A small business accountant can make a dramatic difference in the functioning of your small business. It can be extremely difficult to make it work as an entrepreneur in South Africa, and this is why it could be a fantastic idea to consider hiring a small business accountant. Often, small business owners have a great idea or concept for their establishment, but most people lack the more abstract financial skills necessary to ensure complete compliance – this is where we, at SureBooks, come in!
Allow us to help you deal with the economic challenges that may be thrown your way. Today, let’s have a look at seven ways that SureBooks can simplify your life as an entrepreneur.
1. Accurate Financial Records
As a small business owner in our nation, maintaining accurate financial records is absolutely essential. With that being said, you probably have so many other responsibilities to attend to, and this can make it very challenging to stay on top of accounting tasks and bookkeeping. That is why hiring a small business accountant can make a world of difference.
A professional accountant will help to ensure that your business’s financial records are well-organised and up to date. We will be able to take care of the invoicing, payroll, and bookkeeping – keeping track of everything and making sure that everything has been recorded properly. This will prevent omissions and errors that could have an adverse effect on your small business.
On top of this, an accountant will be able to offer valuable insight and advice on a variety of financial matters, helping you as the owner to make smart, informed decisions that can benefit your establishment. With a professional accountant from SureBooks, you can rest assured that your business is in good hands and that your financial records are accurate.
2. Tax Compliance
Staying compliant with the regulations and tax laws of South Africa is crucial for the sustainability and success of your business. However, full tax compliance can be time-consuming and complicated, especially if you are not yet familiar with our country’s stringent tax system.
A small business accountant can help to ensure that your business is tax compliant, by assisting with tax preparation and planning. We will be able to identify tax credits and deductions that you could be eligible for, which should mean significant cost savings for your small business.
Additionally, an accountant can help guarantee that your business stays caught up with all the relevant tax regulations and laws. We will be able to advise you on any changes in tax law that have relevance to your business and assist you in adjusting your strategy accordingly.
A small business accountant will help you to file your returns in a timely and accurate manner, meaning that you will meet all deadlines and requirements. This is essential because the result is that you will be able to avoid fines or costly penalties for non-compliance. So, perhaps it is a good idea to save yourself some stress, time, and money, and consider hiring one of our small business accountants today!
3. Improved Financial Decision Making
It is a massive benefit that hiring a small business accountant can bring improved financial decision-making to your business! With their expertise and financial know-how, a professional accountant will be able to provide you with analysis and valuable insight that may not be initially obvious to you, as the business owner.
Keeping track of your business’s financial health and identifying areas of potential strength or weakness, is imperative. An accountant will provide you with easily understandable statements and financial reports, allowing you to make more informed choices about your business’s future.
Moreover, a SureBook’s small business accountant can set you on the right course regarding financial planning, helping you develop budgets, cash flow projections, and a variety of other financial strategies that will improve the overall performance of your business. You will have a clear picture of your exact financial position, and this will help you to make informed decisions and identify growth opportunities.
It is extremely beneficial to have a professional who can assist in analysing data from different perspectives, and noticing patterns and trends that will allow you to make strategic decisions. This, over time, will lead to increased profitability, efficiency, and improved overall business management.
4. Significant Cost Savings
A small business accountant will be able to review your business’s financial statements and identify unnecessary or excessive expenses. We will be able to analyse your financial patterns and pinpoint areas where costs can be cut, without compromising the quality of your services or products. This can result in impressive savings for your business over time, enabling you to allocate those funds towards more essential business needs.
An accountant will be able to inform you of the best tax strategies to minimise your liability tax-wise, helping you to stay compliant and save money. Tax laws are complicated and can be tedious to understand, but having someone who knows them in and out will mean that tax costs can drop substantially for your business.
5. Increased Efficiency
One of our small business accountants can help your business’s general efficiency and productivity by taking on tasks that would otherwise take up valuable resources and time. By ensuring that these time-consuming, yet vital tasks are completed – the business owner can place their attention on other areas of the business’s operation.
Delegating financial tasks to a professional accountant means that you can be confident that they are being handled accurately and efficiently. Therefore, avoiding any costly errors or mistakes that could have a negative impact on the business’s financial health.
The amount of time and money that can be saved long-term with the addition of a small business accountant, should not be understated.
6. Proper Cash Flow Management
As you may know, adequate cash flow management is critical to the success of all businesses, and investing in a small business accountant will ensure that you have enough cash on hand to cover investments and expenses.
An accountant is able to create accurate cash flow forecasts that will provide invaluable insight into the financial needs of your business. Making doubly sure that good decisions are being made that are beneficial to the business as a whole.
Additionally, we will be able to manage accounts receivable and payable, keeping track of invoices and managing the business’s funds to meet financial obligations. This will help to avoid costly late penalties and fees and improve the business’s financial well-being.
7. Peace Of Mind
As a business owner, managing all your finances can be daunting, especially if this is not an area that you are confident about. Hiring an accountant will ease this burden and offer you some much-needed peace of mind in the financial department, allowing you as the owner to focus on your strengths within the business.
An experienced accountant from SureBooks will be able to ensure that all transactions are compliant, accurate, and adequately recorded. Removing this stress from your shoulders. An accountant is also able to identify opportunities and financial risks, providing valuable advice and insight on important financial matters.
To summarise, hiring one of our excellent small business accountants will set your mind at ease knowing that your finances are being handled by an expert.
Make Sure That You Are Dealing With SARS Correctly
SARS, or the South African Revenue Service, is going to be a crucial consideration in ensuring that your small business is functioning efficiently and is legally compliant. With the assistance of one of our small business accountants, you will be able to make sure that your business checks all the necessary SARS compliance requirements. The first step is to assess whether your establishment owes any outstanding taxes to SARS. This involves a lengthy and thorough examination of taxable assets and whether your business has been paying them, you may uncover some potential issues that could arise again down the line.
Once this has been completed, one of our professional accountants will figure out if your business has been registered correctly for tax liability. Simply put, this is the amount of tax debt a business or individual owes to the government. With the help of a small business accountant, you rest easy knowing that your tax liability is being correctly tracked and updated to avoid any unwanted surprises.
Another crucial aspect of an accountant’s SARS compliance procedure is ensuring that every one of your business’s features is promptly reported to SARS. This would include things like furniture, company property, equipment, and any other fixed assets – liquid assets like investment portfolios and cash are also included in this. Other features such as the number of staff members, specialised tooling or company vehicles, will also need to be kept updated. Our SureBooks accountants can help you keep your SARS reporting on track and avoid any potential fines or penalties.
Lastly, it’s critical that all the necessary forms are submitted to SARS within the allotted deadlines. These can include provisional taxes, which consist of payments made to SARS with tax liabilities. A small business accountant can assist in properly managing your cash flow to cover expenses and tax liabilities, while also keeping you informed of upcoming deadlines. With some help, you can stand tall and confident that your business remains compliant with SARS regulations and focus on growing your company!
Some Tips And Tricks For Running A Small Business
It is certainly not easy to run your own small business, with that in mind we have created a short list of tips and tricks to help:
Develop a budget and try to stick to it. This is an essential part of successfully running a small business. It will help you, as the owner, to track expenses, make informed financial decisions, and notice areas where the business may be overspending. Always avoid overspending where possible, as this will ensure that your establishment remains profitable.
Embrace technology. Technology is not something to shy away from a small business owner! It can help to increase efficiency, improve customer service, and even reduce costs substantially. By utilising point-of-sale systems or apps, small business owners can streamline operations and automate tasks. This will free up a lot of time and resources, allowing you as the owner to focus on expansion and growth.
Implement an efficient invoicing system. Effective invoicing can ensure that there is a reduced risk of cash flow issues in your business and that everything is being paid on time. It is very important to provide detailed and accurate invoices that outline the exact services or products provided, payment options, and payment terms. As well as following up on overdue invoices, which should make sure that your business receives full payment promptly.