Accounting services for small business South Africa are just the tool entrepreneurs need to overcome the many challenges awaiting them. From simply not having enough time to run their business, to facing constantly evolving challenges, or lacking a clear strategy, it’s clear that small businesses owners have a lot on their plate from the get-go.
The great news is that SureBooks has tailor made a variety of affordable accounting services packages for small businesses, designed to help them overcome these obstacles and more. This article will detail five major obstacles that small businesses owners in South Africa face, connecting each to a SureBooks package designed to address it.
Accounting Services For Small Business South Africa: Not Enough Time
Whilst it prove to be an exciting venture, running a small business in South Africa is certainly no small feat. It takes an immense amount of planning, resources and endurance on the part of the entrepreneur spearheading the venture and this is all only in the startup process. Once a business is up and running, it’s likely that any small business owner will quickly find their hands full all of the time, seeing to the many and varies needs of their operation.
However, this is not something that aspiring business owners are unaware of. In most cases, they are already motivated and prepared to put the substantial time and effort into their operation to see it thrive. That being said, there are tasks that run peripherally to the core running of the business that some entrepreneurs do not anticipate or underestimate in difficulty or tediousness. The accounting aspect of a small business is certainly one of these. Especially during the beginning stages of a small business, it’s critical for owners to spend as much time as possible tending to and growing their business.
Instead, many find themselves getting bogged down in their books, unfamiliar with all the minutiae associated with the task and at risk of making critical errors. What’s more, small business owners who are just starting out often lack the capital necessary to invest in an in-house accountant to complete these tasks for them. That’s where SureBooks comes in.
We offer the perfect timesaving and budget-friendly service with accounting services for small business South Africa. Owners looking to get their operation off the ground, “the SureStart package”. From only R2200 per month, this basic yet comprehensive package covers everything a small business need in terms of accounting up to 100 transactions reconciled monthly, weekly reconciliation and management using Receipt Bank, a monthly financial health check on the Xero accounting software, and invaluable Small Business Accountant Financial Guidance to the degree necessary for a smaller operation.
A package like this helps free up much-needed time for the small business owner, giving them the opportunity they need to zero in on the core running of the business and taking a significant amount of stress off their mind.
Accounting Services For Small Business South Africa: Developing Challenges
Any small business owner’s primary goal is to not only to sustain but also see growth within their business. This sought-after growth may not be immediately apparent and can take a significant amount of time and energy to bring about. However, any small business owner dedicated, savvy and patient enough is very likely to reach this stage. This is obviously cause for great celebration, but it should also warrant caution. A business’s growth is marked by the synchronous expansion of its operations and profits both.
Whilst bigger operations often equate to bigger profits and more lucrative benefits, they also come with larger challenges. Increased logistics, staffing, expenses, regulations and taxation are but a few of the enlarged or additional obstacles the owner of a growing small business now face. Caught unawares by these, a small business owner risks becoming overwhelmed and stalling, or even reversing, the growth that their operation has gone through.
That’s why we created the SureBooks SureGowth package. Starting at only R3300 per month, this accounting service has been specifically designed to help small business owners not only cope with the new challenges associated with expanded operations, but to also maintain and accelerate that growth at a sustainable pace. It’s features closely resemble the SureStart package with weekly reconciliation and management using Receipt Bank, a monthly financial health check on the Xero accounting software, and invaluable Small Business Accountant Financial Guidance, but with the added benefit of also allowing for the reconciliation of up to 250 transactions per month.
With a package like this, the owner of a small business is more than ready to see their operation through the turbulent but exciting process of growth, and a sure step towards cementing an established business.
Accounting Services For Small Business South Africa: Taxes
Benjamin Franklin, one of the founding fathers of the United States of America is attributed to uttering the now famous/infamous quote: “In life, nothing is certain but for death and taxes.” Alas, in the over two centuries since Franklin made this claim, nothing has occurred to disprove it. Thus, small business owners must best prepare themselves for the inevitability of taxes. Unfortunately, taxes represent more than just simply a straightforward reduction of revenue.
The process of correctly filing taxes is tedious, time consuming and particularly in South Africa, easy to do erroneously. This is because our taxation is multifaceted and complex, prone to changes in regulation. Should a small business’s taxation be done incorrectly, it is liable to fall victim to heft fines and penalties. Fines of this sort could easily cripple a small or growing business, stalling or utterly undoing any momentum it has built up. Furthermore, the associated penalties levered against a small business will be visible to any investors or lenders, reducing the likelihood that they’d be willing to make a capital injection into that business.
All of this is to say, it’s really important that a small business owner handle taxes diligently. The good news is that Surebooks can do that for you, without our SureTaxes accounting package. Starting at only a mere R900 per month, this all-inclusive package will cover any tax-related troubles for a business. This includes a detailed compilation of all financial statements, both provisional and final tax returns calculations, and the infamously tedious submission of annual returns to the CIPC (Companies And Intellectual Property Commission).
A package like this guarantees smooth sailing for a small business owner when it comes to taxes, helping them save as much money as possible, avoid fines and penalties, reduce hassle and most of all, give out peace of mind.
Accounting Services For Small Business South Africa: Payments
The owner of any small business in South Africa will quickly recognize that the running of an operation isn’t a task that can be taken on alone. Most businesses rely on a team or teams of staff to see to the smooth running of a business. As that business grows, so will the number of staff needed and often too, the skill level of the staff. However, the reality is that as much as staff are essential to an operation, they also represent one of the largest expenses and logistical challenges.
This is certainly true in terms of accounting too; a business owner must keep track of all their staff payments. Should there be an error made in payments to staff, this could quickly lead to deteriorating staff loyalty and workplace relationships, which can be very damaging to any business.
Rather than risking error or facing the logistical hassle, small business owners can instead invest in the SurePay accounting services package. Starting at only R500 per month, this package will monitor staff leave, handle payslips, address payroll reconciliation with SARS and integrate it all into your Xero accounting books. The base fee of R500 covers monthly payroll for up to 5 employees, with R65 extra monthly for any additional employees. This can be upgraded to a weekly payroll for R600 per month, with an extra R85 per month for any extra employees.
Accounting Services For Small Business South Africa: Lack Of Strategy
There are businesses that work hard, regularly invest in themselves and avoid making mistakes— but unfortunately still fail. Why does this happen? The reality is that even a well-run business cannot succeed if it has no clear strategy moving forwards. The task of a small business owner is to not only see to all the many present demands of their operation, but also look ahead to the future needs thereof, not to mention possible opportunities. However, this is all much easier said than done. It’s far more than getting the right mindset it is also about getting the right information. Information is the key to any strategy and will form the backbone of any future planning. An entrepreneur may at this point have enough know-how and savvy to spot trends within the realm of business they operate in, but this isn’t all there is to running a business. This article has made it clear just how important the financial and taxation aspects of a small business are. Clear strategy needs detailed information on these domains too.
That’s why we have devised one of our most intensive services yet: “the SureCFO” accounting package. Starting at just R6500 per month, this virtual CFO (Chief Financial Officer) accounting service offers a small business one of the most powerful tools available to them. This virtual CFO will provide your business with executive reports on the health of your business and the movement of outside trends within the commercial, financial and taxation spheres. They’ll help you to exert measurement and control over your operations and finances. They will also have regular meetings with you to discuss the strategy of your business based on all of the information they’ve helped to gather.
This is an affordable and convenient investment for any small business owner motivated to give their business an edge over competition, providing it with valuable insight and expert guidance on optimal strategy for both the present and future.
Accounting Services For Small Business South Africa: Conclusion
In conclusion, there are a great many obstacles that a small business owner in South Africa will face throughout the course of their entrepreneurial journey. From not having enough time, facing evolving challenges, dealing with taxes, handling staff payments and facing a lack of clear strategy, these are all challenges that can quickly overwhelm and sink a small business. Fortunately, SureBooks’ Accounting Services for small business South Africa has anticipated these obstacles and created a variety of accounting service packages designed to help small businesses overcome these obstacles.
Packages such as the SureStart and SureGrowth aid new and growing businesses, whilst the SureTaxes and SurePay packages are useful to a business in any stage of development. Moreover, the SureCFO tool is one of the most potent available to any small business, giving it the perfect strategy to success. So, if you want to learn more about how we can help you with your own accounting services for small business South Africa needs, don’t hesitate to visit our website today to learn more.
