Small Business Accounting Service: How Our Small Business Accounting Can Help You Succeed
In this day and age, ensuring that your finances are in order can be extremely tough, however, with the small business accounting service from SureBooks, this will be a problem you no longer have to worry about. Today, we will unpack the many benefits of small business accounting and explore how our assistance can open the doors to major growth for your business.
When you choose our SureBooks team, you can rest assured that highly trained professionals will handle the business accounting on your behalf. Having peace of mind that this aspect of your business is in order can help you focus on the running other business elements. So, if you have been considering taking the next step in your financials endeavours, you would be hard-pressed to find more capable hands than ours.
What Makes Our Small Business Accounting Service So Useful?
Oftentimes, entrepreneurs excel at many other aspects of running a business, whether it’s marketing, sales or design but accounting may not be one of them. While it is true that you could take the time to learn all the necessary skills to handle the finances of your business yourself, this can be incredibly time-consuming, and it isn’t the simplest course of action. This is especially applicable to those starting their first business, who may be entirely unaware of many of the financial and administrative practices which allow a business to thrive.
Our small business accounting service will also free up your schedule substantially, as you will no longer need to concern yourself with the more finicky parts of running a successful business. This affords you the opportunity to focus on your strengths and push the business forward in whatever way you see fit. So, why not enable yourself to handle all day-to-day business activities and put yourself in the best position to succeed?
Another crucial consideration is that accounting and financial management are complex fields with regulations and rules that are in a state of constant change. It is challenging to keep up with this while also attempting to run a business, in many cases, this can lead to plenty of mistakes and oversights, which could be avoided. Let’s have a look at a few of the specific areas which our SureBooks accountants could help you out.
Small Business Accounting Service: Payroll Made Easier
Of course, one of the most critical aspects of running a small business is ensuring that your staff are well looked after and paid the correct amount, at the right time. Many people might think this can’t be all that complicated, however, it has become much more complex than you may imagine. When you go through us, we will completely take over this critical role. This includes helping you calculate hours or days worked for each employee, factoring in overtime and public holidays, compiling information about each employee, and removing this stressful administrative duty from your shoulders.
Additionally, we will handle all taxes related to payroll, including PAYE, UIF, and SDL, which can be very confusing for the uninitiated. All these taxes will be calculated and deducted from the salaries before any payouts begin. To add to this, we will also cover all EMP501 submissions, which is basically a reconciliation report of all staff earnings, deductions, and some of the payroll taxes we just mentioned. This is one of those reports that can be easily overlooked, but it is integral to remaining SARS compliant.
As you can see with this comprehensive SureBooks small business accounting service, you can feel confident that your business is ticking all the boxes and above-board regarding compliance and tax.
Small Business Accounting Service: The Essential Nature Of SARS Compliance
Since we’ve just touched on it, let’s delve a bit deeper into the many reasons compliance is so important in the world of accounting, as well as how we can ensure that your business remains on the correct path. If a business decides to take certain shortcuts with compliance, there can be extremely harsh penalties down the line. While one might be able to get away with it for a period, a non-compliant status on the central supply database could mean that they are ineligible to apply for tenders and it could result in permanent financial harm to the business in question.
The ’non-compliant’ label could mean that many other businesses and organisations will be unwilling or downright refuse to do business with you. As you can imagine, this is certainly something that you will want to avoid. Luckily, we can take care of everything related to SARS compliance, including ensuring you do not have any outstanding funds owed, there are no neglected tax returns, you are fully registered for all liable tax in your company, and that all registered features are seen to and updated. We have a wealth of experience to draw from and have assisted a great number of businesses in this area – place your trust in us and we will ensure that you are fully tax compliant.
For small businesses that have only just started operating, your SureBooks small business accountant can also help you get the ball rolling by handling the tax registration. This must be done within the first 60 days of the business generating revenue, and once it is complete, you will be given your unique SARS tax number. Ultimately, our highly trained accountants can assist you with everything compliance-related, right from the very beginning of your journey.
Small Business Accounting Service: CIPC Compliance
As you might have noticed, there are many different things one needs to be compliant with when you run your own small business. One could even say that it is too much to handle on your own without the help of an accountant. Before we go on, allow us to briefly explain what it means to be CIPC compliant – CIPC stands for Companies and Intellectual Property Commission. Its purpose is to register and maintain the co-operatives and intellectual property of a business. All companies, with the exception of closed corporations, need to register with the CIPC each year.
In order to be considered compliant, you must answer twenty-four standardised questions which can be quite complicated. For example, two of the questions are: “Did your company update the Memorandum of Incorporation” and “Did your company undergo solvency and liquidity testing?”. Perhaps that gives you a good sense of the other 22 questions which need to be comprehensively answered annually. For those without accounting or financial expertise, this can be tedious and confusing. That’s where we come in – with the help of your SureBooks accountant, CIPC compliance is a walk in the park.
Some Other Noteworthy Benefits Of Our Small Business Accounting Service
Let’s get into some other aspects of your business operations that could benefit from the presence of one of our SureBooks accountants.
Save Money In The Long Run
One way in which our small business accounting service can be beneficial, is actually saving you money. While it is true that our services do come with a small fee, our assistance can work wonders for your business’s bank account going forward. Putting their knowledge and expertise to good use, a small business accountant will be able to pinpoint areas where money is being spent inefficiently or wasted, point out opportunities to save money and provide useful advice on how to manage payroll, inventory, and much more most effectively. This can be invaluable for the progression of any small business and will no doubt be hugely positive for yours.
Accurately Plan Your Business’s Future
Once you have a significantly better understanding of the financial position of your business, you are far more capable of charting a comprehensive course for success. You will have an enhanced idea of how much money is available for spending, when to spend it, and what to spend it on. As you can imagine, this is crucial for the development of any business, especially smaller ones.
Peace Of Mind
It should not be understated how much of a difference it can make to have a competent accountant by your side. Without the stress of handling every financial responsibility, as the business owner, you can divert your attention to ensuring that your business runs smoothly and offering the best customer service possible. Your SureBooks accountant will make sure that you aren’t hit with ballooning debts, unfortunate and costly tax liabilities, and money issues you may not have known you had. The peace of mind this can provide is certainly nothing to scoff at.
Improved Cash Flow
Whether you are a major conglomerate or a recently opened small business, cash is the fuel that keeps any company running. Cash management refers to the way in which a business goes about its capital transactions, business practices, and funding activities in order to maintain a positive cash flow. Without effective cash flow management, even hugely profitable businesses can fail. If you decide to go through us, we will make sure that you have excellent cash management and credit monitoring practices, which opens the doors to steady business growth and opportunity.
Why Choose SureBooks As Your Small Business Accounting Service?
Now that we’ve explored the many reasons why a small business accountant can benefit your business, let’s get into why you should choose us at SureBooks to fulfil this role. We are dedicated to taking our client’s businesses to the next level and ensuring that they get the help they need to succeed in the hugely competitive environment that is the business world.
We Have The Qualifications To Back It Up
Every single one of our accountants is fully accredited by our nation’s accounting service bodies, SAIPA and SAICA specifically. Beyond this, we are registered as tax practitioners at SARS, and members of our leadership have CIMA accreditation. At SureBooks, we don’t cut corners, and we understand the value of doing things the right way. When you choose us, you can rest easy knowing that your finances are being looked after by the best of the best.
We Have many Years Of Accounting And Financial Experience
Not only have we managed to build up a successful accounting business ourselves, but we have assisted a huge number of small businesses develop into hugely profitable companies. Over the years we have been in business, we have worked with clients from almost every industry imaginable, and this has allowed us to learn more than most accountants might ever hope to. Most members of our leadership have more than 20 years of experience and have managed blue-chip level finances.
We Keep Up With The Times
One thing about us is that we don’t hold onto the past, we understand the importance of technology and bringing into our accounting practices. To streamline everything, we incorporate Receipt Bank, Simple pay, and Xero, for impressive real-time reporting whenever it’s required. As crucial as it is to have qualified and competent personnel, nowadays, it has become equally as important to ensure that your technological understanding can match your accounting prowess.
With all the benefits of our small business accounting service discussed in this article, you may want to start today. Don’t hesitate to contact us online or by speaking to one of our helpful telephone consultants and see how we can get you started today.