Happy 2014! May this year be a successful and great one, both personally and for your business. As always, we are embarking on this new year planning to break new boundaries and exceed what we once thought was impossible. 2014 is our year for the customer, it will be our mission to go the extra
I see it more and more often that invoices do not comply with the VAT act and therefore VAT can’t be claimed on these invoices. Should a vendor claim the VAT and SARS conducts an audit, the VAT claimed will be reversed and the vendor will be responsible for the amounts incorrectly claimed. Additional penalties
Is there a difference? Absolutely. Markup and gross profit percentage are not the same! Also, the accounting for gross profit vs mark-up are different! A clear understanding and application of the two within a pricing model can have a drastic impact on the bottom line. Terminology speaking, markup percentage is the percentage difference between the actual cost and the selling price, while gross proft percentage is the percentage difference between the selling price and the profit.
If you are a small business owner, you probably know by now that good accounting is one of the essential foundations that are needed in order to guarantee success. The truth is that most small business owners spend too much of their precious time on the admin aspect of their business, where they could have been focusing on other important aspects such as communicating with clients or researching new ventures that could ensure more profit.
Why consider outsourcing your accounting?
When you are a small business, chances are that you manage it yourself and that the profit of the business is your main priority. Most small businesses are driven by entrepreneurs and there might have been a situation, once or twice, where you have wished you knew something a long time ago. This might just be one of those situations and we might have some good news for you.