Welcome back to a normal working routine! Holidays are over, South Africa has voted.
April was not a productive month, not for small businesses and definitely not for the economy with certain economists projecting a daily loss of R1 billion rand to the South African economy for every public holiday in April and May. With the ANC set to win the election, not much disruption is expected, but the market is definitely watching the election results closely, especially the share that the EFF will take and whether the ANC will manage to get two thirds or not.
At The Beancounter it is business as usual. EMP501 reconciliations and the annual Workmen’s Compensation returns are due at the end of May 2014. We are also hard at work to improve features within our monthly management accounts and our My Business Online customers are now able to access their books and financial information with their smart phone or tablet (please ask your accountant for more details).
We continually strive to be the leaders in our industry and to provide you with world class service.
It’s an honour to serve you!
The Beancounter Team
5 REASONS WHY ENTREPRENEURS SHOULD HIRE AN ACCOUNTANT
When it comes to asking for help, a recent survey showed that startups are more likely than owners of established businesses to enlist mentors or coaches. Long-time business owners, on the other hand, were more likely to rely on the services of accountants, lawyers and bankers than their younger counterparts.
Considering the number of startups that fail in the first year of business, and the challenges entrepreneurs face on a daily basis, it’s apparent that we must help startups understand the importance of working with dedicated professionals. Does an accountant cost money? Of course, and it’s one of the biggest reasons preventing entrepreneurs from seeking the services of a professional accountant. But startups should consider their services investment, not an expense.
Here are five reasons why all entrepreneurs should work with an accountant.
1. Focus on why you started your business. Entrepreneurs are passionate and can’t afford to get bogged down with tasks that don’t help you continue to grow. Accountants can take on the heavy lifting of many different aspects of your business.
2. Find work-life balance. Regardless of how new or established a business is, owners across the board struggle with finding the right balance between work and having a life. Accountants can take on the tasks you are less than thrilled about handling, and free you up to sell, market and grow during the day, and maybe even take your son to soccer practice at night.
3. A professional reputation. A good accountant will represent you and your company in the best possible way. This is particularly important as new businesses strive to build strong relationships with key players in their success, such as the bank.
4. They have reach. Don’t underestimate how valuable it is to receive guidance from someone who has insight and knowledge across hundreds of businesses and industries. Accountants not only get to see the financial information of many businesses across a variety of industries, but they also have visibility into best practices that are working for other businesses as well as the mistakes others have made that have led to failure. Being able to have this insight and share information on what has or hasn’t worked for others is invaluable – why reinvent the wheel if you don’t have to?
5. They understand tax. This may seem obvious, but keep in mind that rules and regulations change frequently, and it’s tough if not impossible for any business owner to keep up with it all. An accounting professional can take away your uncertainty and ensure your business stays compliant.
Can your startup survive without the assistance of an outside accountant? Possibly, but the extra insight, guidance, and expertise an accountant offers can be the catalyst that makes your business thrive.
INCREASE IN PASTEL MY BUSINESS SUBSCRIPTION
Please note that SAGE Pastel My Business Online’s monthly subscription will increase from R150.00 to R165.00 per month as of 5 May 2014.
TESTIMONIAL OF THE MONTH
Outstanding, up to date, they do the reading for us and let us know the nuts and bolts. Offer advice beyond their services required, quick, do work on the job not a case of, “I will get back to you”, they sort things out there and then. They are like family, when you need them they help. I would describe them as being friendly, modern, efficient, capable and willing. They are able to remember what has happened in your business, you don’t need to spend time explaining what you do. They make you feel happy when they here.
We now have quicker turnaround times on month end processing, we know that things are right and we have the ability to pick up errors at a glance and get them sorted out. They give me confidence! Great service & knowledge! Outstanding communication! – M Moore