Does Basic Bookkeeping Limit Your Start-up Business Success?
Many small business owners are superb in their field of expertise, but they fall short when it comes to basic bookkeeping.
Even if they’re adept at online marketing, managing client relations or creating in-demand products, it doesn’t mean they’re experts in small business accounting.
Unfortunate, but true – a single incorrect entry or usage of the wrong accounting journal can spell disaster for cash-flow management and tax submissions. To this end, it’s best to outsource the bookkeeping function to experts who understand the ins and outs of accounting, tax calculations and payroll management. This also frees up the business owner’s time, enabling them to focus on scaling their business operations according to market demand.
Maybe you fall in this category and dread the end-of-year calculations and having to keep meticulous record.
Solve the Problem by Outsourcing Bookkeeping
The secret is to outsource record-keeping to CHA Group where we have an expert team to maintain your books and handle complex functions like payroll, tax submissions, financial statements, and accounting. With up-to-date records, you have the assurance of compliance with best accounting practices, tax regulations, and labour statutes.
Our team makes tax submissions easy because we know accurate tax calculations start with best practice bookkeeping. We also help you understand the basics, enabling you to analyse and use the information from your financial statements to measure performance and strategise in terms of goals.
Aspects like accounts receivable, inventory, accounts payable, sales, purchases, loans payable and owner’s benefit will no longer be foreign and complex topics. Once you understand the relationship among these, you’ll be able to use the up-to-date books for more than keeping SARS tax compliant. You’ll be able to use the information to attract investment, decide whether to rent or buy equipment, where to cut costs and where to expand.
Do you at present understand what goes under accounts receivable? What’s the current tax threshold, where should you indicate your entertainment spending, and do you have a logbook for your vehicle? How do you indicate your salary if you’re a sole proprietor and what percentage for floorspace can you deduct if you operate a home office?
Don’t let the accounting function keep you from achieving your business goals. Whether it’s a start-up company, a freelance business, or a retail store, accurate and current books are at the heart of successful financial planning.
Get affordable and professional help today
Let us help you make it happen. Reach out for a consultation to free up your time, increase your understanding of record-keeping and help achieve your financial goals through our expert bookkeeping services aimed at small to medium-sized businesses in South Africa.