Cryptocurrency tax principles for South Africans

Cryptocurrency tax principles for South Africans SARS applies the normal income tax rules when it comes to Cryptocurrencies, in fact, the term Cryptocurrency is not even defined in the Income Tax Act. So, if you have bought and sold Cryptocurrency in the recent past what does that mean for you as far as your tax is concerned? Here is a short summary: The tax treatment of crypto assets would essentially…  Read more

Feature highlights of Xero Projects

Feature highlights of  Xero Projects    Gain greater control, flexibility, and financial visibility of your projects Project profitability – make sure that you are making your target profit on projects View how much you have invoiced by project; Manage your total expenses at a line item level ensuring that you are making a profit on the project by matching all project costs to the amounts invoiced; Create purchase orders (PO)…  Read more

Important Payroll deadlines in May

The month of May involves two important payroll related deadlines. Return of Earnings (ROE or COIDA) submissions and EMP501 submissions are both due by the 31st of May 2022. Our blog explains who needs to submit them and why they need to be done. ROE The Compensation for Occupational Injuries and Diseases Act (COIDA) requires all employers to submit a declaration, known as a Return of Earnings (ROE). The return…  Read more

The advantages of a business dashboard

Business dashboards are a valuable business intelligence tool, offering an “at-a-glance” big picture view of a company’s performance. Some business owners use a dashboard to track KPIs relevant to just one aspect of their business, such as sales growth, marketing, or financial data. Others rely on an executive dashboard for an overview of data culled from various sources (e.g. their accounting software, CRM tools, and website analytics). The great advantage…  Read more

4 Key Areas to Evaluate in Your Business Budget

With the potential for business life to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned…  Read more

EVERYDAY IS MONTH END |YEAR END

EVERYDAY IS MONTH END |YEAR END   With another tax year-end rolling over, every accountant and business owner will be thinking of year-end, and what that means to them. We thought it would be a good idea, to explain what it means to us. If things are done correctly, year end should be just another day, and nothing to be feared. Sure, there is provisional tax to pay, and an…  Read more

4 Reasons to Switch to Cloud-based Accounting

If you’ve been considering making the move to a cloud-based accounting system, you’re not alone. Cloud technology has impacted many business functions, including making managing financial aspects of your business easier and more efficient. Cloud-based accounting moves your accounting from being hosted on your computer’s harddrive to an online platform. Cloud-based platforms like QuickBooks and Xero offer important features that save you time and money, freeing you up to focus…  Read more

4 Reasons Your Business Should Consider Digital Receipts

4 Reasons Your Business Should Consider Digital Receipts, With a Smart Cloud Accounting solution like Xero Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them.…  Read more

Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future is crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

How a “Virtual CFO” can help you grow your business

Every business can benefit from dedicated financial management expertise, but very few small businesses have the means to hire someone full time—particularly in the lean early years. Unfortunately, it’s those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time can even make or break a business. Hiring a virtual CFO is an affordable option for…  Read more

Are home office expenses tax-deductible?

“Are home office expenses tax-deductible?”   With more and more people working from home, we often get asked what the tax benefits are? The truth is that the criteria are quite strict, and the benefits may not always be that substantial. Let us break it down for you.   The office that you are claiming the deduction on must be appropriately equipped and used regularly (i.e., more than 50% of…  Read more

3 Tips to Make the Most of the End of Financial Year

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time to…  Read more

Why outsource your accounting?

4 REASONS WHY YOU SHOULD OUTSOURCE YOUR BOOKKEEPING AND ACCOUNTING TO 118ACCOUNTING  As a small business owner, running your business takes priority – accounting for the accounting in your business…. probably only happens when you have a gap – why not look at ways to make that process simpler and faster, by outsourcing your bookkeeping and accounting to 118Accounting? 1 Lower Cost How do you value your time?  Every small business owner knows that time is one of your most valuable assets. Having more…  Read more

Why a good accountant is critical for small business.

Why a good accountant is critical for small business. In order to know how well your business is doing you need accurate and up to date financial information and peace of mind that you are tax compliant. It sounds obvious but often as a small businessperson you are so focused on your passion of delivering great service to your customers, whatever that may be, that these pesky administrative details can…  Read more

Bookkeeping tips for Small Business and Entrepreneurs

If you have a small business or plan on starting one here are a few tips to help you keep track of your finances. Planning is everything. You need to know what is expected of you, what information you need to record. What tax do you need to pay, what’s your income and expenditure? Don’t mix your private money with your business – Open a separate business account and keep…  Read more

What is a Virtual CFO?

Accountants have always held a special place with their customers. When it comes to Annual Financial Statements and tax the average accountant can rattle these off fairly easily. We have reached a new era in accounting! With the advent of digital 2.0 (https://www.cio.com/article/3287929/whatisdigital2.0.html) accountants have access to technology that puts them in a new place when it comes to what they can add. The value comes in two areas. Let…  Read more

The basics for your accounting package

In this final post of our series of becoming more financially literate about your business’ finances, we look at how to go about choosing an accounting package that suites your needs.   It is not just about accounting  As a management accountant, I get excited about the data that underpins financial statements. One of the most important aspects of choosing an accounting package is the type of information that you want to store and retrieve. It is not just about accounting – and you need to bear…  Read more

Forming A Routine

Getting a grip on your numbers can seem like a daunting task – especially if you are carrying some sort of an aversion from your school or varsity days.  In my last two posts I discussed why it is so important for a small business owner to stay on top of their business finances. I pointed out the difference between the value your accountant adds vs. the value you can…  Read more

Automate your accounting processes for insights!

Another jewel in the Xero app eco system is Spotlight reporting. Working with tools like Spotlight connects with our purpose for being in business. We create order out of your paperwork chaos, automate and simplify the recording of that data using tools like ReceiptBank. Once that data is in Xero, we can connect your financial data seamlessly to tools like Spotlight to give you great insights. Let’s explore how we…  Read more

Receipt bank works like magic!

One of the most phenomenal tools that I have encountered in my cloud accounting journey so far is Receipt bank. They say great software works like magic, well enter Receipt bank. Receipt bank is an expense management tool that automates your data capturing process.   It works as follows:  You upload your slips or invoices by:  Taking a photo of your expense slip using the receipt bank app;  Forward your creditors…  Read more

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