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
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
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, 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
It’s that time of the month again, time to tip out that old shoebox full of the countless number of till slips and invoices that you have studiously collated over the month. Time to capture it all into that massive spreadsheet with 10 tabs that took you days to create, and countless more hours to edit link format and maintain. After that, it’s time to find and capture all the invoices and credit notes that you manually created and manually sent out during the month – and then reconcile it to your monthly bank statement – MANUALLY!!! Finally,… Read more
When your retail data talks to you! I have met a couple of real data scientists in recent years, and I often hear them say, the data talks to me! Well not really, you know what they are really saying is that they see patterns in the data that others can’t see. I think I have figured out how they do it….listen up. It starts by developing a theory based… Read more
A top definition from The Urban Dictionary for “App Creep” refers to the uncontrolled additions or continuous growth of apps on an individual’s smartphone(device). This phenomenon occurs when the App Store is utilized in a reckless manner and the acquirement of apps is not properly defined, documented, managed or controlled. It is generally considered a negative occurrence, and therefore should be avoided. The same situation can manifest within all types of businesses, but small businesses in particular. Have… Read more
I have recently read a whitepaper published by Sage Australia on CFO3.0 and what struck me is that this is exactly what my vision for 118Accounting is. I have dissected the whitepaper below, with extracts of what I believe are the key points. CFO 3.0 is simply the evolution of finance and accounting function where 1.0 is being able to explain what happened, 2.0 explains why it happened, and 3.0… Read more
Those of you who know me, know that I have been trying to not be an Accountant for the last 10 years. After trying for many years to be the CEO of someone else’s business, I set myself a goal at the beginning of this year, to start at least one business of my own. If no-one else was going to hire me as CEO of their business, I was… Read more