In this blog post, we’ll discuss the benefits of using outsourced accounting, as well as tips for managing different areas of your finances.
Benefits of Outsourced Accounting
- Expertise: An outsourced finance company will have financial planning and accounting experts who can help you make the most of your money.
- Time savings: By outsourcing your finances, you’ll free up time to focus on other areas of your business.
- Cost savings: Outsourcing your accounting needs can save you money by helping you reduce expenses and make more efficient use of your resources.
- Better processing: Outsourced accounting can help you streamline your financial processes, making them more efficient and effective.
3 Money Management Tips
Hiring a tax consultant
Ensuring your small business is tax compliant is essential to avoid harsh penalties. Unfortunately, without the correct tax knowledge, many small business owners still suffer these penalties as they fail to correctly file annual returns or make incorrectly estimated payments. This is where a tax consultant comes in, as they will help to ensure that your small business is compliant and up-to-date on all filings.
Another important financial consideration for small businesses is provisional tax. The main aim of provisional tax is to spread the payment of income tax throughout the year, rather than paying it all in one go at the end of the financial year. This can be a challenging process, which is why it’s best to enlist the help of an outsourced finance company.
Outsourcing your payroll
Another important area of small business finance is payroll. This includes paying employees their wages, managing employee benefits, and withholding taxes. Payroll can be time-consuming and complicated, but it’s essential to get it right. Luckily, outsourced payroll services can handle all of this for you. This will free up your time so that you can focus on other aspects of running your business.
If your small business is turning over in excess of R83,333 (equivalent to R1m per annum), your business is required to be registered for VAT. Outsourced finance companies can help you with all aspects of VAT registration and management.