It is of paramount importance, for small, and medium-sized businesses, to know and understand the importance of professional financial record-keeping.
In so many instances, business owners do not assess their businesses' performance and growth; unfortunately, this has led to unexpected business failures and closures in South Africa.
With a professional accounting firm, which uses a dedicated software system, you can accurately measure the actual performance of your business and identify key areas of improvement.
By law, companies are required to prepare Annual Financial Statements according to reporting standards. i.e., International Financial Reporting Standards (IFRS) or International Financial Reporting Standards for Small to Medium-sized entities (IFRS for SMEs) and keeping certain tax records for 5 years.
Dext is a software application that allows business owners and accountants to electronically capture and store receipts, invoices and other supporting documents that a business depends on, to ensure they keep accurate and secure financial records. Dext removes the hassle of manual entry and is a way to saves time, as well as the obligation to invoices and slips. Dext integrates with SAGE, QuickBooks and Xero. Contact us to find out more information regarding this system.
You can’t, there is currently no requirement for an individual to register as a sole proprietor.
This is a common question, and the answer depends on the specific circumstances of each individual. Book a consultation to discuss your circumstances.
As a general response, if you are the only party involved, the property should be purchased in your own name. There are however individual circumstances which will result in a different answer. We only recommend purchasing a property in a company if you are purchasing with other parties. You will need to understand the tax implications of purchasing property in a company, which are significant. Book a consultation to discuss your circumstances.
Many small and mid-sized businesses fail to adequately measure and manage their finances, even though poor financial management is a major cause of business failure. If you don’t have good financial practices in place, your business could suffer in a number of ways:
We primarily use Sage Online. That being said, we will work with other systems depending on your preferences and needs.
At BVK, we specialise in company procedures and relevant statutory compliance. We provide a complete range of company secretarial services that are designed to ensure compliance with statutory requirements.
At BVK we don't just register your new company. All our new company registrations are value-added and include the name reservation of your choice, director changes, inaugural minutes, share certificates and registers.