Running your own business, often sees you wearing multiple hats, especially when starting. A set of functions you often have to take control of is bookkeeping and accounting. These functions can significantly enhance financial planning and keep the finances of the business in healthy shape. Recently an accountant was arrested in connection with more than R11.4 million fraud in Despatch, in the Eastern while one, who worked at the company in Sasolburg, stole R2.5m through fraudulent transactions. This means that even if you have a trusted accountant, it does not hurt to know what exactly is happening in your business accounts. Fortunately, accounting software can help in this regard. Tips for invoicing success

• Itemise the invoice making sure the customer can see what they are paying for, and understand exactly how the total has been calculated.

• Clearly define the payment terms as the customer should be under no illusions about how much they owe, when it is due, and how they can make payment.

• Invoice as soon as you provide the service or hand over the product. SMEs are often so busy with their everyday business they forget, or put off the obvious. 

Both invoices and quotes are critical to the financial success of businesses. Fortunately, technology is increasingly being implemented in small businesses to help manage the time-consuming processes of generating both quotations and invoices.

New This Week (25 July 2023)

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Fuss Free Way To Register Employees for UIF

There are a few tax and legal implications when hiring workers. One of the things you are responsible for is Unemployment Insurance Fund (UIF) registration and payment.UIF is an employee right and gives short-term relief to workers when they become unemployed or are unable to work because of maternity, adoption parental leave, or illness. It also provides relief to the dependants of a deceased contributor.UIF Fundamentals: 

• All employers who employ someone for over 24 hours per month are required by law to register their employees with the UIF.

• When employers register their employees with UIF, they need to make monthly contributions to the fund. 

• This contribution amount needs to be 2% of the employee’s gross monthly salary. 

• Employers are responsible for paying 1%.

The easiest, and most efficient, way to register employees for UIF is through uFiling. Just like eFiling for income tax returns, uFiling offers an online portal where employers can easily pay and declare UIF contributions. 

How Enterprise Development Can Set Your Business Apart

Innovator Trust’s 24-month Enterprise Development programme offers entrepreneurs an extended period of focused development. During this time, small business owners receive a range of invaluable support services tailored to their specific needs, including:

• Business Development

• Negotiation Skills

• Entrepreneur Development

• Personal Development Plans

• Business Financial Accounting

• Digital Marketing Support

• Health and Safety Training

• Business Presentation Skills – Be pitch deck-ready

To find out how the Innovator Trust Enterprise Development programme and how they can assist you, check below:

Why You Should Consider A YouTube Channel

Google's advertising resources indicate that YouTube had 25.30 million users in South Africa in early 2022. This means that YouTube's 2022 ad reach was equivalent to 41.9% of South Africa's total population at the start of the year.YouTube is the 2nd largest search engine and the 3rd most visited website worldwide, behind only Google and Facebook which means having a YouTube channel adds to your business's sense of legitimacy online. The stats indicate that if you want to grow your business and reach more customers, YouTube is a great place to do it. With a good video marketing strategy, any kind of business can use YouTube to boost its success. 

Ways businesses can use YouTube:

• You can tap into the platform’s large audience and gain views organically.

• You could embed YouTube videos onto your website.

• You can share videos on social media

• You can use lead generation ads for B2B marketing.

• You can add product videos to your online store.

Tax Season Has Started, Are You Compliant?

Did you know that if your small business is registered as a company and meets certain qualifying requirements, you can register as a small business corporation (SBC)?SBCs can access extra tax incentives, including a reduced tax rate.For your business to qualify as a small business corporation (SBC) by SARS, you will need to meet the following criteria:

• Your business turnover is less than R20 million per year.• All shareholders in the business are natural persons.• You only own one business.• Less than 20% of the business turnover comes from “investment income".• Less than 20% of your income comes from rendering a “personal service".

For more information on this and other tools and expertise to help you stay on top of your tax obligations. Click here to read more.