What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

Are You Falling Behind By Not Automating These Business Activities?

The daily processes and transactions involved in operating a business can mean long hours of repetitive tasks and occasional oversights due to human nature. Automating these tasks can result in significant savings in resources and eliminate mistakes caused by human error. The key, however, is to know which tasks should be automated and which ones warrant staff intervention and guidance. Let’s take a look at some of them. Here are…  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach…  Read more

The best legal structure for your business

Once you have purchased or started a business, you need to decide which is the best legal structure for your business. The options are a sole trader; company; partnership or trust. They all have advantages and disadvantages, so it is always best to obtain professional advice. Sole trader This is the most common form of structure and is the cheapest. All that is required, is that you register a business…  Read more

Valuing a business you are considering buying or selling

Valuing a business for purchase or resale is not as easy as say valuing an investment property, where the market value of the property can be easily determined by comparison with similar properties recently sold. Every business is unique and there is no easy comparison available. The value of the business is made of basically 2 components: the tangible or real assets plus the goodwill; intellectual property etc. known as…  Read more

Using KPIs to monitor and improve business performance

The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those…  Read more

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