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It is well known that most businesses fail within the first five years, while many others fail later. Even though entrepreneurs may have good technical skills and/or marketing abilities. Why?

Business failure could more often than not be attributed to poor management – in particular:

  • Lack of financial skills
  • Lack of management skills
  • Lack of a proper business plan, including market analysis, product costing, budgets and cash flow projections
  • Lack of an appropriate financial reporting system which reports monthly on variances from budgets
  • No regular professional financial advice

Business people understand the relationship between costs of products/materials for resale, labour costs and sales revenue. They also accept the necessity of certain other costs like rent, telephones, interest, and equipment. But certain costs are often seen as “unproductive”, that is they produce no direct revenue, and hence should be kept to a minimum, and even postponed where possible. Such costs include:

  • Employment costs of accounting and administrative personnel
  • The costs of outsourced monthly management accounting
  • If applicable, the costs of outsourced payroll
  • The cost of tax and other regulatory compliance
  • The cost of protecting rights, including appropriate legal agreements
  • Audit costs

Good accounting can save the day – precise financial planning and reporting should always be a cornerstone of any business. In difficult financial times, paying attention to accurate accounting and report monitoring on a monthly basis goes a long way to ensuring the financial well-being of the entity.

All too often, saving on vital accounting and administration costs exposes the business to future increased expenditure, as the cost of rectification far exceeds the cost of doing things right the first time. These additional expenses may include:

  • Liability of taxes, penalties and interest arising from underpayment of VAT and PAYE
  • Penalties and interest to SARS on unpaid taxes or underestimates of provisional taxes
  • Criminal conviction for non-compliance
  • SARS audits of income tax submissions
  • SARS audits of VAT and Payroll submissions
  • CCMA disputes arising from non-compliance with labour legislation
  • Substantially higher accounting expenditure as a result of initial poor and insufficient financial recording
  • Declined loan applications due to the lack of convincing financial information
  • Unable to sell the business due to the lack of credible financial information
  • Exposure to losses through stock shrinkage
  • Exposure to risk of fraud

In this day of excessive regulation, business simply cannot afford to omit the costs of qualified bookkeeping and accounting services.

Registerred Financial Service Provider:Netco Risk Management FSP 40265

  Address:Platinum Junction Park
Milnerton, 7441

Hours of Operation:Mon. to Fri. 9am to 4pm

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