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The Melting Ice Cube Series – Part 2: A Brief History of Money
Since this series is primarily concerned with the question "What is money?" it’s necessary that we at least have a general historical perspective of humanity’s relationship with money. What money have we used in the past, and how has it changed as humanity came into contact with successively superior forms of money? We weren't always using rands and dollars. Money, just like technology, language and life itself, evolves. In fact, the most recent form of money,...
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The Melting Ice Cube Series – Part 1 – Holding Cash: A Melting Ice Cube
Two young fish are swimming along when they happen to meet an older fish swimming the other way, who nods at them and says "Morning, boys. How's the water?" The two young fish swim on for a bit, and then eventually one of them looks over at the other and says, "What on earth is water?” The moral of the story is that we do not always understand the fundamental nature of things that surround us...
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Understanding Key Performance Indicators
Key Performance Indicators do just what they say on the box; they indicate how well your business is performing in key areas. If we liken a business to a vehicle, KPIs are the dashboard. They can answer questions such as: How fast are we going? How much fuel is in the tank? Should we change gears? Just as you would check your car’s dashboard while you drive, so you should also keep an eye on your...
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An explanation of the balance sheet for business owners [Part 3/4]
A balance sheet is a document that outlines the business’s value. It does this by listing three main things: the assets that a business owns, the liabilities that a business owes, and the equity, which is the assets less liabilities. The balance sheet forms part of the management report pack that Creative CFO produces. Often, the balance sheet can be quite challenging to understand, so we have made it our mission to make it visually understandable. What...
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A business owner’s guide to understanding and working with the profit and loss statement [Part 2/4]
The profit and loss statement (or P&L in accounting jargon) is arguably the central management statement for most SMEs, recording the majority of operational activities over any period of time, usually monthly. Ranging from the total revenue received to all the expenses incurred by the business over the period, the P&L is a treasure trove of information for any business owner. This article aims to provide a detailed explanation of the role of the P&L, what information...
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An introduction and high-level overview of the value of management reports [Part 1/4]
The purpose of a management report is typically to gather data from the various parts of a business in order to report back to management on certain key performance indicators (KPIs). Business owners and stakeholders often rely on timely and relevant reports for strategic decision-making and goal setting. In a time when businesses and stakeholders are increasingly adapting to the automation and digitisation of processes, management reporting has begun to take on a new meaning. Because...
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COVID 19: Working from home tax deduction
While the pandemic has forced many employees to work from home, you may be wondering if you now qualify for the home office tax deduction. We outline the requirements for employees to qualify below. Requirements to deduct home office expenses You are currently employed and working for a salary / commission You are required by your employer to work from home You have an office / area that is used regularly and exclusively (more than 50%)...
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NEW DESIGN – 2020 Tax Filing Season for Individuals
In response to COVID-19, SARS has re-designed the 2020 tax filing requirements for individuals. Some material changes have been made to simplify the process and remove the need to visit SARS branches in an aim to become more efficient and observe social distancing. Through the increased use of third-party data, SARS will be completing your tax return for you. Where SARS has the required information they will provide you with a proposed auto-assessment without the need...
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Tax and Debt Management
Drowning in tax debt? Don’t owe the South African Revenue Service (SARS) the tax liability they say you do? Perhaps you don't even know whether or not you have a tax liability due. Deciphering tax assessments and managing tax debt can be overwhelming. SARS does, however, provide resources and channels through which you can gain a better understanding of your tax compliance status and tax liability. In addition, you can make certain applications or requests to...
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