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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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How cloud accounting made me enjoy the finance industry again
This is a topic that is very close to my heart and I am sharing this everywhere I go. A couple of years into my career as a chartered accountant I started to wonder if I was still enjoying working in the finance industry. I was busy with so many routine, tedious tasks that it felt like I was not growing and it did not feel like I was making a difference in other people’s...
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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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Unlocking the secrets of becoming investment ready
Let’s say your business finds itself in a position where an investor has shown an interest in injecting cash into your company. Whether this investment comes in the form of equity or as a loan to be repaid, the investor will usually want to see specific information about your business. At this point, the investor will start using technical terms and sometimes they might seem to be speaking a different language. Essentially, the investor wants to...
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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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Financing your Company’s Growth – Ask us how to take your business to the next level
So you've been thinking about growing your business and you're full of ideas. But then you start to think about financing that growth and the glow of enthusiasm dulls as the questions form in your mind. How much financing do you need? How do you get it? From where? Financing always seems to come with mountains of paperwork, which doesn’t appeal to many business owners. But there is an easier way, which involves getting Creative CFO...
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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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