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November 2014 NEWSLETTER
If Your Business Lacks Financial Skills ……
Financial skills are in short supply and are expensive. In the Small and Medium Enterprise (SME) segment this can adversely impact on many businesses. It must also be remembered that in terms of fiduciary duties and responsibilities, directors and senior management are expected to have a firm grip on the entity they manage. 

Financial skills are fundamental to a business and lacking them can expose directors and senior managers to increased personal risk and liabilities. 

One way to bridge this gap is by setting up informal audit committees.
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Accounting 101: Understand Accounting - A New Colour System To Simplify It 
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“Accounting is the language of business, and you have to learn it like language. You can't be comfortable in the country if you aren't comfortable with the language. To be successful at business, you have to understand the underlying financial values of the business." (Warren Buffet)


It is often said that accountants speak a strange language. This leads to many people in business not really understanding the income statements and balance sheets that are presented to them. This puts them at a business disadvantage.

 
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Warning: Cyber Crime Continues To Rise 
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Last year (CA(SA)DotNews November 2013 issue) we warned about the increasing trend in cyber crime.  Although there has been a response from business to fight this scourge, there has also been a marked rise in the sophistication of hackers. A recent American survey puts the global cost of cyber crime at $400 billion to $575 billion annually.
 
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SARS And The “Single Registration” Process  
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SARS now has a single registration and updating of details process for all taxpayers. This covers income tax, VAT, all payroll taxes and customs and duties. All information will be stored in one central point. So, if your bank account details change, you will only need to do this once as opposed to updating each type of tax. 
 
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South Africa: Did You Know? 
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South Africa is the second largest exporter of fruit. It is behind China but ahead of the USA and Brazil.

We invented coal to oil technology. Sasol took over research done by Germany in World War 2 and now produces 28% of South Africa’s fuel. It has also set up plants in the Middle East and the USA. 

The most diverse and iconic fossils are found in South Africa. 80% of mammalian fossils were found in the Karoo Supergroup rocks which cover two thirds of the country.
 
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Your Tax Deadlines For November 
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Non-provisional eFiling taxpayers must submit their income tax return by 21 November.
 







Disclaimer

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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