The long hours are starting to pay off and your small business is beginning to take shape. You know with a few small changes you will be able to launch the company to where it needs to be, but the problem is these small changes take money. Whether it's a desire to hire new staff, expand production or boost advertising, recent statistics suggest the majority of companies will need to secure additional financing at some stage to not succumb to bankruptcy.

The two most common ways to bring money in at this stage are through utilising a small business loan or opening a line of credit. What are the differences though, and how do you know which is right for your business?

The ability to collect money owed by taxpayers from third parties (banks for example) who hold money for them is just one of SARS’ wide powers when it comes to the collection of outstanding tax debts. 

Fortunately, because these powers are so extensive and can potentially place companies or individuals in dire financial distress, taxpayers do have rights in this regard and SARS must follow certain procedures before it can collect tax debt via a third-party appointment or another means of debt collection. 

In this article, we find out how such a tax debt can arise, when SARS can take money from your bank account, and how to prevent it from happening. 

Fraud. It's a business owner's worst nightmare and much more common than you might think. According to PwC’s Global Economic Crime and Fraud Survey 2022, 46% of surveyed organisations reported experiencing fraud, corruption or other economic crimes in the last 24 months. Every day new instances of fraud are being uncovered and the impact on business can be severe, from monetary loss to damaged relationships and reputation with suppliers and investors.

Fortunately, it is possible to detect fraud. The right checks, balances and behaviours can find the culprits early and perhaps even prevent it entirely, but it's not a thing that can be left to trust or other people. Business owners need to implement changes as early as possible and make them a part of company culture if they want to avoid becoming the next victims.