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Start 2023 Strong with the “Fresh Start Effect”
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“Use the right tool for the job” is common-sense advice that applies particularly well to business owners and managers at the start of a new year, which presents an opportune time to evaluate the previous year’s performance, to set targets and objectives for the next 12 months and begin implementing and monitoring improvements and changes.
Three business tools are indispensable to organisations of all sizes and across industries, including a business review that involves the entire team; SMART goals and a solid plan with a budget for 2023; and ways to measure progress during the year for better management and greater motivation. Your accountant can help you use these tools for a strong start to 2023.
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The Financial Steps You Need to Take Before You Open Your New Business
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When starting a business, it's easy to get carried away in the excitement, but like with anything those who plan first are far more likely to succeed. Whereas you may already know where you are sourcing your raw products, or who your first clients will be, it is distinctly possible that other aspects have slipped under the radar.
One of these might be the finances. Why worry about what hasn't been earned yet? Finance will, however, form the core of your business and will dictate whether you are looking at a thriving concern or bankruptcy. So, it must be taken very seriously indeed.
Here are five simple financial steps you need to take before you open your business that will help you set your business up for success.
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The Importance of Maintaining Your Tax Compliance Status in 2023
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Businesses are often required to provide tax clearance information to other entities including, for example, existing or potential clients, financial institutions, or even investors, and for reasons ranging from applying for a tender to confirming good standing. Previously, proof of tax compliance status was made available through a manual tax clearance certificate, but today it is provided online and in real time.
Here's what SARS requires to produce proof of your Tax Compliance Status (TCS) with a TCS PIN, and why it is so important to maintain it all year round – all of which highlights the need for professional assistance to ensure your company gets all the benefits that come from ongoing compliance.
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How to Know if You Need an Office for Your Business (and How to Make the Most of a Lease if You Do)
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In the post covid environment demand for office space has been shrinking in many areas of South Africa, and yet there are several reasons why you may still want to get space for your business.
Depending on the nature of your work, collaboration may be an important aspect to your success, or perhaps workflows demand the kind of input that simply isn't available remotely or maybe there is a marketing benefit to you maintaining a noticeable space?
Given the decreased demand, in some areas, and the downward trend on rent, there has never been a better time to move out of your garage or upgrade your current office. Here are a few quick things you need to think about when choosing your office and getting the most out of your lease.
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Your Tax Deadlines for January 2023
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- 6 January - Monthly Pay-As-You-Earn (PAYE) submissions and payments
- 30 January - Excise Duty payments
- 31 January - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
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Have a Healthy,
Happy and Successful
2023!
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Disclaimer
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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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