Is your South African company facing mounting debts and cash flow problems? Don’t despair. Business rescue, a process enshrined in Chapter 6 of the Companies Act, offers a lifeline for financially distressed businesses. It’s a chance to rehabilitate your company, return to solvency, and avoid the harsh reality of liquidation. What is Business Rescue? Think of business rescue as a court-supervised turnaround program. A qualified business rescue practitioner takes the helm, working with you to develop a plan that will get your company back on track. This plan might involve restructuring your deb ..read more

In today’s digital age, online transactions are the backbone of many South African small businesses. Let me rephrase – safe online transactions are the backbone of many South African small businesses. They offer convenience and streamline operations, but let’s face it – they also come with inherent risks. As your accountant, I see firsthand the financial devastation cybercrime can inflict on businesses. Data breaches, phishing scams, and unauthorized access can cripple your cash flow and damage your reputation. What worries me most is that many South African business owners, even my valued cli ..read more

Running a business in South Africa comes with its fair share of challenges, and navigating the tax system can be one of the most daunting. To help you steer clear of trouble with the South African Revenue Service (SARS), here are nine common and costly mistakes to avoid: Inaccurate Recordkeeping: This is the foundation of any tax filing. Ensure you maintain accurate and up-to-date financial records of all your income and expenses. Mixing Personal and Business Finances: Treat your business as a separate entity. Keep your business and personal bank accounts separate and avoid using business ..read more

Are you a South African startup founder drowning in paperwork? Do you spend more time chasing receipts than chasing your dreams? If chasing financial health feels like a losing battle, you’re not alone. South African startups face a unique set of accounting hurdles that can derail even the most promising ventures. But here’s the good news: I’m an experienced accountant who has spent years helping South African startups overcome these exact challenges. I understand your frustrations, and I’ve dedicated myself to finding the best tools and strategies to streamline your accounting processes. In t ..read more

Most entrepreneurs obsess over their big idea – the product that will revolutionise an industry, the service that will disrupt the status quo. But the secret weapon for startup success might surprise you: meticulous financial records. Forget the flashy pitch decks and sleek prototypes for a moment. Accurate bookkeeping could be the difference between fizzling out and achieving long-term success. Think of those spreadsheets as the unsexy secret sauce powering some of the biggest startup success stories. Are you ready to learn why? Importance of Accurate Financial Information Strategic Business ..read more

If you are a South African entrepreneur or business owner, you may have wondered how much accounting services cost and whether they are worth the investment. Accounting fees can be a source of hesitation for many businesses, especially if they are not clear about what they are paying for and what value they are getting in return. In this blog post, we will demystify accounting fees and provide a transparent view of service costs. We will also introduce the different pricing models used by accounting firms and the factors influencing them. Finally, we will offer some strategies for achieving a ..read more

If you’re not exactly a money genius but want to keep the cash flowing smoothly in your business, we’ve got your back. Managing cashflow is like tuning into the heartbeat of your business – it’s all about money coming in and going out. You’ve got to keep it in check to make sure your business stays cool and successful. So, here are five super simple tips to help you become a pro at handling your business’s cashflow: 5 Tips Managing Cashflow Understand your cashflow Create a cashflow statement to track the inflow and outflow of cash in your business. This will help you see where your money is c ..read more

Hey ThriveCFO family, As we gear up for the exciting journey that is 2024, I want to share a comprehensive financial goals checklist crafted just for you, our South African small and medium business champions. The road may be challenging, but with strategic planning and unwavering commitment, your business can not only survive but thrive in the dynamic landscape of 2024. Short-term Goals (1-3 months): Review and Revise Your Budget: Take a deep dive into the financial waters of 2023. Identify areas for improvement, adjust for inflation, and anticipate changes in revenue or expenses. Secure Fun ..read more

SARS digitalisation is underway as the South African Revenue Service initiates a significant transformation to modernise and bolster its tax administration capabilities. Motivated by the imperative for enhanced service delivery, compliance, efficiency, and effectiveness, this initiative seeks to harness technology for the purpose of establishing a smoother and more user-friendly experience for taxpayers. Concurrently, it aims to combat tax evasion and fraud, marking a pivotal step in SARS’ journey towards digital advancement. Key Pillars of SARS Digitalisation Drive eFiling System: A cornerst ..read more

Key Takeaway Gross profit percentage is the ratio of gross profit to net sales revenue, expressed as a percentage. It measures how much of each sales rand is left after deducting the cost of goods sold. It is important for small and medium-sized businesses to monitor and improve their gross profit percentage, as it reflects their pricing, sales volume, product mix, and cost efficiency. To calculate gross profit percentage, use the following formula: Gross Profit Percentage = (Net Sales Revenue – Cost of Goods Sold) / Net Sales Revenue * 100% To increase gross profit percentage, you can try to ..read more