Small and medium enterprises (SMEs) are critical to the South African economy in that they create jobs and enhance economic development. Unfortunately, accurate bookkeeping is often a limiting success factor for an SME. At DuncanBrooke, we appreciate how important it is to keep correct records and here is why we think maintaining books matters for your business:
Guarantees Compliance with the South African Tax Regulations
South Africa’s tax structure is unique, as it imparts certain specifications to VAT, PAYE, provisional tax and so forth. Regular updating of books helps to ensure compliance with such provisions. It reduces the chances of not complying with deadlines set by SARS and filing tax returns, which leads to avoiding penalties and audits.
Presents an Overview of Financial Performance
Effective bookkeeping greatly assists local Small and Medium enterprises in having an accurate and current picture of their business finances. Detailed records of cash flow, expenses and even profits lead to better decision-making and looking into potential problems the company can face in the future.
Enables Funding Accessibility
Adequate funding remains a challenge for various South African SMEs. Investors and lenders require proper documentation in order to make judgements regarding the financial sustainability of the business. Gaps in bookkeeping result in errors and faulty financial statements, which make obtaining loans and investment significantly more difficult.
Promotion of Business Expansion
To achieve structured growth, an adequate amount of financial resources is needed. Accurate accounting enables the setting of goals, expansion planning, distribution of resources and so on. Further, tracking financials over time enables businesses to make informed decisions with regard to growth.
Prevents Costly Errors
Errors in accounting could result in devastating consequences like failure to pay or collect debts or a missed tax write-off. Engaging in proper bookkeeping lowers the chances of making such errors and guarantees the smooth running of the enterprise.
Why Choose DuncanBrooke?
DuncanBrooke focuses on the needs of South African SMEs by providing specialised bookkeeping services. Our team of professionals ensures that your financial records are kept accurate, compliant, and current at all times. We want you to grow your business while we take care of the numbers.
Take Action Today
With DuncanBrooke’s bookkeeping services, accurate records are more than a mere requirement, but rather a winning formula that allows SMEs to compete in South Africa’s marketplace. Together, we can forge a powerful type of financial future for your business. Contact us today and let us embark on this journey.