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Money Matters

Checklist: Preparing for and processing tax year-end

Article written by Inge Barry

Learn about a series of measures to take and important dates to help you prepare for and process your payroll this tax year-end.

Tax year-end is almost here, but don’t stress. If you haven’t already planned for it, you still have time to get everything ready.

Out of all the preparation and processes for payroll year-end, reporting to the South African Revenue Services (SARS) on the previous tax year before 29 February 2024 is the most important thing to remember.

Unless otherwise specified by the Commissioner, all businesses must submit their annual employer reconciliation returns to SARS within 60 days of the start of the employer tax filing season.

In this article, we cover a series of measures to take and important dates to help you prepare for and process your payroll this tax year-end.

Why reliable collection and payment is indispensable for SMMEs

Small and medium-sized enterprises (SMMEs) often navigate challenging waters. These enterprises are the backbone of our economy, driving growth, innovation, and job creation. However, they may face financial fluxes, making optimising every aspect of their operations essential. One such aspect that deserves attention is payment collection. 

Steven Maier, Chief Brand Officer at Amplifin, South Africa's leading collections and payments solutions provider, underscores the importance of reliable payment collection for SMMEs.

How to ride the inflation wave

Have you noticed the rising costs in groceries, the petrol prices, and other areas? This is inflation. According to the Now CFO website, inflation is the general increase of goods and services over time which leads to a decrease in the purchasing power of a currency. One consequence of inflation is that when it is very high, consumer spending changes and they focus more on essential products and the best bargain. As for businesses, with the prices increasing on raw materials and services, they need to make decisions, and some may not be liked by their consumers.

As a business owner, it pays to shop around for the best savings rates

Times are tough and as an entrepreneur you may be experiencing a drop in income as costs rise, and spending power diminishes. Your cash flow, which is a small business’s lifeline, may be suffering.

If you regularly find yourself in a bind due to cash flow issues, you need to adopt a smart savings strategy, which you can do using TymeBank’s savings tools.   

How small and medium businesses can save money with the Cloud

Article written by Claire Gribbin (Amazon Web Services)

In the current economic landscape, the cost of doing business around the world is increasing. Companies of all sizes are facing a myriad of obstacles, including budget constraints, limited resources, supply chain issues, and ever-changing customer expectations. The pressure to cut costs across all areas makes remaining competitive a challenge—especially for small- to medium-sized businesses (SMBs).

Can the holy grail of cost reduction, increasing efficiencies, and remaining competitive be attainable during times like these? With the help of cloud computing—a powerful tool for generating revenue, automating workloads, and reducing costs—it can be.

Cash flow is king: managing your SME’s expenses to avoid going under

It is widely accepted that cash flow is an SME’s ongoing operational challenge. When revenue does not come in on time after invoicing, and suppliers and creditors need to be paid by month-end, SMEs can easily run into financial trouble.

You need to draw up a fixed and variable expenses vs. income spreadsheet and truly understand where you may be falling short. If the latter is lower than the former, it’s time to remodel your business and cut costs where you can to, at the very least, break even but preferably turn a profit. So says Karl Westvig, TymeBank’s Chief Executive for Business Banking.

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