Take care of your accounting needs
It’s highly important to stay on top of your accounting and finances, especially when it comes to your taxes. This will ensure that you pay the right amount each time and avoid penalties. Also keep in mind that should SARS spot any irregularities, you could be selected for a tax audit. If this happens, it will be necessary to show them exactly what you’ve earned and what your expenses are.
This is why it’s critical to get comprehensive accounting software for your company. With the appropriate package, you’ll be able to pull reports easily and see the exact figures you need in order to pay SARS. However, it’s important to remember that you have to make the time to keep track of your income and expenses, as well as record them in your system.
Contact QuickBooks on 0861 726 657 to learn more about how our software can simplify your company’s finances.
Understanding basic accounting
Keeping track of your financial status doesn’t have to be an overwhelming task. These 3 simple tips will help you to get started:
- Learn the terms – As with any industry, there is jargon that’s specific to accounting and it’s important for you to understand what each term means. For example, your balance sheet shows you the breakdown of your assets and liabilities, while your income statement provides your turnover figures and your expenses. These are both essential elements, as they give you different insights into how your company is faring financially. Additionally, understanding what these terms mean for you will help you get to grips with your finances.
- Stay organised – Maths might not be something you do well, which may lead to the putting off of your bookkeeping responsibilities until you no longer have a choice. Instead, consider adding this critical part of running a business into your schedule as a regular task, and then you’ll easily be able to stay on top of your finances.
- Get software that will work for you – With a package that can take care of creating your general ledger and pulling reports, you’ll be freed up to focus on running your business. QuickBooks provides three different options that are very simple to use. They essentially do all of the calculations for you and all you have to do is input the data on a regular basis.
The more you stay on top of your finances throughout the year, the easier it’ll be to pull year-end reports. It’ll also be a big help when it comes time for you to file your tax return. Contact QuickBooks on 0861 726 657 today and discover accounting made easy.