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As a business owner, it is important to make sure that your business stays financially healthy. One of the ways to do that is by ensuring that your tax obligations are met on time and accurately. However, managing your business taxes can be a daunting task, especially if you don't have the expertise or the resources to do it. That's where outsourcing your business tax services can come in handy. In this article, we'll explore the benefits of outsourcing your business tax services and how it can help you grow your business. Access to Expertise One of the biggest advantages of [...]

A sort-after benefit many employees want from their company is a good pension plan. This comes as no surprise as many South Africans will not be able to retire and maintain their current standard of living. After years of service, responsible and retired employees that have adequately planned and saved for their future can look forward to a comfortable retirement. What is Pension Accounting? Pension fund accounting involves all the formulas and calculations used to determine the service cost of a pension plan. Pension fund accountants use accrual accounting to estimate the value of a retirement package, and the monthly income [...]

In the challenging economic landscape, managing company income tax returns can be a daunting task for businesses of all sizes. As a business owner, you understand the importance of complying with the regulations set by governing bodies like the South African Revenue Service (SARS). However, dedicating internal resources to handle tax returns may not be cost-effective or efficient. Fortunately, there is a solution that can save you time, effort, and resources while ensuring compliance and maximizing the value of your returns. The Benefits of Hiring External Stakeholders Many factors come into play when submitting company tax returns, such as assets, salaries, [...]

There are many advantages to outsourcing your bookkeeping and accounting requirements. Therefore, corporations are quickly adopting it as their preferred choice. The fact that you or your staff don’t always have the time for bookkeeping and accounting activities makes this one of the main advantages. Outsourcing accounting services that are crucial allow you to focus on what you do best – concentrating on your primary business and getting higher outputs and higher earnings. What is outsourced bookkeeping? Outsourced bookkeeping is when a business contracts an outsider to handle its bookkeeping duties. This individual or accounting firm may also specialize in other [...]

Outsourcing payroll has become a popular choice for many businesses seeking efficient and streamlined management. If you're considering outsourcing your payroll operations, you may have some questions. Here are answers to the most common queries to provide you with the necessary information: What Services are Offered by Payroll Outsourcing Companies? Companies that handle outsourced payroll operations offer a comprehensive range of services to meet your specific needs. These services typically include: Tax deduction and payroll processing: Payroll outsourcing companies handle tax deductions and ensure accurate processing of payroll for your employees. Countrywide payroll tax filing: They manage the filing of tax [...]

Many people have the same questions that they frequently ask about the possibility of outsourcing their payroll. Here are a few of the most frequently asked questions answered for your convenience: What exact services are offered by companies that handle outsourced payroll There are plenty of services that are offered by companies that take care of outsourced payroll operations. Some of the most popular services include tax deduction and payroll processing, countrywide payroll filing of tax, tailored report generation, integrated human resource management services and unemployment tax management, among a host of others including employee benefits management such as car benefits [...]

The topic of tax is often a controversial one, with many people arguing that it should be optional rather than mandatory. However, the reality is that tax is an essential part of any functioning society, and the idea of making it optional is not only impractical, but also unfair and unsustainable. 1. The role of tax in a functioning society Tax is a way for governments to fund the services and infrastructure that are essential for the well-being of their citizens. These services include things like healthcare, education, public transportation, and social security. Without tax revenue, governments would be unable to [...]

You may or may not know the impact that vat returns have on your business. Whether your knowledge is practically non-existent or very impressive, you must know that as a business owner or manager, you have a responsibility to pay and recover VAT according to the regulations of SARS. But how do you make this knowledge work for you and your business?   Well, when it comes to VAT, or value-added tax, there is a need to understand the laws that govern your country. In South Africa, these are very specific and failing to comply with every letter of these laws [...]