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, Pension fund accounting involves all the formulas and calculations used to determine the service cost of a pension plan. Employees are guaranteed a lifetime income of their pension plan starting from the age of retirement. After years of the service, the responsible and retired employee that had adequately planned and saved for their future can look forward to a comfortable retirement. During the course of employment, any promotion or demotion that impacts on the employee’s salary is taken into consideration and this will have an impact in the employee’s pension income. The pension fund accountants use a method called Accral [...]

All South African companies from large to small must submit a company income tax return, but when tax season rolls around, you may find that you are simply too busy to commit the necessary staff to the process of doing those returns. In fact, with many businesses struggling to simply keep their heads above water in this difficult economy, is there any business that can survive if they allocate a portion of their resources to completing returns? Well, the good news is that not only is this no longer necessary for companies, it is not expensive to hire an external stakeholder [...]

There are numerous benefits associated with outsourcing to satisfy your bookkeeping and accounting needs. This is why it is fast becoming the preferred option among businesses. One of the biggest benefits would be the fact that your staff would no longer have to perform time consuming bookkeeping and accounting tasks. This means that they will be able to focus on your core business which will directly translate into more productivity and more profits. Bookkeeping and accounting outsourcing is a smart and convenient option that will directly benefit your business and help to streamline the day-to-day management of your business. Bookkeeping and [...]

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 [...]

  25% percent of your income every single month for ever isn’t fun but not paying your tax is illegal. Especially when you consider that the tax payers’ money goes into funding the institutions such as prisons. That shouldn’t discourage you from paying tax. The goes to helping the country as well, government uses it to fund old age grants and welfare institutions.   For tax invaders there is a hefty penalty to pay. It is criminal and a federal offence and you should know that tax evasion does not look good on anyone’s track record. Businesses who evade tax face [...]

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 [...]