Mary owns and runs a small bakery with the help of three staff members. As mornings are the most demanding time of the day, Mary needs all the help she can get from her staff; especially from her baker. Unfortunately, the baker had gotten into the habit of coming in late, and despite Mary’s several warnings, could not perform optimally and practice better punctuality. As a result of the lack of improvement, Mary reluctantly fired the baker.
Cash flow, or the amount of money that flows in and out of a business, is an important business concept to understand. Knowing how much cash is available to meet your company’s expenses and commitments is essential for any business owner, and planning ahead to avoid cash flow problems in the future is the ideal way to run any company.
Managing a company’s payroll can be challenging, especially for a business with many employees. Calculating PAYE deductions, UIF contributions, and overtime payments can take up hours of your office manager or bookkeeper’s time. Since many small business owners end up taking on this task themselves, managing a payroll can often seem daunting – but there is a solution.
Like all professions, tax practitioners are expected to provide their clients with the best possible advice and information at all times. To ensure that tax practitioners serve their clients to the best of their ability, SARS requires that they be registered with a professional body – the South African Institute of Tax Practitioners, or SAIT.