Consulting insights

SARS EMP501 Interim Reconciliation

13 October 2021
What is an EMP501 reconciliation?

Provision for bonuses

28 September 2021
Employee bonuses provides compensation beyond annual salary to employees as an incentive or reward for reaching certain predetermined individual or team goals. The purpose of an employee bonus is to provide recognition for employees who have gone above and beyond normal work obligations.

The importance of updating your will regularly

22 September 2021
Having a valid and a well-executed Will is very important. A Will provides a person with the certainty and comfort of knowing that in the case of death, the assets that have been accumulated during a person’s  lifetime will be distributed according to the person’s wishes.

Considerations when choosing a company name

29 July 2021
A company name is a fundamental part of any company’s identity. It appears on all marketing material as well as on various platforms and on all your products and services.

The benefits of outsourcing your payroll

24 June 2021
What does it mean to outsource your payroll? This entails committing to a third party in terms of partial or full payroll processes. The third party, being professionals, who can do everything from calculating earnings and deductions to net salary amounts and filing related taxes.

Six things your business needs to do now

3 June 2021
It has been a year and a half like no other time in recent history. As the world enters a phase of reactivation and reimagination from the impact of the pandemic, it is time to take a deep breath and assess the situation. To use a sporting analogy, we are in the tunnel ahead of what could be the biggest game of our lives.

A view on employee engagement & job satisfaction

19 May 2021
Imagine an organisation where employees feel a sense of belonging to the extent that they go beyond the usual requirements of their jobs to ensure the success of the organisation. This is the ultimate goal most organisations want to reach but it can be quite an ambiguous and confusing process.

Family Offices - Managing planning for the future in turbulent times

7 May 2021
As the human and economic toll of the coronavirus mounts, no sector of the economy has been immune from the downturn, and this includes family offices.

Reimagining HR business models

7 May 2021
In 2020, businesses around the world went through tremendous amounts of digital change that affected ways of working. For human resources (HR) the new business models need to reflect the new business realities. It has been proven that what works well today does not guarantee success in the long-term.

Keeping your company's registered address up to date

28 April 2021
The COVID-19 pandemic has resulted in many companies being necessitated to have their employees working remotely, with very few employees based at the office.

The consequences of dying without a will in South Africa

19 January 2021
If a person dies without having a Will, there is a chance that the estate will not be distributed in accordance with the deceased’s wishes.

The conversion of a Close Corporation to a Company

4 December 2020
The conversion from a Close Corporation to a Company is envisaged in Item 2 of Schedule 2 of the Companies Act No 71 of 2008. 

Streamlining the process between business owner and outsourced service provider

19 October 2020
Implementing some simple recommendations can help streamline the interaction between a business owner and their outsourced accounting service provider/bookkeeper to ensure that accurate records are produced at a reasonable cost.  Listed below are some of suggested ways that will improve the process, accuracy and completeness of reported information and should reduc

The importance of having a will

18 May 2020
Many people are under the impression that when we pass away, our assets will automatically devolve upon our family members and therefore it isn’t necessary to have a Will in place. If you pass away without a Will, your Estate will be divided based on the provisions of the Intestate Successions Act and not based on what your wishes may have been.

The benefits of outsourcing your company payroll

15 April 2020
Employers can attest to the fact that when it comes to payroll, this is a rather sensitive, yet integral part of their core business activities – and as an employer, you want peace of mind that all your statutory requirements are met.

Relief for employers through the COVID-19 Temporary Employee Relief Scheme

14 April 2020
The concept of the Temporary Employer Relief Scheme (”TERS”) was initially introduced in December 2019 to assist employers in financial distress.

Annual return requirements - Update on requirements of CIPC Compliance Checklist

7 April 2020
On 13 August 2019, the Companies and Intellectual Property Commission (“CIPC”) issued Notice 52 of 2019, advising that new requirements would apply for companies to declare their compliance status to specific sections of the Companies Act 71 of 2008 (as amended) (the “Companies Act”), which would be required to be submitted with the Annual Return of a company.

Employee screening: How to get the right people

17 February 2020
Employee screening is the process of verifying information presented by potential candidates when applying for a position within an organisation. By screening potential employees you are able to identify whether the candidate is the right fit for the organisation.

Record of Directors

10 January 2020
One of the documents that a company is required to maintain in terms of the Companies Act 71 of 2008 (“the Act”) is a record of the directors of the company.

New annual return requirements: Compliance checklist

5 December 2019
The Companies and Intellectual Property Commission (“CIPC”) has issued Notice 52 of 2019 announcing that new requirements will apply for companies to declare their compliance status to specific sections of the Companies Act 71 of 2008 (as amended) (“Companies Act”), which will be required to be submitted with the Annual Return of the company.

The importance of a business plan

29 August 2019
Whether you are starting a small business or exploring ways to expand an existing one, a business plan is an essential tool to help guide your decisions. A business plan is the best way to test whether your idea is feasible without having to go out and do it, saving you a great deal of time and money in the process.

Proceeding with disciplinary measures following an immediate resignation

13 August 2019
We are often requested by our clients to provide advice in situations where an employee resigns with immediate effect to avoid any sanction in the instance that the employer has convened, or intends to convene, a disciplinary hearing to determine whether a misconduct has been committed by an employee, and if successful in proving misconduct, to determine an appropr

The effects of a positive work environment on employee performance

30 July 2019
The workplace consists of diverse and dynamic individuals who have come together for the common purpose of performing their duties and tp contribute to the success of the organisation.

An efficient accounting department

24 July 2019
Transactional processing is normally seen as a back office job and business owners place little priority on this important business function.  In many companies processing is rushed at month end to produce the required VAT reports or other ad hoc reports for management.  The problem with this method is that processing can at times fall behind and, due to the month

Payroll taxes and the related declarations

19 July 2019
While a key component of running a business is how much employees should be paid and what amounts must be withheld from their earnings, the buck definitely does not stop here. It is critical that employers understand their full responsibilities when it comes to hiring employees and the associated obligations that arise from paying them remuneration.

Amendments to the B-BBEE Codes of Good Practice

18 June 2019
On 31 May 2019, the Department of Trade and Industry (DTI) published amendments to the Codes of Good Practice. The changes include:

The Social and Ethics Committee - A bird's eye view

3 June 2019
An interesting feature in modern company law is that the Social and Ethics Committee (“S&E Committee”) of a company, as provided for in the Companies Act No 71 of 2008 (the “Companies Act”), creates an opportunity for such a company to consider its social footprint within a uniquely South African context.

The process and timeline for winding up a deceased estate

17 May 2019
The process and timeline for winding up a deceased estate could be overwhelming for the deceased’s family and, in some instances, beneficiaries of the estate do not always understand the administration process associated with a deceased estate.

Agile employee lifecycle

14 May 2019
Traditional employee lifecycle

Basic rules for the administration of trusts

2 May 2019
Trusts have been in the spotlight in recent years, and SARS is imposing more stringent laws on trusts. It is therefore important to ensure that trusts are set up for the right reasons and that they are properly administered by the trustees to ensure the consequences of mismanagement are avoided.

An explanation of Alternate Directors

5 April 2019
Definition of an Alternate Director in terms of The Companies Act

Financial metrics in the business world

11 January 2019
keeping an eye on kpi’s Monitoring sustainability and the condition of a company’s business model plays a key role in the overall performance and success of an organisation. If these are given the required attention, it would enable easy identification and corrective protocol to eliminate or curb potential problems or detriments.

Year end escapades - The final payroll run

16 November 2018
Holidays and festivities have an incredible impact on the timing of regular monthly payroll procedures. Timeframes are much tighter with deadlines and payment dates all needing to be scheduled earlier in the month.

Oh no - The stat audit!

15 November 2018
As part of the independent audit of the financial statements of a company, the audit team needs to confirm that the company complied with the legal requirements that relate to the company secretarial records.  Secretarial records are minutes and resolutions, filings with the Companies and Intellectual Property Commission (CIPC), and other registers that are prescri

Moving your accounting system to the cloud

21 August 2018
In an age of technological advancements, where new programs and applications are available every day,  there is increasing pressure on business owners and accountants alike to move from server based ‘off-the-shelf’ accounting packages to cloud-based systems.

Tightening the ropes on your payroll control

5 June 2018
It may be time to outsource your company payroll

XBRL and the filing of a company's annual financial statements

12 April 2018
Section 33(1) of the Companies Act 71 of 2008 (the Companies Act) states that every company must file an annual return in the prescribed form, with the prescribed fee, and within the prescribed period after the anniversary of the date of its incorporation.

Sections 22 and 23 of the Basic Conditions of Employment Act

3 April 2017
All employees are entitled to sick leave. However, if this is not managed carefully to identify whether employees are taking advantage, companies can suffer tremendously due to abuse thereof.

Nature and Location of Company Documents

20 December 2016
It is becoming more apparent that many foreign owned companies are keeping their company statutory records as well as their accounting records overseas, and they are therefore not accessible within the Republic of South Africa, as required by Section 25 of the Companies Act No 71 of 2008. Section 24(1) of the Act states that records must be kept:

Organisational Change Management

24 November 2016
In order for organisations to function efficiently and effectively they constantly have to come up with innovative change strategies so as to adapt to the globalised world of work. Change and the implementation thereof contributes greatly in giving organisations a competitive edge. Change is truly an inevitable, dynamic, challenging and continuous process.

Fraud by the numbers

9 September 2016
The risk of fraud in organisations has been the topic of several articles on this and other websites (read, for example Cybersecurity takes centre stage, Fraud on deceased estates and

Are your company statutory records up to date?

2 August 2016
Many businesses do not consider compliance as part of their core function and, quite often, this item can be overlooked when so much energy is spent in order to make sure that the bottom line of the business is maintained.

The Consumer Goods and Services Ombudsman: How it affects you

11 July 2016
The Consumer Protection Act makes provision for a Consumer Goods and Services Ombudsman to deal with complaints by consumers. In March 2013 this body was formed and a compulsory code of conduct was signed by the Minister.

Making informed decisions: Human Resources

18 April 2016
Who to Employ? The question of who to employ in order to achieve the business’s goals is absolutely fundamental. Who a business employs will influence the business’s structure, procedures and profit.

Trust Property Control Act 57 of 1988 - The role and responsibility of a trustee

25 January 2016
What is the role and responsibly of a trustee?

Directors approval of the annual financial statements

11 December 2015
Section 30(3)(c) of the Companies Act, No 71 of 2008 requires every company to prepare annual financial statements and these annual financial statements must be approved by the board of directors.  This is often evidenced by the signatures of two directors (or one director, if that is the case) who have been authorised to do so by the board of directors, on the “Di

The importance of submitting annual returns

25 September 2015
All companies, including non-profit companies, external companies and close corporations, by law have to file annual returns once every year within the required time frame as regulated by the Companies and Close Corporations Act.

Fraud on deceased estates

25 September 2015
Who says you have to be alive to be robbed? Prevent fraud from happening to your deceased estate!

Why do you need an experienced executor to wind up a deceased estate?

25 September 2015
The loss of a loved one is a traumatic event, and unfortunately, when a person passes away, all is not over with the burial. The deceased person’s estate has to be wound up in accordance with specific legislation and regulations prescribed by the Master of the High Court, which can be a long, tedious and drawn out process.

Owning a franchise - good idea or bad idea?

25 September 2015
Being in the career I am in and also having had the privilege to be quiet extensively involved in the franchise industry, I have often been asked whether it is a good idea to open a franchise or not. Hopefully this article will clarify certain of the advantages and disadvantages of owning your own franchise and clear up any questions you might have.

What is the cost of an employee?

25 September 2015
Job creation is a topic that we see in the media on a regular basis. There are many initiatives, often implemented at great cost to the taxpayer, aimed at Job Creation which don’t seem to be working out as planned.

Accrual vs Provision for bonuses

25 September 2015
The subject of this discussion is when to recognise an accrual for bonuses and when a provision.

Business entities and the appropriate vehicle

25 September 2015
Over the last two years or so, there have been some major changes in acts and law that may affect the choice of the vehicle that is used for conducting business. Now may be the right time to re-assess the appropriateness thereof. A few areas where significant changes have taken place are inter alia –

Sustainability and Sustainability Reporting: What Are They?

25 September 2015
Sustainability, in the context of the corporate world, can be simplistically defined as the policies and strategies which companies put in place to enable them to reduce their impact on the environment around them as much as possible.

Professional scepticism – ensuring our rightful place in the financial information supply chain

25 September 2015
At this time of year, most people around the world are looking forward to the holiday season and are filled with goodwill and best wishes. This is a time that we should fully enjoy.

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