Consulting insights

What is an EMP501 reconciliation?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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

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 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.

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.

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.

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.

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 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.

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

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.

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

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 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.

Traditional employee lifecycle

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.

Definition of an Alternate Director in terms of The Companies Act

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.

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.

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

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.

It may be time to outsource your company payroll

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.

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.

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:

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.

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

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 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.

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.

What is the role and responsibly of a trustee?

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

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.

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

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.

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.

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.

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

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, 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.

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.