RSM South Africa

Consulting insights

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.
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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.
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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.
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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
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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.
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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
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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.
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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:
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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.
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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.
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Agile employee lifecycle

14 May 2019
Traditional employee lifecycle
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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.
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An explanation of Alternate Directors

5 April 2019
Definition of an Alternate Director in terms of The Companies Act
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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.
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Year end escapades - The final payroll run

16 November 2018
Christmas Carol? All I heard was Christmas payroll!
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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
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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.
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Tightening the ropes on your payroll control

5 June 2018
It may be time to outsource your company payroll
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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.
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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.
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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:
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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.
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Fraud by the numbers

9 September 2016
Henk Heymans
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
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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.
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The Consumer Goods and Services Ombudsman: How it affects you

11 July 2016
Henk Heymans
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.
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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.
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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?
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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
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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.
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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!
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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.
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Owning a franchise - good idea or bad idea?

25 September 2015
Michael Steenkamp
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.
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What is the cost of an employee?

25 September 2015
Recently we have been bombarded by the media on the topic of Job Creation. 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.
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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.
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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 –
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Sustainability and Sustainability Reporting: What Are They?

25 September 2015
John Jones
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.
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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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