Preparing for a “hassle free” audit

By Wendy Simmons, Audit Manager at Hobbs Sinclair I love my job! I know that this is not usually heard from a stereotypical “little grey (wo)man in the corner” accountant (or worse, auditor), but I really do!  I love the challenges, I love the interaction with clients, and I love seeing a client develop from…

Compliance is the new tax planning

If your tax advisors are still in the business of finding loopholes to lighten your tax load, your tax planning tactics are out of date. SARS has spent the last two decades and vast resources closing down tax schemes and structures that companies and individuals were using to minimise their tax burden. A more cost-effective tactic that SARS adopted in combating tax evasion was to lower the effective tax rate to a rate acceptable to the taxpayer, at the same time increasing the penalties for misbehaviour.

Managing accounts – the story of numbers

I understand that not everybody loves working with numbers and that some people are bored to tears pouring over financial statements, which are often prepared by the company’s financial or administrative person and are usually filled with irrelevant detail. The truth is, a good set of management accounts should be everyone’s responsibility – making sure that all aspects of business are covered.

Team Mauritius

When investing into Africa, some are of the opinion that companies and investors should not be using off-shore tax structures to avoid paying tax in Africa as this dilutes investment, and minimises income in countries that need it most. However, Mauritius proves it is a good course to consider, and a credible one at that, if the sheer numbers of investors are an indication

The Culture of Making a Profit

Many businesses, especially start-ups or relatively young businesses, make the mistake of not developing a culture of profit-making from day one. A profit culture is one that puts the need for profit at the centre of all decision-making with an understanding that every rand that the business spends needs to have a return.

The Why of Accounting

Why do you need an accountant?  When I ask this question, the response is usually pretty much the same – everyone has their own perception of what we do and how we do it, but seldom do they know why we do what we do.

Training vs Trying

There is a huge difference between training and trying. The dictionary tells us that trying is “an attempt or effort to do something” whilst training is “being taught through sustained practice and instruction”. At Hobbs Sinclair we are a training institution. We have training contracts, a full-time training officer and a training programme that analyses needs and plans for the instruction of every employee.

Consult a business rescue practitioner if you are in the slightest doubt about where your business is heading!

Approximately 1000 companies go into liquidation per month, but only 45 seeking business rescue, which says to me that new legislation is being overlooked!

Business rescue has suffered criticism, but the focus should be on the successes not the failures. Getting to grips with the practical application of this new and complex legislation has been daunting and exciting, and there is still much to contemplate.