Sipho prepared the financials on excel relying on the little he can remember about which transactions are relating to the business.He completed the financials consisting of the income statement and balance sheet and sent them to Madimetja for review.Gamer, do you...

Other reasons for separating personal affairs from that of the company:- so that only allowable expenses are claimed for income tax expenses (it is fraudulent and a criminal offense to claim personal expenses) - to measure the financial performance and position...

It is imperative that you maintain a separate bank account exclusively for your company. The business and yourself  are two separate persons and the financial affairs of the two should not be mixed up. Mixing personal and business financial affairs makes...

Sipho is examining his bank statements and realised the mess he has created. He used his personal bank account to do business, personal and business income and expenses are mixed up and it's difficult to identify  business transactions so that he can prepare...

You actually don't need bank statements provided that you have an accounting system which can be linked to your business bank account through bank feeds. This means every transaction occuring on your bank account will automatically be loaded on to your accounting...

Sipho got his receipts reprinted and went on his online banking to draw bank statements so he can pick up other expenses and income which have no invoices however he quickly realised that the bank is limiting him to bank statements for the past 3 months and that for...

Sipho decided to call Madimetja to find out if it is a big deal if he cannot find receipts of expenses relating to the 2nd project. Madimetja advised him to request a copy of the invoices lost from his suppliers and that going forward (while still in search of an...

Keeping proper records means that:(1)you can refer to your previous projects to appropriately price for future projects. (2) you will also be able to determine whether the project was profitable or not and reflect on what went well and areas of improvement.(3)...

SARS requires that records be kept for at least 5 years. Should SARS audit you within the 5 year period, you will be required to share them.Also most importantly you need these records to run your business as you may have to refer to your records in future.Gamer: what...

Sipho lost receipts of his 2nd project were he spent around R 4 million, he is thinking what are the repercurssions of this, should he be worried or can he live without having these receipts.Gamer, should Sipho be worried?Empower yourself, grow your business!