It all boils down to business as usual – but done differently.
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This is why we make use of the latest online payroll systems technology available to streamline all the tasks at hand.
Part of the payroll solutions that we offer includes sending out personalised payslips electronically to your employees, ensuring that all facts are correct, and being available should any queries arise.
Furthermore, we manage your IRP5 reconciliations – this entails bi-annual payroll reconciliations and submissions to the South African Revenue Service (SARS). We also calculate your Payroll taxes (PAYE) and submit these to SARS.
As business owners, we know that having an effective payroll management system in place will not only enable your business to go from strength to strength, but that your team will also be inspired and motivated to reach their full potential, knowing their financial needs are taken care of.
Accounting is the interpretation and presentation of that data to business owners and investors.
Accounting typically consists of:
financial statements and reports
budgets
tax returns
analysing business performance
Bookkeeping focuses on recording and organising financial data. Bookkeepers working for smaller businesses might do some basic accounting duties.
Bookkeeping typically consists of:
payroll
invoicing
receipts and bills
recording business transactions
A budget is an estimation of income and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.
And Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.
Business management focuses on the organising, planning and analysing of business activities that are required to efficiently manage and run a business.
Financial management is strategically planning how a business should earn and spend money. This includes decisions about raising capital, borrowing money and budgeting. Financial management also involves setting financial goals and analysing data.
Managing and monitoring a company’s relationships with those to whom it owes money (creditors) to ensure timely and accurate payment of debts.
The process of transferring financial information from one system or platform to another, often during software upgrades or transitions.
A debt collector is a company or agency that is in the business of recovering money owed on delinquent accounts.
A financial statement is a report that shows the financial activities and performance of a business.
There are four main types of financial statement:
Balance sheet: a snapshot of your business’s financial condition at a single point in time, such as 31/12/2016. Shows your business assets, liabilities and owner’s equity at that time.
Profit and loss statement: also called an income statement. Shows your business’s revenues, costs and expenses over a period of time, such as 1/1/2016 to 31/12/2016.
Cash flow statement: also called a statement of cash flows. Shows changes to the cash coming into and out of your business over a period of time. Only records cash (not all income). Shows whether you can cover short term expenses like bills and payroll.
Statement of changes in equity: also called a statement of retained earnings. Shows changes in the equity of your business for a set time period. In other words, changes in how much money your business keeps (rather than pays out to shareholders).
Combined, these statements provide a good view of the financial health of your business.
The practice of hiring external Chief Financial Officer (CFO) professionals or firms on a temporary or part-time basis to provide financial expertise and strategic guidance to a company without having a full-time, in-house CFO.
Payroll is the compensation a business must pay to its employees for a set period or on a given date.
Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional or national.
A compliance officer is an employee of a company that ensures the firm is in compliance with its outside regulatory and legal requirements as well as internal policies and bylaws.
Meet the Digital CFO, a proudly South African financial partner that envisions a world where any type of business owner is empowered to manage their finances in such a way that they can build a better future for their people and our country.
We go beyond traditional financial services, working hand in hand with you to provide expert insights, data-driven interpretations, and tailored financial strategies that empower your business to thrive. Both locally and internationally.