Weigh the options of bookkeeper vs. DIY accounting.
Though entrepreneurs might feel ready to act as head of accounting, sales, and marketing at the same time to cut costs, it may help to hire a bookkeeper. It can help you to know someone with experience and deeper understanding is working on your books. To start, you can hire someone part time or as a freelancer, so you’re not paying a full time wage for these services. As an alternative, affordable accounting software from Sage lets you crunch the numbers yourself.
Keep accounts receivable payments separate from borrowed funds.
Small business owners need financial backing and/or loans for startup capital, marketing campaigns, and other initial things in the early days. To make sure the loans don’t appear in the receivables, use software that separates income from borrowed funds. Don’t lose sight of what is yours and what needs paying back.
Don’t allow clients to get away with not paying balances.
Seeing a large amount in the receivables column is a good thing, but the money doesn’t really count until it is in your bank account. Don’t let clients avoid regular payments. Stand firm and insist you receive payment for past orders before letting them have more materials or services. The receivables department is crucial in keeping your company afloat.
Detail daily expenses so you can budget for the coming weeks.
It’s a good idea for business owners to keep records of everyday expenses they incur in the company. Instead of calculating expenses every two weeks for payroll purposes, focus on every day or every week. This can help you have a better idea of where finances are each week and how much money you’ll need to budget for in the upcoming weeks.
Calculate a minimum monthly profit.
When planning how much it takes to keep a small business running, the numbers can get complicated. Devise an accurate system of expenses and regular obligations so you know exactly the minimum income you need every month. Because income can be the easiest to calculate, make a strict target you’ll need to earn. Without that exactitude, accounting becomes confusing and your business can suffer.
Our dynamic Accounting team go beyond just accounting, tax & payroll to be your Most Trusted Business Partner to the small business sector
How do we to achieve our mission?
Our mission is to provide financial information and guidance to our clients so that they can strengthen the value of their business by creating effective financial plans and providing performance measurements so that they can do what they do best. Run their business.
BVK Chartered Accountants provides bookkeeping, accounting, income tax, payroll and business advisory services to small businesses throughout Nelspruit and the surrounding areas. We specialise in providing financial management to small businesses to increase the business owner’s ROI (return on investment) and ultimately the value of the business.
BVK’s reputation has been built on professionalism, integrity, trust and outstanding levels of personal client service. All members of the BVK Team share one common objective and that is to ensure absolute client satisfaction.
Coupled with an average of 30 years of experience and all relevant qualifications, BVK can bring to our clients the experience and knowledge necessary to supply them with the information with which to make sound business decisions whilst ensuring compliance with statutory obligations.
BVK is a professional chartered accountant, registered tax practitioner and accredited member of IRBA, SAICA. BVK also supports Pastel software.
Our ideal clients are those who:
- Are small and medium businesses.
- Recognise that the real value of outsourcing accounting reduces costs.
- Realise that they need to stick to what they know and save valuable time to focus on their actual business doing what they do well.
- Knowing that one way to stay focused on business growth is to outsource accounting.
- Are SME business owners looking to move from relatively basic transactional processes, such as bookkeeping to more strategic functions, like budgets and forecasts, cash flow projections, performance measurement and business analysis, which are high-level functions, to grow their business into an asset of value.
- Understand that outsourcing accountants provides better visibility into a company’s financial operations and better control.
- Do not have the need for a full or part-time bookkeeper or accountant.
- Entrepreneurs that are in the start-up phase of business and who have a strong aptitude to be successful and who want to do things right the first time.
- Are owner-managed businesses that are aware and understand that the cost related to accounting, financial management, tax and other regulatory compliance is critical to the survival of their business, and who see this cost as an “investment” rather than as “unproductive”.
What makes us different?
- BVK provides a highly experienced, professional and personal service to small and medium businesses at cost-effective rates.
- Big firm expertise at small firm rates
- We giveyou peace of mind knowing you are complying with all authorites
- Our infrastructure which can’t be found with a one-man accountant or small practice
- Our one-stop expertise that covers everything financial from data capture, annual financial statements to business analysis and consulting
- Each of our team are all qualified accountants and bookkeepers.
- Fee structure relative to the level of services provided rather than the qualifications of the person providing the service.