Basic Accounting

Basic Accounting

Will the business be registered for SST? C What accounting and information systems are required for the business (Nan-financial and financial)? This should be adequate to provide information to the owners, and accurately capture transactions that take place, (including any SST components thereof) The above are just some examples of decisions that will need to be made by a person wishing to start a business.

There are many others, and it should be toed that many decisions have both a financial and non-financial component – it is therefore often difficult to make non-financial decisions without considering the financial implications and impacts of those decisions. Accountants can help small business owners with the selection of an appropriate accounting system, with regulatory requirements such as registering for SST, registering a business name, and applying for tax numbers and other tax obligations (such as PAYS) as required – this will depend on the size of the business and what staff will hired.

They can also assist by providing the financial information and assisting in the drafting of a sound business plan that covers all the likely financial impacts of the decisions to be made. They can provide book-keeping and accounting services to maintain accurate financial records for the business and assist in preparing income tax returns, SST returns and other regulatory reporting requirements. Accountants can also help a small business owner prepare a budget for the business, forecast cash flow requirements, and make decisions about which assets to purchase and how best to finance them.

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