“Having your accounting and tax affairs up to date is a sound base for all successful businesses,” says tax consultant Joan Cain. Her Western-Cape based Tax Shop franchise offers a range of professional services – accounting, payroll, taxation, statutory and BEE – all of which can help you minimise your and your employees’ tax and related financial expenses.
Many of Cain’s clients come to her because they don’t have their tax and accounting affairs in order. One client’s business was on the brink of failure because the accounting and controls were not being kept. “I brought their accounting up to date so that they could present management accounts to the financial institutions to get the gearing they needed,” says Cain. “I ensured that their debtors paid promptly and reconciled creditors to ensure that they were not being overcharged.”
An advantage of going with a franchised operation like the Tax Shop is that consultants have access to a large pool of resources and savings can be passed on to the business owner. Businesses also realise savings by having tighter financial controls in place and because the consultant can see to it that you are not paying more tax than you need to.
“As we are a franchise, business pricing is reasonable and we will save you money by controlling overheads and minimising tax,” says Cain.
Here are some of the services and benefits you can expect from outsourcing your tax:
Payroll done correctly and professionally – A tax service can ensure that you supply your employees with accurate and professional payslips and that all taxation and unemployment insurance funds are calculated correctly.
PAYE is properly paid – A tax service can assist with SARS returns to pay over PAYE deducted from employees.
Pay the minimum amount of tax – A tax service can help ensure that your accounting is structured to pay the minimum amount of tax.
Supply management accounts that help you get financing – Supply monthly management accounts and annual financial statements to present to the bank and institutions to obtain financing.
Supply management accounts that help you improve your business – Supply monthly management accounts that help you keep your finger on the pulse of your business, allowing you to optimise sales and control overheads.
Liaise with SARS on your behalf – Submission of all returns to SARS (i.e. PAYE, VAT and Income Tax) and liaising with SARS on your behalf.
Key take out: Outsourcing your tax and other related financial requirements can be a viable, reasonably priced option for your business. You can also realise savings by having tighter financial controls in place and having your tax structured properly so that you only pay the minimum amount of tax.
Author: Nicky Grandin