by Wayne Smith & Associates | Sep 27, 2023 | Accounting, Tax, Trusts
“The common assumption is that trusts are some kind of tax panacea…Then, conversely, from a South African Revenue Service (SARS) perspective, trusts are viewed with a degree of suspicion and mistrust. [T]he truth lies somewhere between these positions.”...
by Wayne Smith & Associates | Jun 28, 2023 | Accounting, Business
“If you talk to a top accountant about his field of expertise, it’s mind-boggling.” (Vincent Kompany, professional football manager and former player) Accountants are the tax and compliance champions of any industry, but the best ones do so much more for their...
by Wayne Smith & Associates | Feb 27, 2023 | Accounting, Business
“Making good judgements when one has complete data, facts, and knowledge is not leadership – it’s bookkeeping” (Dee Hock, Founder and CEO of VISA) When running a small business, it often feels like you are doing everything yourself, and some important...
by Wayne Smith & Associates | Jul 27, 2022 | Accounting, Business
“Creativity is great – but not in accounting.” (Charles Scott, Former governor of Kentucky) Being able to track money as it is coming in and going out is essential for small business owners. Not having proper cash flow management and a full understanding of...
by Wayne Smith & Associates | May 27, 2022 | Accounting, Business
“What gets measured, gets managed.” (Peter Drucker) Financial reports, such as a balance sheet, income statement, cash flow statement, debtors reports and actual spend vs budget reports, provide an understanding of where your business stands financially at a certain...
by Wayne Smith & Associates | Jan 27, 2022 | Accounting, Business
“Any remedy is going to depend on having financial statements that are reliable” (Tom Foley) On the last day of February each year, many companies face their end of financial year or “EOFY”. Whether it’s referred to as the EOFY, Close of the Financial Period,...
