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What Causes Clients To Seek Outsourced Bookkeeping Services?

We talk a lot about the importance of having solid accounting processes and procedures in place to govern your bookkeeping and accounting. We discuss how bookkeepers, FM and CFOs can be strategically aligned to produce advanced insights into even the most complex accounting structures. But we don't often spend a lot of time on the downsides in the accounting department — partly because the topic is often pretty negative in the grand scheme of things. After all, the vast majority of our clients end up coming to us only after experiencing some of the worst problems in accounting and bookkeeping.

While there may be something to be said for experiencing "the bad" in order to fully appreciate "the good", we would always prefer our clients avoid hardship if possible! So we compiled that many varied reasons that clients have sought our services in the past so that you can learn from their previous mistakes and problems — and hopefully avoid them in your own business.

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28 Billion in Extra Tax is Needed

Pravin Gordhan, delivered his Medium Term Budget Policy Statement (MTBPS) in October 2016. The MTBPS revised SA's economic growth downward to 0.5% for 2016 and 1.7% in 2017, which seems very optimistic. The South African economy also finds itself in the midst of protracted global trade, lower commodity prices and a high risk of external volatility. The Minister announced that tax measures and reduced expenditures are estimated to raise an additional R43billion over the next two years. The MTBPS announced that R28 billion additional tax revenue measures will be introduced at the February 2017 budget speech for 2017/18 and R15 billion in 2018/19. Treasury has a number of ways to raise the R28 billion. The main instruments that could be used include corporate income tax, VAT, or personal income tax. Tinkering with wealth and capital taxes may for now be off the table.

The Corporate Tax Rate in South Africa has been 28 percent since 2013 but has averaged almost 35 percent from 2001 to 2015. Raising the Corporate Income Tax rate will be extremely unlikely as such a measure will act as a deterrent for foreign direct investment, especially considering that the Corporate Income Tax rate compared internationally is already not that competitive. This is also against the rationale for lowering the rate in the first instance.

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We are going paperless

Our vision at Positive Trends Financial Services is to become a truly digital organisation, allowing us to enjoy the increased efficiency and productivity associated with technology.

For centuries, we have relied on paper and its many variants to write letters, publish books, create artistic masterpieces and do, well, pretty much anything. Not anymore! The time of paper is ending as the digital age gathers further momentum yet no one company has yet laid claim to going entirely paperless. At Positive Trends, we plan to do precisely this in the first month of 2017.

Digital technology has become so integral in modern culture and society that the vast majority of us would be at a total loss without internet access or our smartphone and we know that it can help significantly increase productivity in our working lives too. At Positive Trends, we recently commissioned research into the impact and perceptions of technology in the workplace. It showed that 40% of Senior Managers acknowledge that technology improves collaboration, sharing of resources (34%) and increased efficiency (37%).

It has never been easier to go paperless.

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It's a wrap for 2016

 

So, we have to come to the end of the year.

I'd like to wish you a very happy and safe festive season.

Travel safe if you're going away and have a good rest.

I'll be back online on the 3rd of January, so keep an eye out on your inbox for the first eletter of 2017.

To end off the year, here are the highlights from the past year:

 

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