Bookkeeping Services for South African Startups

Bookkeeping services are a significant concern for startups in South Africa. Unfortunately, most startups don’t even understand the importance of bookkeeping. As a result, most of these businesses fail to reach the five-year mark. Read on to find out why bookkeeping should be your primary concern as a small business in South Africa.  

Why Must Your Small Business Invest in Bookkeeping Services?

Most business owners in South Africa have limited knowledge of why bookkeeping is essential for their businesses. However, if you don’t know about the bookkeeping and accounting basics, you are in the right place. The purpose of bookkeeping is to track financial transactions. 

Not sure what needs to be tracked? Below is a breakdown of the financial items that a bookkeeping service like The Books Consulting will properly manage for you. 

Bank Statements

Nowadays, a lot of banking is done online. This is a good thing since you won’t have to deal with bulky bank statements. However, you still need someone to reconcile your statements each month. This is what enables you to get a good picture of your income and expenditure, account for bank charges, and spot any possible banking errors that would otherwise go unnoticed. 

The Books Consulting

Payroll and Bookkeeping Services

If you have employees, you need to track your payroll correctly. Payroll tracking involves managing employee personnel records and retaining worker time records. This means that you will have to manage several payroll-related platforms that may or may not include 941s and W-2s. This can be very confusing and time-consuming, and that’s why you should let a specialist like The Books Consulting handle everything for you. 

Business Invoices

As a business owner, you must know how to create invoices. This is important because you should invoice your customers for all products and services that you offer. Contact us today for a free quote if you need someone to follow up on your invoices and ensure that everything is balanced. 

Proof of payment

Sometimes there can be a lot of confusion if you make a payment and the recipient doesn’t acknowledge receiving it. That’s where a bit of bookkeeping comes in. While you may not keep physical checks anymore, you can go into your bank records and extract the transaction, which will then serve as proof of payment. 

There is a lot you can benefit from bookkeeping. However, if your business is still new, there is a lot that you won’t understand, and there are many terms thrown around in the business world. For instance, tax returns and financial statements can be pretty foreign if you haven’t been in business for long. 

The Books Consulting is your partner for all your accounting and bookkeeping services. Contact us today to find out how we can help each other out. 

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