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Have a Question Or Need to Make An Appointment? Email Us!
Email Us
info@kant.co.za
Head Office
(011) 234 – 0317
Rustenburg Office
(014) 523 – 3651
Head Office
G001 Lilli Park,
354 Rivonia Boulevard,
Rivonia, 2129
Rustenburg Office
214 Beyers Naude,
Rustenberg,
0299
F.A.Q.
Frequently Asked Questions
Are Bookkeeping and Accounting the same?
No, but they do go hand in hand. Bookkeeping is responsible for the recording of financial transactions, whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing financial data. Bookkeeping is very reactive, where you are recording transactions that have already happened. Accounting is more proactive, anticipating future financial needs and planning on how to meet them.
Why is bookkeeping important for a small business?
Bookkeeping has a few important benefits to a small business. First and foremost, keeping your books up to date is essential in the event your business gets audited. It also allows you to analyze and plan based on your collected data, helps minimize accounting costs, and saves you time during tax season since you’ve done the work to keep your finances updated throughout the year.
What kind of bookkeeping is used by small businesses?
Small-business bookkeeping requires you to choose between single- or double-entry accounting. Single-entry accounting records all of your transactions once, either as an expense or an income.
Why hire a monthly accountant instead of an annual one?
Truthfully, not all business owners see the need, but our clients sure do! We provide consulting and business advice throughout the year. Our proactive approach allows you to see trends earlier and spot any issues before they become larger problems. Monthly financial statements are a tool to stay on top of your business, which allows you to focus on growing your profits.
What accounting is needed for a small business?
Small business accounting typically involves three key reports: the balance sheet, income statement, and cash flow statement. Companies perform accounting tasks manually, with accounting software, or through professional accounting services.
What is the difference between VAT and Tax?
TAX usually refers to the Income Tax, which is levied on the profits of the company. Usually in the case where a company has a loss, the loss will incur no TAX, but the loss will carry forward to following years to be offset against future profits before TAX is calculated.
Tax comes in the forms of Provisional Tax and Income Tax. VAT is effectively an indirect tax which if the company is registered for VAT, will be charged by the company on it’s sales.
VAT is payable on sales, and VAT paid by the company on certain expenses can be claimed against the VAT payable on Sales. VAT is usually payable / refundable to SARS every 2nd month.