willian-justen-de-vasconcellos-3fX0FvA-2us-unsplash

702 Business Accelerator

For many entrepreneurs, the early stages of start-up saw us using our personal finance and credit facilities in our names to get the business off the ground. Very few entrepreneurs allow for a transition across from personal to business to happen cleanly and neatly. Many live, in part, in their businesses. Yet, you cannot have your cake and eat it. When it comes to a sale, your historical numbers, those reflected in your audited financial statements suggest the rue performance of the business. It’s these numbers that impact your valuation irrespective as to how they came about. Clean books mean clean, maximised performance. Lived in the business books, suggest for the same business, poorer performance. Finding the best approach is what I asked Shane Prinsloo, co-founder and director of BPAG…

It’s all in the number and the numbers, if properly generated don’t lie. If this is the case, build your bookkeeping and accounting capability, preferably through a service provider who does this as a speciality, properly. Clean numbers, properly prepared make for clean sales. Uncertainty in numbers actually reduces the price, leads to tougher negotiations and lower valuations. When you intend selling, set a time line and make sure that you have a long enough period to clean up your books.

aerial-shot-twisted-roads-surrounded-by-parks-middle-city

XPAC takes off in South Africa

A leading group of cloud accountants gathered to serve on South Africa’s First ever Xero Partner Advisory Council (XPAC) for South Africa last week.

The XPAC represents a group of accountants integrating and connecting with one another to share ideas and thoughts on how to help small businesses thrive. In doing so the value and the power of their individual networks increases as they are brought together with a common goal –“Enable the small business economy to thrive, through beautiful software, advice and connections”

Members who will serve on a rotational basis on the XPAC for a period of 12 months include:

  • Shane Prinsloo – BPAG Chartered Accountants
  • Simon Magner – Iridium Business Solutions
  • Nicole Rousseau – BDO South Africa
  • Ian Meaker – Creative CFO
  • Jo-Anne Williams – Leading Edge Business Services
  • Guy Krige – Diga Digital Solutions
  • Charlaine Barlow – PWC

After insightful and valuable contributions from Rod Drury, Andy Lark, Gary Turner, John Bellamy, Mike Day and Oliver Furniss the XPAC got stuck into how more connections could be made to build the Xero network in South Africa.

Through connection and integration the XPAC will not only increase the number of connections in the Xero network in South Africa, but also unlock opportunities that will help the small business economy to thrive.

We love small business, and love the opportunity that has been created through the XPAC to serve our clients, other Xero partners and our community.

 

aerial-shot-beautiful-green-hills-curvy-road-going-along-edge-amazing-sea

7 Reasons to outsource your accounting

If you’re a small business owner, you’ll understand the pressures of growing a business. In these tough economic times, keeping your head above water, let alone flourishing, is becoming increasingly more difficult, and it takes some creative thinking and innovative developments to increase your bottom line. One solution many SME’s are turning to is to move away from in-house finance departments or large and impersonal accountancy firms, and to outsource their finances and accounting. Here are a few of the reasons it is a good (no, great) idea to follow suit:

Increase productivity (and ultimately performance)

The first, and probably the most obvious, benefit of outsourcing your accounting is that your time is far better spent on growing the business, and not struggling to balance the books each month, or trying to understand the mountain of ‘red tape’ requirements that come with running a business. Let the experts do what they do best, and leave you to run your company.

More cost effective

Following on from the above point, then why not hire an internal accountant or accounts team to handle the finances? Because it’s far more cost effective to outsource it. Why pay a full-time salary (with benefits), when you can pay only for what you need?

Expert team at your disposal

A specialised accounting firm will comprise a team of experts with knowledge and access to the latest cutting-edge technology, software, compliance regulations, and innovations. Plus, you will effectively have an entire team at your disposal, constantly collaborating and strategizing to find the best possible solution for you.

Focused and vested in your business

Unlike a staffer who knows they’re going to get a pay check at the end of the month, an outsourced solution will have a vested interest in providing you with the best possible service, because he will want to retain your business, and so will work extra hard at maintaining a life-long relationship.

Quicker turn-around time

With a team working around the clock to meet a deadline – that has access to all the necessary resources – the turn-around time will be faster and treated with a professional urgency.

Flexible options

Rather than a one-size-fits-all approach, you have the ability to choose which options suit your company’s needs. Do you require a once-a-year audit, is it a monthly bookkeeping service you’re after, or perhaps you need the full-service financial treatment? Whichever it is, you can pick and choose, and you pay accordingly.

Fraud reduction

An external company will have the means and resources to implement proper fraud protection controls, detecting and preventing all forms of fraud, which can potentially cripple any small business.

Now that we’ve explained why you should be outsourcing your accounting, the next step is to find the right people for the job.

One such company is BPAG, a modern, virtual accounting solution for start-ups and the progressed SME business. They pride themselves in understanding modern business challenges, expert knowledge of the latest technologies to ensure your company’s progression, fast turn arounds, lifelong client relationships, constant collaboration, and fair fees.

Not only is BPAG’s end-goal to make their clients wealthier, they’ll talk to you in a language you’ll understand.

Services on offer include the full range of accounting and financial services, which can be tailored to your individual needs. These include, but are not limited to:

  • Monthly bookkeeping, payroll and management accounts
  • Annual financial statements, corporate tax and other compliance duties
  • Strategic guidance and independent business valuations
  • Expert consulting and finance-related registrations etc

Is it time for your company to progress? With savings like these, there’s no time like the present to progress to BPAG Chartered Accountants.