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Getting in touch with your financial side.
[A thread]
[A thread]
When most of us imagine our financial success, it’s usually a lot of this...
And rarely much of this…
Efficient financial management is the second closest thing to financial freedom (*no.1 being privilege). For our latest blog feature, we joined Sizwe Mbilase and some of the Hive members in a workshop about basic bookkeeping for startups.
Most businesses already have some sort of financial record- or book-keeping system; the actual problem is keeping them up to date.
“Since we have to be hands-on with so many other things in our business, I think we leave our books for last. “
-Anonymous Entrepreneur
“Since we have to be hands-on with so many other things in our business, I think we leave our books for last. “
-Anonymous Entrepreneur
Luckily for us, meticulous money management can take as little as 1hr per week; and is as easy [1] setting aside some time for “financial TLC” and [2] finding creative ways to track our income & spending.
The first thing to do is set our books up in a way that makes them easy to update and read. If you ever need them to look pretty for a director, shareholder or investor to see; you can hire a consultant to make them look like this...
Once your crafty system is set up, the next job is keeping it up to date. A neat trick is choosing to make all your transactions from one account. That way, you can rely on your bank statement as a record of all your spending and income over a period.
The alternative is keeping receipts and invoices you’ll record in your system (daily, week?). In fact, even if you’re doing the first thing, it’s always good practice to keep invoices, receipts, records etc. for taxes and stuff...
Small businesses pay 0% tax if they make less than R83 000 within a specific tax year. Beyond that, the amounts differ based on how much you make. Read about it on the SARS website: https://bit.ly/35KQ5b5
Otherwise, if you have any specific financial questions, please add them in the comments and we’ll try to put them in one of our next articles.
Sizwe Mbilase is the MD of Honare Business Consulting. Read the article about this thread here: https://bit.ly/3iyMAbm
Also, do your bookkeeping bruh, umdala...
Also, do your bookkeeping bruh, umdala...
