Non-compliance can spell disaster for a small business | #eBiz Entrepreneur | Kantha Naicker

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Why would a qualified professional accountant support an accounting package that requires the user to have absolutely no accounting know-how?

Because the reality is that most people running their own small businesses are usually good at what they do and know how to make the money but they’re not good at reconciling it – this is a recipe for disaster. So, having a simple system at your fingertips that manages the accounts and sorts them correctly for your accountant is why someone like Kantha Naicker – Professional Accountant, Professional Tax Practioner and member of the Durban Chamber of Commerce and Industry  – thinks SMEasy is an invaluable tool.

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Naicker comments “As a ‘sold’ Pastel user I was intrigued as to what this accounting software could offer when I was introduced to it. Immediately I saw the benefits.  What we as accountants take for granted in terms of producing even the simplest financial reports or generating the simplest transactions, can prove challenging for many business owners. SMEasy removes the barriers to getting to grips with a small organisation’s finances. It is user friendly and enables the non-accounting savvy to, very importantly, become and remain compliant.

“My experience is that with smaller business, there is a very real possibility of non-compliance issues a few years into the business.  As owners realise that by not adhering to basic accounting requirements, they see that they have adversely affected their business when they start having issues with SARS or cannot tender for jobs as their books are not in order and can’t get the necessary tax clearance certificate.  In addition, try getting a business loan without decent records, you’ll find it impossible as you present a severe lending risk in the eyes of banking and financial institutions.”

Kantha NaickerAt R150 including VAT a month, SMEasy is not just an accounting system but a one-stop solution for small business. It provides the small business with the ability to easily manage business contacts, create branded quotes and invoices – literally on the go – as well as do their payslips. The inclusion of a payslip facility in one system is unique to SMEasy, payslips are not included in other Accounting software packages and as such is a separate system purchase and an additional expense for the business. SMEasy also provides an easy-to-use forecasting function that helps with cash flow management and includes simple business reporting that empowers the business owner to make informed decisions.

“While there is certainly still a place for the other conventional accounting packages, I recommend SMEasy for my clients running start-up and small businesses – which are owner managed. On the whole they are computer-literate but have very little, if any accounting knowledge. For example, the product allows them to literally generate a professional, branded invoice as they finish a job and this is seamlessly sent to their client and stored for my needs in generating compliant accounting documents to present to SARS. All information is stored securely online so there is no worry about losing information or other parties accessing your information.”

Compliance is key in maintaining a successful and evolving business and compliance starts with running an efficient accounting system.

 

 

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eBizRadio is a live multi- platformed social media service providing an online forum to the business community for holding conversations on the key issues related to specific businesses as well as availing a space for cross-business collaboration in response to key issues affecting the world of business. The place to go if you want to know about business and lifestyle

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