Businesses to prosper from Kenya’s bright internet future
By Steven Cohen, managing director, Sage Pastel
Internet usage in Kenya has risen 11,4% to 8.69 million people over the past four months according to the 2010/2011 Communications Commission of Kenya (CCK) report which now places Kenya second only on the continent to Nigeria for number of internet users... | moreTwenty years of entrepreneurial life lessons
By Steven Cohen, managing director, Sage Pastel
Sage Pastel, as I’m sure you know is an ardent supporter of the development of SMEs and like all businesses we started out small. The company, which was founded in 1989 in Johannesburg, is now a leading developer of accounting and business software supplying 52 countries including 18 in Africa... | moreNew Companies Act bring changes to ISRE 2400
It used to be called ISRE 2400, Engagements to review financial statements but with the introduction of the new Companies Act, its been renamed ISRE 2400 (Revised), Engagements to Review Historical Financial Statements The Practitioner’s Objectives in a Review. It’s a complicated name but what does it mean?... | moreNew Companies Act affects the audit of a CC
The new Companies Act, which came into effect on 1st May this year, impacts the audit requirements of Close Corporations (CCs). CCs that are deemed to be in the public interest are now required to be audited, or at undergo an independent review...| moreBusiness Rescue
Rescue The new Companies Act has introduced the concept of business rescue for financially distressed companies. Simply put: this is a way to save companies from becoming bankrupt and applies to all types of businesses including close corporations.... | moreHow will the new companies Act affect the skill set of South African accounting professionals?
The new companies Act, which came into effect on 1st May 2011, has introduced the concept of an independent review as an alternative to the annual audit, depending on the public interest score...| moreAudit vs Review - The "employee" debate
By Professor Steven Firer
The public interest score determines whether a company’s annual financial statements require an audit or independent review and the number of staff employed by a company is a key determinant of that score. So are companies considering restructuring their human resources in order to avoid an audit?... | more
The independent reviewer is now responsible to report financial irregularities
By Professor Steven Firer
Auditors have been obliged for many years to report irregularities that they find in annual financial statements. Failure to do so can result in hefty penalties for the auditor and now, independent reviewers face the same fate.... | more
SME funding: fact or fallacy?
By Steven Cohen, managing director of Pastel Accounting
Auditors have been obliged for many years to report irregularities that they find in annual financial statements. Failure to do so can result in hefty penalties for the auditor and now, independent reviewers face the same fate.... | more
CCMA: a nasty four-letter word for business owners
CCMA proceedings are not easy; the process isn’t always clear and takes up both time and other resources. Let Pastel’s LegalWrite team guide you through the process... | more
How to resolve a tax dispute
Managing a business’s tax affairs is daunting task for its owners and managers, who don’t often have the luxury of in-house legal or tax counsel. The consequences for non-compliance with SARS’ requirements will almost certainly result in severe financial penalties or even some time in jail. But sometimes SARS is wrong and the good news is that a system does exist that allows tax payers to dispute their assessment.... | more
Essential business survival strategies
Times are tough! Despite the economic downturn apparently being a thing of the past, many businesses are still under stress. If you’re operating in recession mode, the following advice should see you through the tough times... | more
Improve your accounting knowledge for better business insights
Business owners often get absorbed in the service delivery aspect of their business and neglect the day to day financial management. While service delivery is paramount, an active understanding of the company’s books provides the best insights into the real success of a business; the bottom line.... | more
Ten tips for making it through the first year
Your business plan is complete, the legal work is done and your business set-up seems to be running smoothly. But the failure rate for new businesses in their first year is high so it’s important to avoid the simple mistakes that may jeapardise your future success... | more
Ten ways to finance your business
Findings from our inaugural Pastel SME Business Survey tell us that the lack of funding for this sector of the economy is one of the top three barriers to business growth. In fact, one in every five respondents reported that they were either unable to, or unaware of how to, raise funding for their business... | more
Accounting software for the future - by Steven Cohen
The software industry is an interesting place at the moment. The software market is evolving at a rapid pace and currently presents more options than ever before. Beyond the desktop, cloud computing offers online software applications with propositions that shouldn’t be ignored. Of course there are a host of desktop/web combinations that are available and don’t forget about the integration possibilities of the ‘smart’ phone. And now with Apple’s launch of the game-changing iPad, a whole new platform is coming into play... | more
SMEs: monthly management makes for an easy Year End
As we approach the end of the financial year, the calls to our support centre are starting to increase and the atmosphere of mass-panic in trying to close this year’s books can be clearly felt. It’s at this time every year that I wonder why business owners and managers often overlook the day-to-day administrative requirements that result in this major managerial load at the end of February... | more
SMEs hold the key
This article is a response to the minister of economic development, Ebrahim Patel, and his new plan for economic growth. Particular focus is paid to the important role SMEs play in creating economic growth in South Africa.... | more