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Read Time: 3 Minutes The Hidden Cost of Bad Accounting Hi Reader I know we’re all trying to save money in this tough economy, but sometimes the “savings” cost more in the years to come. Accounting is one of those areas where cutting corners quietly costs you hundreds of hours, thousands of rand, and a lot of unnecessary stress. Let me show you what I mean. Story 1: “Mom Does the Books” A business owner once told me her 85-year old mom handled the bookkeeping and that she’d file her own tax...
Read Time: 2 Minutes Hi Reader, Last year, three illegal transactions went off my account — R950 each. They only stopped when the money ran out. If there’d been more in there, it would’ve kept going. I tell people I moved the money to savings. But the truth? That was all the money I had left. I’d been quietly topping up the business from personal savings just to get by. I know what it’s like to run out of funds. Not having enough to pay the staff. Having to ask friends and family to help you...
Read Time: 3 Minutes I’m an accountant and I love numbers. But some days, some days I hate them. They drain me mentally. Numbers also show me the truth. And the truth is scary. Most business owners I work with are doing this mental math daily, even if they’re not calling it that. “I have this much in my bank account, and if that payment comes in, I’ll be able to pay this…” “I still need to follow up on that invoice…” “If I don’t get paid by Friday, I’m in trouble…” It’s mental gymnastics. And...