D5BSG Business Strategy Growth
|Gauteng||Tel: 011 679 4001
Tax Consultants in the Vaal Triangle – Vanderbijpark, Vereeniging, Sasolburg and Meyerton
When you dream about opening your own business, I am sure that the last thing that brings excitement to your thoughts is that of burning the midnight oil trying to make sense of all the financial red tape. In fact, being your own tax consultants should be the very last point on your list of importance as a business owner as, except if you had studied tax consultation yourself, you will most certainly not be able to manage the very intricate details thereof.
Although you do not have to be professional tax consultants, and would most certainly hire a professional consultant to manage the financial side of your business, you should have the basic knowledge of accounting as you are a professional in the corporate world in general.
If you would like to open your own business but have absolutely no knowledge on the functions of tax consultants and do not know what to expect when you do hire one, here are some guides on the most basic financial information you should have to be successful regarding the general knowledge around your business and the financial aspects thereof.
The very first important point to remember is that there is much more to the functions of tax consultants than merely completing a balance sheet or giving reports on financial results. The main focus of professional tax consultants is to see the bigger picture and guide the “grass-roots” company in the direction it should be heading by making use of numbers as the tools of his trade.
If the basic knowledge of numbers and the pattern in which the company is moving is understood and managed correctly as with tax consultants, there will be a certainty that the company will only see growth from day to day.
One golden rule that tax consultants will teach you is that you should not see debt as a profit within your company. If you get an overdraft for your company, do not see it as an opportunity to spend it all on renovations for your office, as this is a dead investment and will not pay back the loan.
Another golden rule is never to see your profit as your money. See it as more capital pushed into your company. Obviously with profit we mean the extra money that is left over after you had paid your company expenses. Many an entrepreneur uses this profit for personal gain or lend it to a family member in hope to get interest in return but soon find that it was not a wise business decision.
There are many more tips that you could use to gain more knowledge on the financial side of your growing business, and it is only with the assistance of professional tax consultants that you will be sure that your company is securely looked after.