My husband and I are in the middle of renovating our home. We spent many months with the architect planning, measuring, drawing and discussing the details of what our house would look like after the renovation. We waited countless months while we got permission from the Council, the National Heritage Council of South Africa (our house is over 65 years old), the owner of the township where we stay (who was de-registered a long time ago and doesn’t exist) and finally were able to begin the search for a good and reputable builder. We were fortunate as the person who managed all the various permissions had good contacts and so we entered into a contract with the builder. Through the difficult times of lockdown we negotiated and were able to start the project as soon as the restrictions were lifted.
The builder called us to site one day to discuss that he needed to call the engineer. The one area had been under measured by 1.5 meters and so an extra beam would be needed. A wall that we had broken down ‘happened’ to be a supporting wall (which wasn’t clear in the original plans) and there was a long crack in the concrete of the floor in one of the rooms. With the help of the engineer, all the issues were resolved and managed so that the house would be secure and not fall down at some inopportune time in the future.
Now, many of you will know that I am a Chartered Accountant and you’re probably wondering what my home renovations have to do with this blog. Fear not, I am about to explain.
In today’s times, running a business, or managing your personal finances have never been more challenging and at the same time never have they been easier to do. The economy is tough. Living is expensive. Keeping your customers happy and wanting to come back for more can be difficult. Yet we have so much technology on our doorstep to make each and every one of those tasks easier, more efficient and user friendly.
Having said this, an architect will find house planning apps that are great to use and user friendly, make their jobs more efficient and time saving, yet I as an accountant will battle to even begin using those very same apps as I don’t have the knowledge or expertise to even know where to start with house planning. A graphic designer has so many amazing tools to do their job and the love them – find them effortless to use, but I, as an accountant, find it exhausting just looking at the instructions of the easiest of those programs.
So too, while you may be an absolute expert in whatever job you do, service you provide or product you sell, running the books, preparing your taxes and preparing any financial report will leave most business owners running in the opposite direction.
Just like if my husband and I had decided to renovate our home ourselves or with an inexperienced builder we would have been in deep trouble when the house started to self-destruct, any individual or business owner runs the risk of not having control of their financial health, of incurring penalties and interest in the tax arena if they don’t have a professional accountant and tax professional on their team. I am not saying this to scare anyone. I’m saying this to help you and to tell you that it is okay… It is okay for me not to be able to use the latest version of Adobe Photoshop, and it is okay for you not to have fun using the latest tax planning and accounting software. If each of us sticks to what we are good at, and experienced experts in, we can do SO MUCH MORE together, than if all of us struggle on our own island trying to reinvent the wheel.
This article is specifically for those who find accounting and tax daunting. It pays to have a good professional on your side. A professional who is experienced in your industry to assist with the bookkeeping when you need assistance, who can keep you compliant with tax and other legislative bodies, a professional who will be a partner in your business and help you to grow as you focus on what you’re good at and enjoy doing!
When looking for a good accountant I recommend that you ensure that they are a member of a reputable body, as being a member of such a body will enforce the member to adhere to a code of conduct including ethics, which is so important. A tax professional should be a registered tax practitioner or work for a registered tax practitioner. They should have a good reputation so try to get recommendations from other people in your industry or community. Most importantly, the accounting professional should be someone you can trust as without the trust you don’t have a good team or partnership to grow your business.
If you are looking for an accountant or tax professional and you’d like a quote or to connect please email me on firstname.lastname@example.org or message me directly on my ProTech Profile to arrange a complimentary introductory meeting.
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Until next time!
Yours in Business, Accounting & Tax,
Tzippy Subotzky (CA)SA RA
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