We’re approaching the end of February, which means it’s officially coming to the end of the tax and financial year. It’s a difficult time for accountants and businesses as admin piles up, and task lists get longer by the day. And to top it all off, it’s summer too.
The good news is that it doesn’t need to be a time drain. Research from Xero found that accountants can save up to 15 hours a week by using cloud accounting. That’s an average of 54 hours per month or 27 days – an entire annual holiday allowance, plus change. When respondents were asked what they would do with this spare time, of those who chose non-work related activities, 30% would spend more time with family, while 22% selected more time at the beach.
Together with Simon Magner, Xero partner and Director of Iridium Business Solutions, we’ve come up with a checklist to help accountants and small businesses prepare for this busy time.
Ensure your bookkeeping is up to date
The first thing you need to do is to make sure that your bookkeeping is accurate and up to date. You don’t want to be scrambling for the information that you need at the last minute – doing the legwork to make sure all the data is ready will pay off in dividends when you come to generating the year-end report.
Check employee data
Remember that your employee data needs to be up to date, and it isn’t up to your employees to sort this out. If it’s not your responsibility to collect this data, warn the relevant people about the year-end in advance. You’ll need to gather all information on payroll and bonuses, while also collecting all receipts for expenses.
Use technology to help you
Admin-heavy work like invoicing, transaction imports, reconciliation, payments – and more – are time-consuming. Even though software can do all these tasks, they’re often done manually by accountants and business owners – which means there is more room for human error. Xero research reflects this too – a quarter of accounting and finance professionals said they could work smarter if they spent fewer hours on administrative tasks.
Having up to date records in real time using cloud accounting software allows you to make better business decisions in terms of your tax position and avoid any costly mistakes.
Don’t let the leap year fool you
Even though 2020 is a leap year, the last working day is the 28th of February – so don’t think you can file your return on the 29th. On that note, don’t leave it until the 28th, either – just in case issues pop up at SARS on the last filing day of the tax year.
Use previous data to guide you
Remember to use past data to inform your current return. Last year’s assessed profit should be used as a starting point to determine the minimum tax you should be paying as a business. And remember, if you made an assessed loss in prior years you could deduct it against the current year’s profits.
When experienced accounting professionals and business owners have to spend time inputting data, processing reports, and scrutinising invoices, they can’t work on strategy, pursue new business or developing client relationships. If accountants want to spend some time away from their desks during tax season, they need to invest in the right processes. It will save them time, energy and costly mistakes.
Vodacom cuts cost of smallest bundle by 40%
The country’s largest mobile operator has kept to a promise made last month to slash the price of entry-level data packages
Vodacom has cut the data price of its lowest-cost bundle by 40%, reducing the price of a 50MB 30-day bundle from R20 to to R12. This follows from the operator’s promise in March, when it announced a 33% cut in the cost of 1GB bundles, to reduce prices of all smaller bundles by up to 40%.
Vodacom’s various 30-day data bundle prices will be cut across all of its channels, with the new pricing as follows:
|30-day bundle size||New Price||Reduction|
Vodacom confirmed it will provide free data to access essential services through Vodacom’s zero-rated platform ConnectU with immediate effect. The value of these initiatives, it says, is R2.7-billion over the next year.
“Vodacom can play a critical role in supporting society during this challenging time and we’re committed to doing whatever we can to help customers stay connected,” says Jorge Mendes, Chief Officer of Vodacom’s Consumer Business Unit. “Since we started our pricing transformation strategy three years ago, our customers have benefitted from significant reductions in data prices and the cost of voice calls. Over the same period, we invested over R26 billion in infrastructure and new technologies, so our customers enjoy wider 2G, 3G and 4G coverage and vastly increased data speeds.”
The latest data reductions will complement the discounted bundle offers that will also be made available to prepaid customers in more than 2,000 less affluent suburbs and villages around the country. For qualifying communities to access further discounted voice and data deals, they need to click on the scrolling ConnectU banner on the platform via connectu.vodacom.co.za
ConnectU – which is a zero-rated platform – also went live this week. It will provide content aimed at social development and offers a variety of essential services for free. Learners and students enrolled in schools and universities can access relevant information for free, with no data costs. The ConnectU portal includes a search engine linked to open sources such as Wikipedia and Wiktionary as well as free access to job portals; free educational content on the e-School platform; free health and wellness information and free access to Facebook Flex, the low data alternative to Facebook that enables customers to stay socially connected.
Vodacom’s popular Just4You platform has been a significant contributor to the approximately 50% reduction in effective data prices over the past two years. Substantial cuts in out-of-bundle tariffs and the introduction of hourly, daily and weekly bundles with much lower effective prices have also driven increased value and affordability, resulting in R2-billion in savings for customers in 2019.
OneBlade shaves price of electric precision
Electric razors and their blades are usually quite expensive. But the Philips OneBlade shaves the cost, writes SEAN BACHER
Electric razors come in all shapes and forms and their prices vary as well. When your nearest electronic retail outlet opens again, you will be able to pay a small fortune for a wet and dry razor that cleans itself, shows you when it needs to be recharged, and tells you to replace the cleaning solution – all via a little LCD panel in the handle.
But does everyone want that? Does everyone need that? Surely there must be customers who want an easy-to-use, no-mess, no-fuss razor that gets the job done just as well as a “smart razor”?
With this in mind, Philips has launched its OneBlade wet and dry electric razor. The razor is dead simple to use. It comes with three stubble combs – 1mm, 3mm and 5 mm – which can be clicked onto the head much like one would with a hair shaver. Should you want a really close shave, simply the combs off. I found this to be the most effective as I don’t have a beard.
The razor’s blade is the size of the striking side of a matchbox and has 90-degree angles all round. This offers precise shaving and, because of its small size, it is able to get just about anywhere on a person’s face.
The blade has a usage indicator that shows when it is time to replace the blade – usually after four months – and an additional blade is included in the box.
The OneBlade’s battery takes up to eight hours to charge, and will give up to 45 minutes shaving time.
Overall, the Philips OneBlade will give a man a comfortable and precise shave. Its battery life, combined with its size, makes it a perfect travel companion as it is no bigger than an electric toothbrush. Its relatively low price compared to other electric razors also counts in its favour.
The One Blade can be bought from most electronic retailers or can be ordered online from websites like takealot.com. The razor retails for R650 and a set of two new blades will cost around R450.