Once you’ve made a bit of a name for yourself in the market and have established a bit of traffic for your store online or in-person, you wonder how you can keep excelling. With many milestones achieved, it can become blurry as to how more can be achieved. There are numerous essentials that relatively new and even established entities miss out on, which can help them scale and make the most of their potential. These include:
Get A Certification
Many business owners aren’t aware of the positive impact that being certified has. When you’re starting or haven’t established trust in the market as a reputable entity, both customers and other third-party vendors will be hesitant to work with you. If you don’t have anyone to vouch for you, it’s also a major drawback because there’s no information to go off of.
Getting a business certification changes that, as it shows to the other party that you’re a considerate entity that does well to register with relevant authorities in your region. It will change the impression while having other benefits that the financial authorities provide as a certified entity.
Apply For VAT
There are common misconceptions that you can get away with not being registered for VAT and that you only lose money that way. Firstly, it sets a bad image for your business if others find out that you’re not paying VAT. Secondly, you’re liable to pay off taxes and might end up paying hefty fines and penalties to the SARS if you’re found to be guilty of tax evasion.
Lastly, you can get back a lot of your taxes. The SARS has several schemes that allow you to earn some kickback from paying your VAT and maintaining a good record of the fact.
Use Accounting Data Wisely
An accountant’s sole job isn’t only to provide you with different statements that reflect the financial conditions of your business and how the numbers are looking, but they can also offer valuable advice. Essentially, the information an accountant can give you plays a pivotal role in business growth. Cost-cutting is something that accountants can suggest, allowing you to bring down your expenses without any major quality compromises.
Similarly, they’re well educated on market trends and growth opportunities, routinely suggesting ways to capitalize on your chances for development. A competent accountant works similar to a good CFO for your business, and their advisory generally comes for free.
Having a sound team to guide you on your finances is the most pivotal step to guaranteeing your success in practically any industry. At ANM Auditors, we’ve helped different companies from various walks of life handle their finances. You can acquire our business payroll services, VAT accounting services, tax preparation services, business accounting services, and company registration services in South Africa.
Depending on the size of your operation, you can acquire our various tiers of services for the right option that meets your needs. Get in touch with us today.