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Challenges you could face as an SME

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Starting your own business is an amazing achievement. Having the drive and commitment to “do it yourself” is not something everyone can say they have done. It is rewarding but, it is important to be aware of the challenges before you begin.

1. Money Management

This is probably one of the most important aspects of having a successful business. If you do not have your money in order, things can go “pear-shaped” very quickly and can result in a lot of unnecessary stress.

The first thing you need to do is budget, and budget correctly.

Another tip is to know how to handle your money once the cash flow comes in. Making use of an accounting software package from EasyBiz can help you do this: QuickBooks

2. Time, Time, Time

Planning is a vital part of this, as you need to hit certain deadlines and keep things flowing smoothly and functionally. Take the time to find a way to fit everything into your planning and this way, you will have fewer challenges and bigger success.

3. Lack of Planning and Research

This is a very common mistake made by many entrepreneurs.

Before starting off anything, you need to have done research on everything related to the market you are going into. For example; competitor and market research, setting certain goals, current trends, ways of marketing and an action plan to follow.

4. Getting a client base

Generally, people get pretty hyped up about a new product, service or business opening. Especially if it is in their surrounding areas. But the catch is that they will only know about it if you make them aware.

It is also very hard to build a sustainable, profitable client base as people prefer to stick to what they know. Remember, quality over quantity and sustainability over a quick fix.

Although there are challenges, and once you have overcome them and have a good system starting – the rewards you’ll reap will be well worth the trials and tribulations of starting your own company. Just hang in there!

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New business owner? We’ve got trade tips!

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Starting your own business is a pretty daunting task. It requires a huge amount of commitment, work and above all… research. We’ve found 7 tips that are sure to help you on your way to creating something amazing!

  1. Address excuses

There are so many people in the world that dream of starting their own business but never do. Our first tip is; addressing your own fears and issues is step one. Be it time, responsibilities, money, etc. Get out of your own way and you are already half-way there. Another thing people may find daunting is being their own boss – and then eventually being responsible for other people, like their employees. Excuses only slow you down from reaching the top.

  1. Absorb everything

Be a sponge. Absorb everything you read, everything you hear and everything you come across that can benefit you in your business endeavor. Keep notes of things you think that will help you – they may not help you straight away but at least you’ll always have something to refer back to. Sometimes the perspective and even body language of other people can add such clarity to something you are thinking of or an idea you’re playing around with, so be open to everything and anything. It could reflect how consumers will react to your business.

  1. Be a solution

Throughout the ages, there have been problems that pop up and someone has thought of a solution… Candles burning out constantly and you’re left in the dark? Enter Thomas Edison and his creation of the lightbulb. Now we aren’t saying that you need to be an Einstein to create a business that solves worldly problems, but you get what we mean. The minute there is a problem and you can solve it; you immediately have a target market and a foot in the business world door. Be something that people need… this is why research is so important before you even start anything else.

  1. Keep it simple

Start small and simple. You do not need to have the offerings of a giant corporation from the very beginning. A good and successful business idea should fulfill promises and exceed expectations when it comes to its clients. Focus on that, instead of all the millions of extras you could potentially add to your business one day. Too soon, and it could simply complicate everything and take up too much of your time.

  1. Count the costs

Once you have your business idea, think up a cost plan. Add up how much you’ll need in the beginning, and how much everything will cost you. Once you have come up with an amount, quadruple it. Seriously. Why? Because you will encounter so many unexpected costs, and rather be prepared for them from the beginning. Keeping that in mind, you’ll never be caught off guard – which can also help, should your business not take off… which is a scary reality.

  1. Marketing

Marketing and getting your name out there are probably the most important points. Consumers will not just willingly come to you, especially in the beginning. This is why speaking up; networking and marketing are very important. The more people know about you and your business, the more you’ll be able to build up a good client base.

  1. Let’s get legal

Starting a business is exciting. Laws are not. You, however, need to understand the rules that come with opening a business. From forming a legal structure to setting up an accounting system, there are a lot of rules you’ll need to follow. Firstly, you’ll need to register your company and reserve your company name to make sure the name is not already taken. Tax is also something very important to think about, as no one wants to fall behind when it comes to tax – and it is the quickest way to get yourself deregistered. Thankfully, when it comes to your accounting needs, you don’t need to look further than EasyBiz and QuickBooks. There are multiple packages you can choose from and basically become your own accountant – one less thing to worry about. Make busy easy with EasyBiz.

Make business easier here: Quick Books

We hope these tips help you in creating your own successful business. Now you have the tools to create something amazing.

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What are the many benefits of starting your own business?

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There are many people who never start their own company because it is seen as a daunting task. Where do you start? How do you find your niche? What do you do once you’ve found it? It’s scary… But it is something that can be rewarding and a life changer. Here are seven benefits of starting your own business:

  1. You Control Your Future

You’re making the choice to work for yourself rather than for someone else. Which means you are in complete control of the culture and feel of your business. You’re the one steering it into the future with a direction you think is best, without having to answer to anyone, necessarily. This might be overwhelming for some and one must know when and how best to delegate. However, when you can make your own decisions about how best to operate during the day-to-day tasks, this leads to creating a culture, a brand and eventually, an organization that you can be proud of. This is probably one of the most important benefits of starting your own business.

  1. You Find Your Own Work/Life Balance

Flexi-time… Need we say more? It is one of the most oft-cited benefits of owning your own business – whether that be working from wherever you want, setting your own hours, deciding to wear a nightgown to the office or even sitting next to your pet while you work. It helps business owners set their priorities and deal with them in their own time.

  1. You Select the People You Want to Work With

When you work for someone else, you rarely get to choose whom you work with. If you don’t like your co-workers, well, being at your job might not make you the happiest person. That’s not the case when you own your own business since you get to make the decisions about who to hire. Surround yourself with positive people who give you the confidence and optimism you need to keep moving forward.

  1. You Take on the Risk – And Reap the Rewards

There’s no question that owning your own business is a risky proposition. But, with risk comes reward. There is an unlimited number of variables in almost every aspect of the company, and as soon as you think you have things under control in an area, everything changes. The more you put in, the more you could potentially get out.

  1. You Can Challenge Yourself

As a business owner, you can bet that each day will be filled with new opportunities to challenge yourself. You have the opportunity to be creative and learn something new. It will almost feel like you rarely experience the same day twice. Every single day could be completely different from the last. Each day will present new lessons on what owning a business is about.

  1. You Can Follow Your Passion

Many business owners say the long hours they invest in growing their business doesn’t feel like work because they’re actually enjoying what they’re doing. They are doing something they want to do! Who wouldn’t want that? You should always follow your passion.

  1. You Feel Pride in Building Something of Your Own

One of the biggest benefits of owning your own company as opposed to working for someone else is the sense of pride you establish in building something of your own. There is nothing more satisfying than becoming successful through your own leadership, abilities, ideas, and efforts.

We hope this has given you the motivation needed and shown you the benefits of starting your own business. It can be difficult but is doable and can be wildly successful and filled with rewards…. As long as you keep following your passion and work hard for it.

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Get Your Payroll In Line With Online Payroll Software

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For a business to be successful it needs the right amount of qualified staff and in order to retain the staff, you need to pay them accurately, fairly and on time.

If you aren’t keeping tabs on who you’re paying when and why and if you neglect to pay your staff what is owed to them on time, your business could be in for a bumpy ride.

In fact, unreliable payroll practices can put you out of business. Taking a proactive approach will help you to avoid inaccuracies and ensure your payroll is consistent and reliable. It will also show your employees that you care about their contribution to your company and their future financial security.

Don’t let payroll errors be your downfall. A step in the right direction is using online payroll software solutions. This functionality can be found in quality financial and accounting software packages, like QuickBooks.

With online payroll services, you can forecast what your salaries are going to be on a regular basis. Having a clear view of what your payroll requirements are going to be, as part of your income and expenditure forecasting, helps to avoid nasty cash flow surprises.

There are also tax requirements when it comes to employing and paying staff. With online payroll services you can easily meet these criteria and confidently submit your tax returns each year. Tax compliance reiterates the importance of conducting your payroll as part and parcel of a tax and accounting function, such as online payroll services.

How quickly you react in a crisis and what contingency plans you put in place can mean the difference between the life and death of your business. But how will you know there’s a crisis ahead? How will you know what that crisis is?

With online payroll services, as part of a good accounting software package, you have a clear picture of your company’s financial health. You will clearly be able to see whether you are not going to be able to pay salaries next month if you don’t take drastic action immediately.

This could mean cutting down on admin costs, inventory costs or overtime until you are able to get back on track. But, at least, thanks to your online payroll services, you were able to intervene in time to avoid complete disaster.

Using online tools, like payroll services, is a reliable way to keep track of and manage your finances, and red-flag potential problem areas.

If you are unable to pay salaries this could require a deeper look at what (or who) is eating away at your profits. Many business owners aren’t even aware there is a problem until an accounting software solution is brought into the finance department.

Online payroll services will give you a clear picture of your payroll and help you to pay salaries consistently and accurately – and, help you root out practices or processes which are harming your bottom line.

QuickBooks is helping thousands of small businesses do payroll right. Call 010 203 4300 or email info@easybiztech.co.za today.

Don’t Let Payroll Errors Be Your Downfall

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When pay day rolls around, are you confident your employees’ salaries are correct? Or, are you expecting a queue outside HR the next morning again?

A recent survey done by a global HR and payroll service provider revealed that out of 4 000 employees surveyed 44% had been paid late and that 48% of those paid late were also paid incorrectly!

Furthermore, 79% of the employees who were paid incorrectly identified the issue themselves and 44% said they’d consider leaving their jobs because of being paid incorrectly.

These statistics are staggering and offer a great insight into how employees’ reactions can be directly linked to how accurately and timely they are being paid.

There should be no excuses when it comes to incorrect salaries or paying staff later than promised.

Online payroll software solutions greatly minimise the margin for payroll errors. Small businesses may not believe it, but the scope for error in manual payroll processes is incredibly high.

Errors like this have far-reaching effects, on staff and on the business as a whole. As a SME, you want to attract and retain talented staff. This means attention to detail when it comes to staff satisfaction, a reliable payroll system being a very big factor in achieving this.

If your staff turnover is high, others in your industry will start to raise eyebrows about your work ethic and what is really behind the reason you can’t retain good staff. Negative word of mouth once these staff leave your company could be your complete undoing.

Quality online payroll software solutions go way beyond staff satisfaction issues in helping businesses to survive and thrive.

If your payroll is a laborious, frustrating task, here are just 3 reasons you need to look into online payroll software solutions:

  1. Month-end needn’t be a mad scramble and time over which everyone “loses their minds” trying to get to grips with the financials. Online payroll software solutions allow you to pay your staff with confidence, prepare your tax, be compliant at all times and free finance and HR staff up to concentrate on other important tasks. Hours usually spent on month-end can be done easily, efficiently and accurately at the click of a button.
  2. We’ve mentioned the devastating effect errors can have on your business. Manual processes cannot give you the peace of mind online payroll software solutions can. Errors also come at a huge cost and can even land you in hot water for non-compliance. Online payroll software solutions are always up to date with the latest compliance requirements and safety nets for many other aspects of business.
  3. You can make your employees part of the solution. Because online payroll software solutions are flexible and customisable, you can give your employees anytime access to the system so that they can view their salary and benefits and update their records at the click of a button. Not only is this invaluable in ensuring transparency and inclusiveness for all employees, but it also frees up admin and HR staff.

For simple, easy accounting and payroll solutions, contact QuickBooks on 010 203 4300 or info@easybiztech.co.za

Easily Manage Your Business’s Payroll with Quick Payroll

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We know as well as anyone that running a small or medium-sized business is no easy feat, and it requires an immense amount of focus. Your main goals are to bring in new clients and deliver high-quality goods or services to those clients. With this requiring so much attention, certain additional administrative duties are about as welcome as a toothache on a wet Monday morning. Managing payrolls can definitely fall into this category. But, if this is the case, you’ll be happy to know that you can easily manage your payroll with Quick Payroll.

In the same way that QuickBooks puts business owners in control of their accounts, Quick Payroll makes it easy for you to handle your staff’s salaries, allowing you more time to focus on delivering the best service possible to your clients. This powerful yet accessible software allows your company’s bookkeeper, accountant, or payroll clerk to handle payroll duties simply and effectively.

Let us take a brief look at Quick Payroll through some questions you might have:

Common Questions about Quick Payroll

  1. Is it easy to use?

Like QuickBooks, Quick Payroll is very easy to learn and easy to use. It is designed to be accessible to all business owners – not just the ones with finance experience. And, with frequent updates to enhance your experience, it will only get easier.

  1. Is it secure?

Quick Payroll lets you store and access comprehensive employee details, so it is important that the software is secure. And that’s exactly what it is. The software’s tight security includes password protection and user-set access levels.

  1. Will it help me stay SARS compliant?

Absolutely, which is part of the draw. Quick Payroll is updated to comply with the latest legislation, so you can be sure that your business is making payments the right way. In addition, your tax submissions, PAYE calculations, IRP5s, and much more are able to be calculated quickly and easily.

  1. Can I make payments as well as do calculations?

You certainly can. With Quick Payroll you are able to automate your payments, perform EFTs for major SA banks, manage your electronic submissions, and even handle employee loans.

  1. Will it suit my business?

You can be absolutely certain that Quick Payroll will suit your business. This is because the software can be used for anything from a one person startup to a company with a large staff – the number of which is unlimited. Furthermore, you can set specific payroll parameters to suit your company.

What if I want to know more about Quick Payroll?

The fact that you want to know more is an excellent sign – it means that you’ve begun your journey towards a truly simple and effective payroll solution. Finding more information about Quick Payroll is as simple as calling 0861 726 657 and speaking to an expert.

With the ability to manage salaries, staff leave, tax compliance, and the software’s parameters all for a modest price, we are confident that Quick Payroll is exactly the software that you have been looking for.

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New Generation Quick Payroll is launched

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EasyBiz QuickBooks has launched their new generation Quick Payroll package, which offers a number of enhancements, making it the quickest and most feature-rich payroll package they have offered yet. Whether you run a one-person business or one that employs thousands, the one piece of financial software that you will find essential (next to your accounting software) is payroll software. There is a reason why it is essential. In an ever-changing work environment where governments are constantly updating their statutory demands, your payroll must always accurate. Quick Payroll removes the stress of running your own business by ensuring that users have the correct financial tools at their disposal all of the time.

Just some of the reasons to consider Quick Payroll’s newest generation software are the following; like QuickBooks Accounting Software, Quick Payroll is easy to use; with Quick Payroll, you will always be updated with the latest software and legislative version; Quick Payroll enables you to easily store and access comprehensive, statutory employee details, while keeping payroll data safe and secure with tight security control through password protection and user-set access levels.

With Quick Payroll, you have the ability to set your own company payroll parameters such as fringe benefits and company contribution definitions. The package is SARS compliant, ensuring that EMP/201 and EMP/501 tax submissions are made quickly and simply. In the same vein, Quick Payroll guarantees accurate PAYE, UIF, SDL and WCA calculations as well as generating annual, electronic IRP5’s and IT3A’s. Quick Payroll brings users superior workflow integration in the E@syfile format. Additionally, Quick Payroll software takes the stress out of your compulsory EMP501 submissions, by facilitating hassle-free record and document storage.

There are many elements built into this software that allow for personalisation, for example, the system can manage employee loans on a monthly basis as accumulative balances are displayed in an easy to understand format. Users can create an unlimited number of transactions for different rates of normal and overtime pay. With Quick Payroll, it is also easy to process special or additional pay runs and perform ‘what if’ pay slips. With Quick Payroll, there is an automatic accrual of leave days due, automatic leave pay out calculations on termination of employees and an automatic calculation of BCEA leave rates per employee.

From a size point of view, Quick Payroll is unlimited in terms of the amount of employees it can handle, meaning that whether you are a small business with limited staff or a large conglomerate with hundreds of staff, there is a package for you. Also, with just one Quick Payroll software package, you can run the accounts for multiple companies, so long as each is represented by at least one employee. This solution even supports multiple company files. Also, no matter how many different pay schedules you have to run, Quick Payroll software will simply and conveniently keep track of all outgoing finances, making sure your employees are paid on time whether it is weekly, fortnightly or monthly.

Security and data protection are obviously key within the Payroll space and with Quick Payroll, regardless of the size of the accounts department, the software allows users to enjoy tight security through password protection and user-set permission levels. This guarantees that data can only be read by authorised parties.

Quick Payroll software allows users to produce and manage huge amounts of data, from performance details and records to staff contact information. This ensures that you remain organised and effective in your business administration.

Said Gary Epstein, MD of EasyBiz QuickBooks, “Quick Payroll 2016 offers huge enhancements and new functionality to make it the best payroll package that we have delivered to date. We are proud to bring this to market in line with our ambitions of giving businesses in South Africa the best possible software tools to ensure their success.”

When purchased, Quick Payroll offers free support for the first year as well as legislative and product updates. After the first year, Quick Payroll is then subject to an annual licence fee. To find our more about Quick Payroll, visit www.quickbooks.co.za or call 0861 726 657.

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Easily Stay on Top of Your Business

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Keep your company running smoothly with small business financial software

Are you struggling to keep track of your small business’s finances? Do you lack the funds to hire a professional account to facilitate your payroll? Small business financial software can take the pressure off small business owners by providing a simple and effective way of taking control of their company’s accounts and payroll.

QuickBooks offers a selection of small business financial software that can reduce the amount of time small business owners spend concentrating on their company’s bookkeeping. Choosing the right small business accounting software can therefore provide you with more free time to concentrate on what’s important: Running and growing your business.

Take a look at our range of small business financial software and choose the right package to meet your company’s financial needs.Advantages of using QuickBooks small business financial software

Easy to use

Small business owners generally lack extensive accounting knowledge and skills because their field of expertise is entrepreneurship. QuickBooks’ accounting software programs are easy to use and only require a very basic knowledge of bookkeeping.

Our accounting software solutions are easy to learn and it won’t take long for you to become proficient in them. Even if you have no formal accounting training, you will have little difficulty learning how to organise your accounts and payroll.

Cost effective

Professional accountants can be quite costly. Whether you choose to hire your own internal accountant or outsource your accounting needs, you will be spending money that your small business could better spend elsewhere.

Buying small business accounting software reduces the need for a professional accountant, and you can save money by doing your own finances. For a small initial payment, you can avoid monthly payments to an experienced accountant.

Pay employees accurately

In any business, it is vital that you keep your staff motivated and loyal by treating them well and making sure that their salaries are paid correctly and on time. QuickBooks’ small business software can provide you with a convenient payroll solution that automatically works out your staff’s salaries every month.

Moreover, QuickBooks’ small business payroll software automatically provides new tax law and statutory upgrades as they occur. This will give you peace of mind because you’ll know that you are paying the correct tax each month.

Provides an overview of your finances

If you intend to grow your small business, you will need quick access to your finances and the ability to know your financial situation at a glance. Business finance software can give you a clear overview of your cash flow, providing you with the information necessary for expansion.

Provides the tools you need

QuickBooks’ accounting systems and payroll software packages are specifically designed with small businesses in mind. By taking the needs of small businesses into account, you can rest assured that whatever your accounting requirements are, QuickBooks’ small business financial software offers you an effective solution.

Give your small business a boost in today’s competitive environment

In order for small businesses to succeed, money and time need to be spent wisely. Purchasing small business financial software can save you money and provide you with time to focus on growing your company.

Check out QuickBooks’ full range of small business financial software to find accounting software packages and small business payroll software that can give your business an edge over its competitors.

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Personal Information
Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.