Tag: bookkeeping

The Supreme Court of Appeal’s recent decision in Assmang (Pty) Ltd vs The Commissioner for the South African Revenue Service (SARS) has sent a clear and sobering message to taxpayers. In tax law, substance always trumps form. While this principle is not new, its application in the context of diesel refunds highlights the immense peril taxpayers face. The Assmang diesel refund case illustrates this danger vividly.

It is incredible to witness the passion and optimism currently fuelling growth in the accounting profession. The 2025 State of Small Business and State of Accounting reports show promising trends. A majority of firms (85%) have increased revenue in the past 12 months. Even more (88%) expect further growth in the year ahead.

SMEs play a crucial role in most economies, and South Africa is no exception. They are also important contributors to job creation and global economic development. According to the World Bank Group SMEs represent about 90% of businesses worldwide, while the International Finance Corporation revealed that roughly 50% to 60% of South Africa’s workforce finds employment within SMEs.

Although the world of crypto-related financial services is in turmoil at the moment, its underlying blockchain technology has a vital role to play in the future of banking and other financial services. In the world of finance, we are currently seeing real consensus between the traditional and the Web3 players that the combination of secure private banking, blockchain technology and Bitcoin custodianship is the future and holy grail of banking.

As we progress further into Industry 4.0, finance needs to further leverage new technologies to add real value to a business’s bottom-line, yet it remains in its infancy stages. Industry 4.0 has impacted a range of industries, and with the digitisation of industrial value chains, many forget about finance, which has only touched the tip of the iceberg when it comes to leveraging new technologies.