Tag: financial reporting

In the dynamic and competitive world of business, staying financially fit is crucial for the long-term success and sustainability of any business. One aspect of maintaining financial fitness is having your business affairs in impeccable order. This entails meticulously managing your company's financial records, compliance, and transparency.

Late last year, South Africa changed the Financial Intelligence Centre Act (FICA) to alter the status of several business types, including motor vehicle dealers. Under the new changes, dealerships are accountable institutions. How does this affect their operations, and can they adapt to the new requirements?

We urge government to fast track professionalisation of local government finance units. This follows the Auditor-General (AG), Tsakani Maluleke’s presentation on the 2021-22 Local Government Audit Outcome to the Standing Committee of the Auditor-General (SCOAG) on Wednesday, 31 May which continues to reflect poor audit outcomes as a result of poor financial planning, inadequate financial controls, skills and capacity, governance and accountability.

We are pleased to share our fifth South Africa Economic Outlook report for 2023. This edition focuses on the need for companies to report non-financial data in order to help measure socio-economic progress better than is currently being done by the calculation of gross domestic product (GDP).

The use of spreadsheets in accounting and finance departments has vastly improved data analysis and enabled fast and accurate reporting, computing and information storage. Life without them is almost unthinkable. However, danger lurks within and although the use of macros in Excel to automate processes can enhance efficiency, macro malware can put your entire business at risk.

Accounting is in a very exciting space. Access to modern technology has been changing the profession for several decades already. But today, it stands at a crossroads that shapes accounting's future - a break away from the routine capturing, recording and presentation of historical data.

The voices calling for sustainable business practices across all industries are growing ever louder and the journey towards ‘Net Zero’ will require everyone across the globe to play their part if we are to successfully combat the risks associated with climate change.

Even in the best of times, companies may engage in financial statement fraud for various reasons. Management might want to avoid the wrath of their head office for poor performance, attract undeserved but much needed investment, reduce tax contributions, or even skim off money for themselves.

Filing of Financial Accountability Supplements instead of Audited Annual Financial Statements during the period 01 April 2020 to 31 March 2021. On 01 July 2018, we mandated Extensible Business Reporting Language, which is a digital financial reporting mechanism for companies to file audited annual financial statements (AFSs) in an electronic format.

To find the answers to your pressing business questions, you have to employ data analytics. This will enable you to combine your data from various sources and process it to provide you with the needed insights to make better-informed decisions, helping the business move forward and achieve what it set out to achieve.