Brendmo Chartered Accountants

How Your Payment Terms Could be Damaging Your Business

“Beware of little expenses; a small leak will sink a great ship.” (Benjamin Franklin) Extending 30-, 60- or 90-day payment terms may seem like a simple trick to help your sales teams convert sales, smooth negotiations and boost customer service. What you may not recognise, though, is that those terms…
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Salary Sacrifice: Why Founders Should Always Pay Themselves

“Paying yourself isn’t selfish, it’s sustainable. The goal is to strike a balance that supports your personal life without compromising the growth of your company.”  (Salim Omar, CPA and serial entrepreneur) Many founders see skipping their own salary as a noble way to fund growth. In reality, underpaying yourself often…
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Management Accounts: A Strategic Tool for Business Success

“Accounting is the language of business.” (Warren Buffett) Increasingly, banks and other organisations are requiring businesses to submit up-to-date management accounts when applying for finance. This is because these compact financial reports enable business analysis even when the latest annual financial statements are not yet available. Management accounts also offer…
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Busting the Accounting Myths That are Burying Your Business

“People with limited understanding of business think that it’s all about making profits. But those who actually run businesses know that it’s all about managing cash flows.” (Cedric Chin, entrepreneur and management training consultant) Most business owners aren’t careless with money. They obsess over profit margins and expenses, and carefully…
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SARS’ Crypto Crackdown Intensifies with Dedicated Crypto Unit

“Transactions or speculation in crypto assets are subject to the general principles of South African tax law and taxed accordingly.” (SARS) A staggering 5.8 million South Africans hold a crypto asset, with Southern Africa boasting the largest uptake of Bitcoin in the world.  SARS has not failed to notice the…
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