Dear Reader
We trust that you are as excited to read our newsletter as we were to compile it! This issue is packed with interesting and relevant information, covering various topics such as the differences between NPOs, NPCs and PBOs in South Africa and the latest insights on the topic of data breaches and their true costs, both financially and reputationally.
But first, let’s delve into the current state of South African small businesses. At the annual Xero Roadshow on the 8th of May in Cape Town, Xero, in partnership with World Wide Worx, shared insightful statistics gathered over the last seven years. The top concerns and barriers for small businesses over the next 12 months include political and economic instability, loadshedding, and lack of government support. It’s promising to note that 41% of small business owners consult their accountants for business advice of which a massive 83% acknowledge the crucial role accountants play in their business survival.
This support from accountants and bookkeepers is especially important, as 87% of small business owners feel government support is insufficient – a significant increase from 36% last year. So, what are the areas where small businesses feel most supported by their accountants? VAT and tax take the top spot, followed by financial forecasting, invoicing, auditing and legislation compliance.
At ASL, we are committed to supporting our clients, regardless of the size of your business, through all stages of growth. Give us a call or send us an email – we are dedicated to continually raising the bar in partnering with you to achieve your goals and surpass your expectations!
Best regards
Pieter, Christa, Jaco, Reinhard & Jacques