The Acumen Group

New FICA Accountable Institution Regulations [2024]

Shane Lucas — Mon, 04 Mar 2024 06:00:37 +0000

Financial regulations are often ebbing and flowing, changing and reverting. Because of this, staying ahead of the latest changes is not just a matter of compliance but a commitment to the integrity of the international financial system. As the Acumen Group, we’re proactively addressing the recent amendments to the Financial Intelligence Centre Act (FICA) in [...]

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The importance of secretarial audits for SMEs: What you need to know

Shane Lucas — Fri, 12 May 2023 08:58:08 +0000

As a business owner, you might be aware of the various audits that are conducted to assess the financial health and compliance of your company. But have you heard about secretarial audits? In this blog post, we’ll discuss what secretarial audits are, their importance for your business, and how to conduct them. What are secretarial [...]

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The 2023 South African budget summary: Initiatives for economic growth

Shane Lucas — Wed, 15 Mar 2023 11:23:56 +0000

The 2023 Budget Speech focuses on addressing the South African energy crisis, social development, retirement funds, and, as always, the changes in taxation. The Speech, delivered by Finance Minister Enoch Godongwana, sees no major changes, but there are still some elements of note. Here are the highlights. Energy Crisis In order to ease pressure on [...]

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2023 tax amendments: How they affect your payroll

Shane Lucas — Wed, 15 Mar 2023 11:21:15 +0000

The Budget Speech was delivered by Minister of Finance Enoch Godongwana on 22 February 2023. Although no major changes were announced, we must still note the increases in rates to insure compliance with payroll. The following are the changes that will affect payroll for the year going forward. 2023 / 2024 Tax Rates and Rebates [...]

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A year in review: Measuring your Business success/performance

Shane Lucas — Tue, 20 Dec 2022 20:00:46 +0000

At the end of each year, businesses conduct their annual year-end review. Business owners are meeting with their teams and assessing their processes, systems, and goals. They are working to ensure the tax year is done right and payroll is completed. In this blog, we discuss business performance measures from a financial point of view. [...]

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Preparing for the year-end payroll

Shane Lucas — Wed, 16 Nov 2022 21:58:27 +0000

If you own a business, you know that preparing for year-end payroll is an importance aspect for the tax year, that’s why we developed a reliable payroll checklist to ensure the efficiency of your payroll roll out. Here’s what you need to know. What is payroll Payroll refers to the compensation a company awards their employees [...]

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4 Benefits of Using Payroll for Business

Shane Lucas — Tue, 18 Oct 2022 20:41:20 +0000

Payroll is the compensation a business pays to its employees for their work in a set period or on a given date. For larger corporations, it’s usually managed by the accounting or human resources department of a company. Small-business payrolls can be handled directly by the business owner or an associate. Discover more with The [...]

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Legal Issues for Small Businesses In South Africa

Shane Lucas — Thu, 30 Jun 2022 13:54:22 +0000

As the owner of a small business, you have certain legal requirements that your business needs to comply with. These include insurance, licensing, taxation or selecting the correct business structure for your enterprise. Here are some legal implications for owning a small business in South Africa. Business structure You will need to choose a business [...]

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Why Businesses Fail and What To Avoid

Shane Lucas — Thu, 30 Jun 2022 10:50:58 +0000

There are numerous reasons why your business may declare bankruptcy. It could be due to either external or internal factors. External factors are those over which you have little to no control. An example is the COVID-19 pandemic, which has adversely affected many businesses in South Africa since 2020. Internal factors could include poor marketing, [...]

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What To Do When You Need a VAT refund

Shane Lucas — Tue, 21 Jun 2022 11:27:00 +0000

You work hard, and it is natural to want to play hard – which means the money in the bank.Many businesses know that SARS offers you a VAT refund within 21 days, yet some businesses, fail to adhere to the following steps: – Ensure you complete your VAT return correctly, and if you are unsure [...]

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