N4 Entrepreneurship & Business Management


It is so simple to get the answers to these questions, but if you don’t have the information at hand, it can ruin your business. Most small businesses we come across do not have this information at hand. How can you make decisions without this information?


It helps you answer questions:


How much do I spend on bank charges/telephone? How much income can I expect in the next 2 weeks? Am I making a profit? How much VAT and tax must I pay and when?


What decisions do you need to take that rely on accounts? • How can I cut my expenses? • How can I decrease my bank charges? • Should I employ more people and can I afford it? • Do I pay bonuses at the end of the year?


That’s why we and hundreds of users like EconoAccounting. It is the only accounting package that imports your bank statements, automatically allocates transactions to the general ledger and produces an accountant-ready balance sheet and income statement – every day if you wish. If gives you power over your small business beyond your wildest dreams – and the best part – it really does take less than 5 minutes per day.


Source: Email: info@econoaccouting.co.za; Website: www.econoaccounting.co.za


Questions 1. What is the key message of this advertisement?


6.2 Filing equipment and methods


Filing begins when you receive the source documents. Two options are available. You can either have a spike on which all documents are temporarily stuck daily. They are to be removed later for recording purposes and proper filing. The other option is to have the normal “to be filed” basket, working on the same basis. Once the source documents have been properly recorded, file them so that you will find them easily if needed. You can either make use of a filing cabinet or book files (arch-lever files) to store the documents. The


DID YOU KNOW


Records must be kept to comply with the legal requirements specified in the relevant legislation, e.g. the Receiver of Revenue, etc.


suggested method is to open a file for each month. Different monthly files for invoices, receipts, etc. may be advisable.


If you file the documents on a monthly basis, it is advisable to do it in alphabetical order. For example, you received an invoice from Timber City Hardware in March. If your system is in operation and you need that specific invoice, you will collect the March invoice file and look under “T”. The personnel filing system is much easier in that you will have an individual sub-file for each employee. All these sub-files will be filed in alphabetical order in a personnel file, which can either be an arch-lever file or a filing cabinet.


A good example of staff-related documentation that requires filing are the following: • Letter of appointment • Job description • UIF documentation • Medical reports


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