Last-Minute Tips For Pitching A Business Plan

If you are getting ready to pitch a business to funders, you have probably spent months (if not years) preparing the speech that you are going to give. You’ve given the speech to friends and family, mirrors, pets, and perhaps even accounting firms who are helping you. All of this prep work has been put into place to give the best possible presentation you can, hopefully earning you the funding that you need.

With just a few days or hours to go, what are some last-minute things that you can do? Here are a few tips:

Make Sure That You Look The Part

In a perfect world, your appearance will not matter. However, we do not live in a perfect world. If you have kale in your teeth, a stain on your shirt or you are wearing two different shoes, you may not be doing yourself any favors. Anything that is “off” about your appearance can pull focus from your presentation. You want to make sure that you look your best. This doesn’t mean that you have to get your teeth whitened and get a thousand dollar haircut. Instead, it means that you have washed and brushed your hair, you have on a suit that is free from lint, stains, and wrinkles, and you generally have a professional appearance. If you wear make-up, ensure that it is tasteful and simplistic – now is not the time for purple lipstick. 

When In Doubt – Go Off Book

We can try to plan all we want for situations, but sometimes things are just off. You cannot control if a potential investor had a fight with his teenage daughter that morning, got a flat tire, or just ate a bad breakfast. If you are standing in front of your potential investors and you just feel like something is going wrong, do not be afraid to go off-book. You don’t want to veer too far away from your initial plan, but you should be able to pivot if necessary. Maybe you want to pull away from your PowerPoint, insert an anecdote, or just give the group a minute to breathe.

Skip The Coffee

If you can avoid too much caffeine, try to do so. You don’t want to be too jittery or have too much energy. Coming at a group of investors with energy is a good thing, but being too hyperactive or shaking doesn’t send good signals. Instead, drink a normal amount of coffee or caffeine so that you do not get a headache, but don’t go overboard.

Do Drink Water

You do want to drink water before your presentation. Drinking water makes your brain run just a little bit better, which is good for those hard-hitting questions you will receive. You also don’t want to get dry mouth in the middle of your presentation – those little white spots on the side of your mouth can be distracting.

Remember To Give Yourself Time To Breathe

One of the biggest mistakes that people make when pitching a business is that they do not give themselves time to breathe. Before you start your presentation, take a deep breath. When you are finished with a point, take a breath. Take a few seconds longer than you think you should – the investors hearing your presentation will be glad for a moment to collect their own thoughts. It can also help you to pivot more gracefully and not run out of steam.

Need Help With Your Business Plan?

Do you have a great idea for a business but need funders and a business plan? At IC Quantum, we can help you to present a business plan that will have funders lining up for your services. We have years of experience in guiding people to make the right decisions about their business, starting with feasibility studies and ending with working hand-in-hand with them to handle the bookkeeping once their business has flourished.

Ready to get started? Give us a call today at +27 87 980 0000 or send us an email at info@icq.africa to schedule an appointment.

5 Times You Should Talk To An Accountant

Many people are hesitant to hire an accountant because they just aren’t sure that they need one, or they are afraid that they will go to the accountant and then feel like they aren’t “good enough” or they don’t have enough money to actually use that accountant. The truth is that people need accountants more than they realize, and almost everyone should have an accountant on call. Even if you do not have a regular relationship with that person, there are times when you are going to need him or her on your side.

Here are just a few cases when you should talk to an accountant: 

You Are Considering Real Estate – Buying Or Selling

Buying or selling real estate, no matter where it is, is a serious decision. If you are in the market to make some purchases, whether it is a first home, a second home, a home for your children, a commercial property, or a rental property, you may want to talk to an accountant first. He or she will help you to make decisions based on your income and savings that can help you to fund your next venture.

Even better, an accountant can minimize your taxes on the purchase or sale of the property.

You Have To Do Your Taxes

If you are doing your taxes either for yourself or for your business, it may be in your best interest to have a professional help you. Whether you file with the wrong information, use the incorrect form, or just don’t know how to claim something, an accountant can help to sort out all of the details.

Most people who try to handle their taxes on their own end up doing something wrong – whether they ever find out or not. Even sitting with an accountant for a few minutes can really help you. Currently, SARS is looking in every corner for taxes to be collected. SARS is requesting supporting documents more and more. Your accountant would be up to date on how to submit all the relevant documents in the prescribed formats.

You Are Making A Large Donation

If you are considering making a large donation in the upcoming months or even years, you may want to talk to an accountant. He or she will be able to guide you through the process that will be mutually beneficial – the recipient will get the donation and you may even be able to claim it on your taxes.

Making a large donation is not as simple as one thinks – so it is better to cover all of your bases if possible.

You Want To Retire

This should seem obvious to many people, but if you want to retire, you should talk to an accountant. They will be able to help you understand your financial situation and see if it is even a reality. Even better, they will be able to help you plan for the future so that you can be comfortable throughout your retirement.

You Have Children

If you have children, you probably want to put aside some money for them. If you are thinking about setting up a will or even just making it so that you have money in savings should something go wrong, you may want to talk to an accountant.

Talk To An Accounting Firm in Pretoria

Many people aren’t comfortable talking to an accountant because matters of money can be so personal. However, it is a necessary part of life for so many people – especially if you want to pass on money, retire, or just have enough to be comfortable for the rest of your life. If you have a business, children, or loved ones that you care about, there are times when you are going to need an accountant on your side. You will be able to save them a lot of stress and confusion when the time comes for you to do something serious.

It is never too early to start thinking about your future, even if you don’t have a great deal of money in your bank account. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed, help you start a business, or do something totally unexpected.

To get started, schedule an appointment today.

3 Things To Plan For In Retirement

Retirement is a “pie in the sky” dream of so many people working today. Some people don’t think that they will ever be able to retire, but they could be wrong. There are some things you can plan for so that you can be ready when you retire. If you do these things, you won’t have to worry about what the future will hold or having to go back to work unless you really want to. These are the steps that you can take today, right now, to get to where you want to go. Some of them are easy things, like simply thinking about what the future will hold for you. Others are more complicated and may require help from a financial planning service.

Here are some tips to plan for retirement now:

Make Sure You Enter Retirement Debt Free

There are many people who enter into retirement with debt, but that can make the entire situation far more stressful. Eliminating debt is a good way to start retirement feeling comfortable – and get the chance to actually retire and not simply move into another job. If possible, eliminating credit card debt, mortgage debts, student loans, and even medical debts should be a priority. Now, that isn’t to say you cannot retire if you still have these. Instead, you may be able to plan how you will make your payments. If you can think ahead and budget these numbers, you will still be able to have a happy, healthy retirement.

Knowing the amount of debt you have, how you can pay it off, and how you can manage it once you retire will be helpful.

You Need To Plan For Healthcare

Healthcare is a major concern for so many people because it can be expensive. Even if you are in the best of health right now, the future can hold quite a bit. You want to look into your family’s health history and determine whether or not there is something you need to plan for right now. Diabetes, cancer, heart problems, and other common medical conditions tend to run in families. Even if you do not face these problems, planning for them is helpful. You don’t have to think about yourself only – your spouse, your family, and even business partners should also be taken into consideration. You may be healthy, but you will need to pay for healthcare for your spouse. Or maybe you think you can retire in 10 years, but your business partner gets sick in 9 and you cannot do it when you want to. All of these things absolutely must be considered.

What Do You Want Your Retirement To Look Like?

Probably the most important thing to plan for in your retirement is just what you want it to look like – do you want to travel the world? Do you want to be able to spend time with your family? Do you want to continue to play some role in your business? Will you stay in South Africa or move? What will your hobbies be? If you are able to answer these questions, it will be easier for you to plan for your retirement. The answers to these questions will dictate quite a bit about what retirement means for you.

Don’t think that one answer is necessarily better than the others – they each lead you down a different pathway. 

Top Accounting Services in South Africa

The truth is that an accountant is the best possible person to handle planning for retirement for many people in South Africa. While talking about what will happen after we retire seems out of reach, it is a necessary part of life for so many people.

It is never too early to start thinking about retirement, even if you don’t have a great deal of money in your bank account or you aren’t ready to give up your business just yet. Make sure you work with a professional that has your best interests in mind and can work with you to not only plan for the future but to create a plan to actually get there.

To get started, schedule an appointment today.

Why Accountants Offer The Best Estate Planning Services

In the past, estate planning services focused on planning for what would happen to a person’s assets after they died, but that isn’t necessarily the case anymore. Now, it has more to do with how a person’s wealth will be managed while that person is alive and how everything will be handled after death. Long gone are the days when someone could simply pass down a business or estate to a child or trusted family member. Now, people need to ensure that their estate is healthy and that there will be something to pass on when that time comes.

For those with a business to pass on, it is important to ensure that the business changes with the times and that what is left behind is profitable. To achieve this, you need estate planning services that will help you to reach your financial goals, plan for retirement, and keep your family safe. Accountants are the best option for this – let’s explore why.

Accountants Know Estate Tax Laws

Remember that estate tax laws in South Africa are very complex and change on a regular basis. When tax laws change, accountants are the first to know. As this happens on a yearly basis (if not more often), it is a job in and of itself to stay on top of not only what those laws are, but how they will impact businesses and families. Legislative changes are so common that the best accountants know how to work around them and provide estate planning that will withstand the ebb and flow of regulations.

Accountants know that time is of the essence when it comes to estate planning – nothing is promised. That is why, at the first whisper of a change in the law, they are likely to reach out to make changes. For those who don’t stay abreast of changes, too much time could pass and a change might not be possible.

Even if you are able to track these tax law changes on your own, estate planning services can help to devise new strategies that will complement them. 

Estate Planning Services for Succession

The goal of every business owner is to create something that will last for generations – no one builds a business in hopes that when they die, the business will too. In estate planning, business succession is essential. Often, businesses that do not have clear instructions for succession will fall apart due to conflicting opinions. Planning for business succession early can help immensely.

By working with an accounting firm that is also an estate planning service, you will give yourself ample time to prepare for succession and other future challenges. An accountant will be able to audit your assets and get a better understanding of your business. This accountant may already know about your taxes or at least have an idea of what you will face. He can help to come up with an estate plan that will minimize taxes and conflict. IC Quantum, for example, has helped businesses from many sectors avoid costly business and estate taxes thanks to careful planning.

Top Estate Planning Services in South Africa

The truth is that an accountant is the best possible person to handle estate planning for many people in South Africa. While talking about what will happen after we pass on may seem morbid, it is a necessary part of life for so many people. In particular, if you have a business, children, or loved ones that you want to provide for, this is one final way that you can take care of them. You will be able to save them a lot of stress and confusion – and potentially even money. In some ways, it is comforting for them to hear about what you wanted. 

It is never too early to start estate planning, even if you don’t have a great deal of money in your bank account or you aren’t ready to give up your business just yet. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed.

To get started, schedule an appointment today.

Presenting To A Financier? 5 Tips From A Business Consulting Professional

If you are presenting to a financier, you need to stand out from the crowd. As a business consulting firm in South Africa, we have seen many people with great ideas get overlooked because their presentation skills weren’t good. The ability to speak clearly in front of people who hold your fate in their hands can be difficult, but it doesn’t have to be impossible.

It is also important to know that the responsibility isn’t always in your hands. You cannot control whether or not the financier had a bad day, argued with his daughter, or got a flat tire on the way to work. Still, once they are inside the room with you, you can control their emotions and how they understand your presentation.

Before presenting to a financier, remember these five tips:

Establish Credibility Immediately

Your audience is more likely to listen to what you have to say if you tell them why they should listen. Do not launch into a lengthy introduction, but tell your financiers why they should listen to you. This could mean you list your credentials, talk about what you’ve done, or even mention that you have sought out business consulting. The idea is to impress the audience from the minute you step up to talk.

Don’t Just Make A PowerPoint

So many people think just making a slideshow with information is enough – it isn’t. We’ve all seen slide after slide filled with information. This type of brain dump bores an audience. The purpose of your finance presentation should be to provide quantitative information to a person or group of people – enough information that they can make an informed decision.

In business consulting, we encourage our clients to be effective and concise in their presentations. Most often, the financiers understand the basics of what you are saying, so don’t break down every small detail. Curtail your actual slides to just the numbers you want them to see and then explain while you are making your presentation.

Tell A Story

You do not have to write a work of fiction to present your business plan, but you should try to connect with your audience. When we sit down with entrepreneurs for business consulting, we ask them about their stories. This helps us to understand where they come from and, sometimes, where they will go.

You want to take your audience on a journey and help them to picture what your success will look like. Get financiers emotionally invested and you will convince them to invest in you.

Remember Business Consulting Conversations

If you work with a business consultant, you may notice that they do not do all of the talking. This is because, at least in our case, we like to model good presentation skills. When talking to a financier, remember that this is a two-way street. Do not launch into a droning monologue. Instead, call for audience involvement and keep them engaged as often as possible.

This conversation should help you to understand your audience’s motivations and you can then speak directly to their questions and priorities. Ask audience members for feedback and discussion items throughout the presentation, not just at the end. Not only will this ensure they get the full picture instead of just thinking about their questions, but it will also help to keep them attentive.

Surprise Them

Sometimes, the best way to entice a financier or financiers is to startle them with a fact, image, or outburst. You want to stay professional, of course, but you also want to get their attention. By surprising them, you will keep them awake and engaged. If possible, surprise them with something that will drive home your point.

If you cannot find a fact or statistic that fits with your point, you can use something that is just mildly connected. Do not spend a lot of time on this, but keep it in your back pocket if you see eyelids start to get heavy.

 

Business Consulting in South Africa – Need Help?

Are you getting ready to present to a financier? Stay cool, calm, and collected when it comes to your presentation. Practice it, anticipate questions, and make sure that you are comfortable with your material. You do not want to go into the room like a robot or an actor, but you do want to be prepared.

One of the best ways to prepare for financial presentations is to work with a business consultant who can help you to plan and practice. At ICQ, we have years of experience working with businesses and entrepreneurs as business consultants. If you are ready to get started, give us a call today.

3 Things South African Accountants Do That You May Not Know

Many people don’t realize that accountants do more in a day than just sit and look at numbers. In fact, the traditional role of an accountant is becoming less and less of what they do and becoming more complex and, in some cases, creative. Accountants have an important role in the finance and business industries across the world. People know that it is important to have an accountant, whether it is for their personal uses or for their businesses, but they do not realize what an accountant does. In short, it is a lot – they have to juggle many things and wear many hats. That is why it is important to find a reputable South African accountant who will become a partner.

In general, accountants look at the financial records of a person or a business, ensure that those records are accurate, and then prepare reports on those accounts. Some of their other activities include: preparing taxes, finding investments, and helping plan for the future.

Accountants Provide Far-Reaching Advice

Accountants can act as analysts. After looking at financial data, they can help business leaders make decisions about expansion, hiring, scaling, or consolidation. There are many smaller details that accountants can provide insight on as well, like which kinds of supplies to order, payroll, or even just advising on products. Advising on business operations can help you to explore trends, financial commitments, and even what to expect moving into the future.

An accountant can also look at existing financial data to try to resolve certain discrepancies and irregularities that can sometimes occur. These recommendations can help businesses to be more efficient while providing specific recommendations for specific financial problems.

Accountants Help With Financial Report Preparation

For some accountants, one of the most exciting things to do is help to prepare financial statements. These may be monthly reports, quarterly reports, or annual reports, as needed. The information provided in these reports is compiled and analyzed, providing important insights and information. The preparation of these reports may be used to make business decisions, approach funders, or even plan for the future. They can also be used for the support and management of budgetary forecast activities.

These types of reports help financial directors make decisions and quantify what they do. A practiced hand gets the information correct and ensures compliance.

Accountants In South Africa Ensure Compliance

An accountant is responsible and organized, something that not all people and businesses are – and it can be difficult to stay on top of regulations if you aren’t organized. An accountant is responsible for knowing what all financial reporting deadlines are and ensuring that they are met, both internally and externally. For example, there may be semi-annual or annual reports that need to have specific deadlines and specific information. If that information is not readily available, it can be almost impossible to meet those deadlines. Accountants help to keep everything organized throughout the year to ensure that when the time comes, businesses and individuals are compliant.

While hiring a leading accountant in South Africa won’t magically make someone more organized, it can help them to have at least the numbers organized. It will also help accountants to do all of the things that they do on a normal basis. Accountants also look at the record keeping of your companies tax returns, financial statements and other secretarial records, like your share register and company registration records. They keep backups of this in hardcopy and softcopy making sure that your life is organized

Need An Accountant in South Africa? Contact Us Today

IC Quantum Accountants is registered with the South African Institute of Professional Accountants (SAIPA) as both an accounting practice and an Accredited Training Centre (ACT) for accounting trainees. At IC Quantum Accountants Hub (Pty) Ltd, we are committed to building long-term relationships with our clients by providing excellent client service and embracing high ethical standards.

If you need an accountant in South Africa for any services, personal or business, give us a call today and we can schedule an appointment with you – +27 87 980 0000/+27 81 403 5948. You can also fill out the form below and we will contact you.

Business Planning 101: 4 Things to Know About Your Target Market

The better you are able to understand your target market and your customers, the better your business plan will be and the faster your business will grow. Many new business ventures often struggle with finding and defining target markets because they either set their sights too broadly on the potential market or they limit themselves.

Most often, funders will say that entrepreneurs overestimate their market sizes quite a bit. It is easy to assume that your service or product will be in high demand. We get too precious with our ideas and make assumptions. The goal is to reach out to your potential customers to get a realistic view of your audience so that you can give concrete marketing ideas in your business plan. This may quell some of the concerns that funders have and give you a pathway to follow.

But what do you need to know? Start with these four things:

Who Will Actually Pay For My Products or Services?

The first question you need to ask is who will pay for your products and services. This will provide you with the most basic information about your target market. Your potential customers need to have a problem that you can solve and they need to know that they have that problem. This is one of the biggest hurdles people face. There are many ways to check if people actually know that they need your help, such as using basic surveys.

How Will My Target Audience Find Me?

The next thing is to ask how those people will find you. Will they look for you online? Walk down the street? See advertisements at bus stops? You will need to do research to determine your target audience’s demographics, geographic and purchasing patterns to make a plan to reach them effectively.

If you sell online, you may need to monitor customers’ online behaviors to see where to put options. If they purchase in person, you may need to check your dream location and see how you can stand out.

Are You Competing For Them?

One of the most basic questions you will have to know about your target market is this: are you the only person going after them? You not only want to know about this in real-time (who currently exists physically and online that offers the same product) but even do some research into other companies that might offer the same things you do. These are the companies that could expand into your niche or new companies that could emerge. 

You have to keep your ear to the ground on this – look for clues or hints that other people are dreaming about building a company that is similar to yours. Even if you “get there” first, you have to consider the fact that competitors may emerge at some point.

If you don’t think you have competitors – look closer. Almost everything can be purchased online nowadays.

Is There Room To Expand?

Funders aren’t always looking at the here and now, they are looking into the future. You need to have a plan to redefine your target market and expand it into the future. This is particularly true for people who offer products and services that are “one-time” purchases. Figuring out how you will scale and bring in even more attention will help funders make decisions about how far you’ve planned. 

Do you have a great idea for a business but need funders and a business plan? At IC Quantum, we can help you to present a business plan that will have funders lining up for your services. We have years of experience in guiding people to make the right decisions about their business, starting with feasibility studies and ending with working hand-in-hand with them to handle the bookkeeping once their business has flourished.

Ready to get started? Give us a call today at +27 87 980 0000 or send us an email at info@icq.africa to schedule an appointment.

5 Things You May Want To Consider For Estate Planning

If you are looking into estate planning, it can be quite challenging to determine what is important and what isn’t. Whether your estate is absolutely massive or as simple as can be, estate planning is something that you want to do. It can help your family, friends, and business partners to understand what it is that you want to be done with your estate. It can also help to prevent in-fighting over heirlooms, property, money, or businesses. There are so many stories about families that have broken up because they fought over the estate of someone that loved them. It even happens to close families.

So how you can at least try to avoid this? There are some things you may want to consider when you estate plan.

Have You Named A Beneficiary?

When you open a bank account or purchase life insurance, you often have to name a beneficiary. This is the person who will inherit the proceeds when you die. These designations are quite powerful and take precedence over what is stated in a will.

You want to ensure that all of the information is accurate and update it if need be – life changes often dictate the need to add or remove beneficiaries.

Make A Plan To Review It

Many people write an estate plan and then never review it. If you write the plan when you are 50, there is a lot that could have changed by the time you are 80. Consider regular reviews of your estate plan to ensure that everything is up to date. You may also want to make changes when someone passes away, moves away, or there is a change in the relationship.

Does Someone Have Power of Attorney?

One important thing to do when drafting an estate plan is to give someone power of attorney (POA) so that someone can act on your behalf when you are unable to do so. If you do not have a POA, the court system may be left to decide what happens to your estate. By selecting a person or agency to act for you, they will be able to transact real estate, enter into financial transactions, and make other legal decisions for you. 

It is important to know that while you are still in sound mind, POA can be revoked at any time. The person who is assigned those privileges can also step away at any time. 

For many families, the most obvious choice for power of attorney is the spouse or the oldest child. Sometimes, it can be a financial advisor, a family friend, or a lawyer.

How Should Conflicts Be Handled?

When someone passes away, there are bound to be conflicts no matter what. You can decide to select an executor who has the final say in conflicts. No matter what you decide or whom you choose, you may want to be proactive about addressing the sale of items, how proceeds should be split, or who should take care of what in a business.

Speak To Your Family

One of the most important things that you can do throughout the estate planning process is to talk to your family. If you tell them what you are doing, why you are doing it, and how you will do it, it will prevent problems once you pass away. This is especially important if there are decisions that may surprise your family or loved ones.

Talk To An Estate Planning Professional in South Africa

Many people aren’t comfortable talking to an estate planner because it can be somewhat macabre and upsetting. However, it is a necessary part of life for so many people. If you have a business, children, or loved ones that you care about, this is one final way that you can take care of them. You will be able to save them a lot of stress and confusion. In some ways, it is comforting for them to hear about what you wanted. 

It is never too early to start estate planning, even if you don’t have a great deal of money in your bank account. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed.

To get started, schedule an appointment today.

5 Most Common Shortcomings We See In Business Plans

All businesses started with business plans – unfortunately, most of these plans weren’t effective. For those who can still get funding (thanks to personal connections or sheer luck), they iron out the details as they go or fail because of them. For those who aren’t able to get funding without ironing out those details, they have to go back to the drawing board. Eliminating those shortcomings can make all of the difference in getting funding and starting your business.

Some of these shortcomings are easy to fix, and others aren’t. As an accounting firm that does business plan reviews, we have seen reports from people with great ideas but poorly written plans. We have also seen extremely well-written plans for businesses that are less than inspired. Regardless, we have read over and created business plans of all kinds – and they all have similar problems.

Here are the most common shortcomings we see in business plans:

Your Research Is Out of Date

We tend to do research early in the business planning stage. By the time we present our business plans, this means that the information is outdated or incorrect. In using information that isn’t relevant or accurate, you will discredit your business idea and the remainder of the plan.

You Just Aren’t A Writer

One shortcoming that is incredibly common is that you just aren’t a good writer. It could be that the plan itself is poorly written or that the spelling, grammar, and punctuation are off in the document. Stylistically, you want to come across as professional and mature, but you also want something that will help you to stand out from the crowd. 

Before you show your business plan to anyone, make sure that you go through every line and ensure what you say is what you mean and what you say is appropriate. Run your spell check and have someone you know with strong editorial skills review it for grammar problems.

Not Admitting Weaknesses

Many entrepreneurs fall upon their own swords. No plan is infallible and not admitting to where your weaknesses are can actually hurt you more than not having them at all. If you can identify your weaknesses, do so. If you cannot, sit on your plan until you can.

The only way to address these weaknesses is to include a detailed strategy of how you plan to address them. It shows funders that you have thought everything through and you have a mind for fixing problems.

You Didn’t Dedicate Any Time To Your Competition

Even if you have a unique business idea, you are bound to have competition somewhere. With the internet, almost everything is available to everyone. Even if your business is one of a kind and offers a service one cannot get online, you still have competition for your money. Since your business doesn’t exist, where are people spending the money they will eventually spend on you? 

Highlight your competition and discuss how you will overcome them. Don’t spend too much time here, or the investor will worry that the business won’t survive. Focus on your niche, what differentiates you from your competition, how you plan to compete, and why you will earn clients.

You Aren’t Consistent

You probably didn’t sit at a computer and type up your business plan in one day. In fact, it was probably written over a long time. This type of writing, while necessary, invites inconsistency in messaging. You want to ensure that you continually use congruent statistics, have a clear path in your strategies, and you are using the same tone. 

Sections of plans should be read in order before you submit it – even if you didn’t write them that way.

Need Help With Your Business Plan?

Do you have a great idea for a business but need funders and a business plan? At IC Quantum, we can help you to present a business plan that will have funders lining up for your services. We have years of experience in guiding people to make the right decisions about their business, starting with feasibility studies and ending with working hand-in-hand with them to handle the bookkeeping once their business has flourished.

Ready to get started? Give us a call today at +27 87 980 0000 or send us an email at info@icq.africa to schedule an appointment.

Why Outsourcing Payroll Services Makes Sense

Business owners often waste quite a bit of time and energy handling activities that they could just as easily outsource, including payroll services. When you have the head of the company (or some other skilled person) working on something that doesn’t bring in a profit, it doesn’t help to add anything to your bottom line. If you can do it, outsourcing payroll services not only helps to free up resources, it ensures that there won’t be mistakes or anything that goes against the law.

Why then are so many people hesitant to outsource their payroll services? It is because they don’t see the potential in doing it and rationalize it as something they don’t have time to do. Is it worth all of that extra time and effort in the short term just to find someone that you feel comfortable working with in that way? Someone who can get an inside look at your company’s financials? Someone who won’t tell your secrets to their friends in the same niche?

In our opinion, it is well worth it.

Outsourcing payroll services helps with three main goals:

  1. It frees up resources at the highest levels;
  2. It ensures payroll is performed correctly;
  3. It reduces risks and mistakes.

Outsourcing Payroll Frees Up Resources At The Highest Levels

Payroll is a necessary function of any healthy business. However, if it isn’t handled properly, it can put your business into the trouble zone. Payroll zaps away the attention, energy, and time from core activities that have a more significant impact on your business. Companies have to pay attention to various complex laws when it comes to employees at the federal and local levels. In South Africa, for example, these laws and regulations can change with little notice. 

Of course, taxes are just the start of what you need to do – even though they should be one of your biggest concerns. If you get taxes wrong, you may put your employees and your company in danger. There is more that you have to concern yourself with: new-hire reporting requirements, government requirements around unemployment compensation, and workers compensation insurance.

It Ensures Payroll Is Performed Correctly

One of the biggest reasons to outsource payroll services is because you will get access to experts who know the laws and regulations and who have the technology to keep everything on track. For a small business or even a medium-sized one, it can be difficult to invest in these programs and tools that can be quite expensive.

Employees expect things like direct deposit and self-service access to their payroll information – this is no longer something that is considered a perk. If you cannot offer it to them, you are doing your employees a disservice and perhaps even limiting the client pool for open jobs.

Payroll Services Reduce Risks and Mistakes

Outsourcing payroll can also reduce risks for the business. Mistakes are far more common than one might expect, and companies are losing money quickly. These losses may be because of bookkeeping errors, discrepancies in timesheets, and even in pay rates. Of course, there are also risks to making mistakes – legal risks and reputation risks.

Making these “silly mistakes” can be extremely harmful in ways that most people don’t even realize. One mistake can cause you to miss out on good employees and even cause the general public to have a negative opinion of your business.

There are many places where you can make mistakes and use it as a learning experience, but payroll is one place that you don’t want to do that – one mistake could be the end.

Outsourcing Payroll Administration in Johannesburg

If you are interested in outsourcing your payroll services with a company that you can trust, look no further than IC Quantum. Our team of accounting experts uses the latest tools and technology to stay on top of your payroll and ensure that your books are accurate.

Payroll administration is just one facet of our business services, which include auditing, business planning, taxation, and more. Are you ready to get started? Call us at +27 87 980 0000 or send an email to info@icq.africa to get more information.