Smaller finance teams, more stressed companies and complex reporting rules are leading to more mistakes in mid-size and small company financial records, raising the risk of fraud going undetected, says an auditor.
A bi-annual survey of fraud in Australia and NZ by KPMG, released on Thursday, shows the level of fraud by individuals of more than $1 million rose 82 per cent between 2010 and 2012, while fraud by internal staff rose to 75 per cent of the total from 65 per cent.
via Warning on accounting fraud as pressures rise.
By Dennis K. Berman
Here’s the scary part about Davos: You schlep to this Swiss redoubt expecting to meet a secret colony of people in the know. But turns out they don’t know either. Which is in fact why they’re here, too — to find and interrogate people who do.
This collective “pinging” feels more akin to a high-frequency trading platform than a seminar devoted to improving the state of the world. The cocktail parties are no more than lubricated information markets, where each node is trying to calibrate itself based on information transmitted and received. What emerges about Europe, or social media, or green energy is eventually rendered a mushy consensus. This is what they might call in Davos the market-clearing price of a thought.
So, what was the mushy consensus?
“Not optimistic. But Less Pessimstic.”
Imminent crisis averted in the Eurozone, dozens of CEOs in private interviews struck a remarkably similar tone about the world economy. It’s banal if only for the scramble of phrases: Some spoke of the timeless “caution,” others declared themselves “not pessimistic but not optimistic either” and “hesitant.” The only honest position seems to be this: No one has a clue.
“Governments don’t create growth. They create circumstances.”
Perhaps the most provocative quote of the week, from an unnamed CEO. Such antipathy was in wide circulation across the week, as CEOs variously complained about financial overregulation, competing international standards, and European governments’ inability to change labor and safety-net laws. The struggle over corporate tax dollars — particularly in the strapped U.S. and Europe — is only beginning. There just doesn’t seem much trust left between government and business, which does not bode well.
via The 10 Things We Learned At Davos – Corporate Intelligence – WSJ.
The South African Institute of Professional Accountants (SAIPA) has signed a memorandum of understanding with the Council for the Association of National Accountants of Nigeria to facilitate cooperation and allow members to work in both countries, the institute announced last week.
The memorandum allows members of the one organisation to become members of the other, which will enable South African accountants to work in Nigeria and Nigerian accountants to practice in South Africa.
via SA, Nigeria sign accounting agreement – SouthAfrica.info.
Also a Pty is a well-known standard of incorporation worldwide and looks organised and progressive in image.
So overall it could be good for business.
Brand guru Stephen King famously once said: “A product can be quickly outdated, but a successful brand is timeless.” For a business to be recognised, grow and succeed it needs a defined identity: a brand. This is a promise of what customers can expect from your business, and what your enterprise stands for.
Who are you?
While the branding process is not complex in itself, it calls for strategic thinking about what you want to achieve from your business. In many ways, defining your brand values as early as possible in your business journey can actually help to define your business plan and long-term goals. For example, to create a brand that resonates with your target customers, you’ll first need to define who you are targeting and why. This will require thorough market research and competitor analysis.
According to Stephen Cheliotis, chief executive of The Centre for Brand Analysis: “This research should also help you to identify any gaps in the market. It’s not always who you are targeting, or even what you are producing that is the most important thing when it comes to successful branding. It’s about standing for something recognisably different.”
via Brand new thinking: how to create a powerful brand | Small business network partner zone Lloyds TSB | Guardian Professional.
eCC – PtyInstant can assist you with a trademark application – see Products and services above.
New South Wales, Australia — (SBWIRE) — 12/12/2012 — Despite the fact that the whole world is hit by economic crisis, trading seems to have not that affected by it and still finding its way to grow. Obviously, not at the pace that one has seen in the past but still the graph is ticking up, which is a good thing even in this economic crisis. Trading is one of many ways to earn foreign exchange for the country, which means more wealth and progress. However, what matters is that you need to have either buyers from other countries that could buy your product or either you are buying something from abroad, and you are willing to sell it locally. Either ways you need to find both, a buyer and a seller, which is not an easy task at all. For that, you either need to go to a country you are wishing to do trade with and find a seller or a buyer. But that was in the old times, as nowadays there are virtual markets where you can market your product, making trades a lot easier and effective than before.
So if you are looking for a buyer or seller then you should try finding them in the virtual markets that are better known as business directories or B2B portals. ‘Iraq Trade Agency’ is that one B2B portal that could help your business to grow. It offers the best business directories and trade leads from around the world. It is preferred by a number of established, renowned and professional wholesale traders, suppliers and distributors worldwide.
via Iraq Business Directory and Trade Leads Connects Businesses Worldwide | Dec 12, 2012.
Sole proprietor tax is an issue which raises its head when you personally run a business with a trade name and not through a company or corporation.
So, as a sole proprietor, you are Joe Black t/a Better Photo Agency, for example. That is, your business is Better Photo Agency and you are the only owner. A CC or a company does not feature in this set-up. Your letterhead typically has “Better Photo Agency” in big at the top and “Sole proprietor: J Black” in small at the bottom. No registration number is displayed, even if “Better Photo Agency” has been registered as a defensive name.
If you as an individual are registered for tax with SARS, then there is no need to register your sole proprietor business for tax as it is not a separate legal entity and cannot be registered for tax as such. You are the business and the business is you, as it were, and your business trading figures are reported to SARS as your own personal figures.
If you do not have a personal tax number then you will need to apply for one and that number is used when reporting your personal and business income.
Need to buy a shelf Pty?
Our pre-registered (shelf) Pty Ltd companies are clean – they have been specifically registered for our clients to take over and use – they obviously have not been traded with before.
Acquiring a shelf Pty allows you to get a name and number for your business within about 1 hour. The final change of directors, etc takes about another 3 weeks to do properly.
For more on Shelf Pty’s, please email us here:
Or visit our secure site to read more and order a Shelf Pty from us.
Resigning as a member of a CC might be necessary when you wish to sell your interest (percentage) in the CC to the remaining member/s or to a new owner. It might also be needed if you simply wish to disassociate yourself with the existing business or other member/s.
If you wish to resign merely to get out of the CC, make sure that the remaining members relieve you of suretyships, etc, in writing before you sign the resignation document we would send you. Also make sure your loan account (if any) in the CC is paid back to you or taken over by another member. If the loan is in negative (you owe the CC money) you will need to pay it back or get another member to give you a signed letter stating that he/she takes it over from you.
If you’re selling your interest and resigning from the CC, make sure you get your money (or at least the first major payment) before you sign out. It’s probably a good idea to get your lawyer to draw up an agreement between you and the buyer, but you may come to us for preparing and processing the resignation papers.
For more on this, kindly email us at:
Sole proprietor literally means “the only owner”.
A person, a company or a trust can be the proprietor of a business. For example, a company ABC Elastics (Pty) Ltd runs a business called Special Elastic Suppliers. It trades with that name and is is the owner of that business, so it can be termed the proprietor of the business, even the “sole proprietor” of that business.
But usually when we use the term “sole proprietor” we are referring to an individual human (not a company) who owns/runs a business.
In order to establish your Sole Proprietorship in South Africa, kindly follow the following procedure:
- Trade Name Registration – apply to register your t/a (trading as) name
- Tax Registration – apply for an income tax number for yourself (if you do not have one; this same tax number is used for the business because you are/own the business)
Other registrations for your sole proprietorship include:
- VAT Application – register your business for Value-Added Tax (if needed or if 12-month turnover is R1m or more)
- Annual Work – annual financial statements and tax return – after your first period of trading ending 28 February.
Please feel free to send us a message should you have any question: Send Message