Running a business brings many rewards, but also a host of risks and challenges. One of the more common of those is internal fraud. It can devastate your business and its reputation, undermine staff morale and jeopardise relationships with your suppliers, your investors and the compliance authorities.
The danger is that it can happen to anyone, at any time – no one is immune. Fortunately every business, from the largest corporate to the smallest SME, can reduce its risk of fraud substantially with just a few basic system changes.
Let’s discuss some of them, plus we’ll share a tip on using good judgment and common sense to keep your business safe and your livelihood secure.
Inevitably, there will be times when one or more of a company’s directors are absent and have to miss board meetings – perhaps through illness, frequent travel, taking of leave etc. But the company’s operations must continue regardless, and to provide for those situations the Companies Act provides for the appointment of an “alternative director” to fill in for a particular director when need be.
Such an alternate director is included in the Act’s definition of “director” and that means a host of consequences for both the company and the appointee.
Read on for some thoughts on the roles, duties and risks that an alternate director takes on in accepting such an appointment…
Employee burnout is a major problem worldwide. In the USA, for example, it is estimated to cause 120,000 deaths and to cost $120bn in healthcare annually. No doubt in a local context individual businesses also suffer substantial direct and indirect costs. The good news is that research has shown that we can all do something about it.
So have a look with us at the two factors that have been particularly highlighted as causes of burnout and at the reasons behind them. Most importantly, on the principle that prevention is always better than cure, we’ll also discuss three key recommendations from researchers on how to address the problem.
Compliance requirements for businesses are becoming more onerous. Small businesses in particular increasingly have to perform a balancing act between optimising their limited resources on the one hand, and weighing up the consequences of non-compliance on the other.
Now we are faced with new accounting reporting standards – standards you should both know about and prepare for. We’ll focus on one particularly important one, the “Revenue from Contracts with Customers” requirement.
Another crucial development is a recent CIPC warning about non-compliance with disclosure requirements relating to remuneration of directors and prescribed officers.
Firstly, there are no major deadlines in June but tax season opens in July, so make sure you have all your documentation ready for your 2018/2019 Income Tax Return.
Then there is some good news – a Memorandum of Understanding (MOU) has been entered into between SARS and the Office of the Tax Ombud (OTO).
In recent times, the OTO has been critical of SARS particularly in the area of tax refunds. The recent Nugent Commission of Enquiry into SARS was told of refunds being held back at year end to bolster revenue collections. In the last tax year, SARS increased VAT refunds by R38 billion to address this problem. SARS also released a Service Charter in 2018…
The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.