KJM Capital

Unlocking the power of a Trust Fund & understanding the cost of Trust administration. Read article: https://lnkd.in/dkCeHr25 #generationalwealth #savingmoney #trusttheprocess #goals

Customer notice❗ Please take note that if you submitted a company registration application late last year, the registration number of your application submitted will be 2023, and the incorporation date (or registration date) will be 2024. #CIPC #Newcoregistration

Suspecting “sticky fingers” with cash in your business? As a business owner, you understand that cash flow is the life-line of your business and for this reason, you only allow a long-serving & trusted employee to have access to cash, but there is a major shortcoming with this line of thinking. Embezzlement requires an employee who thoroughly knows your business; an employee who has, over time, identified the loopholes in the system and is acutely aware of your blind spots as the employer. You have placed trust upon this employee, and rightfully so, given their excellent work, reliability and loyalty to you. However, this is the fertile ground in which embezzlement grows unnoticed. There are ways in which you can mitigate embezzlement from taking root and growing uncontrollably in your business: 1.     Separation of duties: This means that the person who has the keys to the cash box is NOT the same person who is also responsible for reconciling and maintaining the books or cash records. This can be difficult to achieve in business settings wherein there is only 1 employee (E.G Doctor’s practices, Dentist’s practices, Start-ups etc). The services of an external accountant/bookkeeper can be useful in this instance. 2.     Ensure that accounts staff take their annual leave: The rationale behind this is that it enables you or another employee the opportunity to go over the books. 3.     Review daily reconciliations: At the end of the business day, go over the transactions looking at the following: Cash received: If it has been allocated to customer accounts. Cash spent: If there are supporting documents (invoices) for the recorded expenses and that the invoices are from suppliers that you know. Employees can create non-existent supplier invoices, only to pay themselves those amounts appearing on such bogus invoices. Closing balance: If the balance on the records equates the amount in the cash box. 4.     Where there is more than 1 employee, rotate the cash duties periodically: This is for the same reason as stated in point 2 above.   How does KJM Capital assist business owners in this regard: We conduct quarterly cash audits at the business premises; reviewing the monthly reconciliations, inspecting the invoices and other supporting documents and developing operating procedures with preventative measures. Email us ([email protected]) or call/WhatsApp 0676690250 if you suspect embezzlement in your business. Contact our director ([email protected]) if you would like to develop preventative procedures regarding the handling of cash in your business.  

You will be unable to submit company tax returns on efiling without 1st setting a Registered Representative of the company, even if you're the only director/shareholder! #Business #SARS #RegisteredRepresentative