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Corporate Markets Business Development Executive | Johannesburg | Raizcorp | 22 Jul |
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With tax season currently underway, small businesses need to ensure they have sufficient cash flow to make the necessary provisional tax and assessed tax payments.
“Not having enough working capital is the biggest concern for small businesses wanting to remain tax compliant. It is tempting to use money owed to SARS to bridge shortfalls between invoicing clients and receiving payments, but this is not advised. Proper financial preparation needs to be put in place,” says Daniel Goldberg, co-founder of Bridgement, a fintech company offering short-term financing to SMEs.
SMEs, like all businesses, need to fully comply with their tax obligations; “Fintech can improve SME tax compliance. By automating the administrative work needed for tax returns, businesses find it easier to stay on top of requirements put forward by SARS,” says Goldberg.
Stay tax compliant
Goldberg offers advice to SME owners to help them stay tax compliant:
Using machine learning for credit analysis and decisioning to speed up their application process, Bridgement offers SMEs instant advances on expected income.
Accessing customer’s financial data directly from their accounting software, such as Xero, Quickbooks and SageOne, credit facilities from R10,000 to R5million are available to registered companies who have been trading for longer than six months and have an annual turnover of more than R500,000.
Corporate Markets Business Development Executive | Johannesburg | Raizcorp | 22 Jul |
More jobs |