Paul Botha Managing director of MMS Entrepreneurial Services (Pty) Ltd – The Gauteng branch of the accounting division of the MMS Group. 19 years’ experience in the industry and 16 years at the MMS Group. My passion is to connect through real relationships with my clients, to understand the reason why they are passionate about their business and what their […]

Doing business with your head in the cloud and your feet firmly on the ground – part 1

Prepared by: Reinier Duraan (Director MMS Group Cape Town) Many accountants and users of accounting software are still using the same software which they have been using for the last 20 odd years. Although the software is still performing the necessary primary functions and producing the basic reports, which could in some instances be a bit labour intensive to produce, […]

Importance of cash flow projections & cash flow review

Prepared by: Paul Botha (Managing Director at MMS Entrepreneurial Services) During a recent site visit and review of current systems at a potential new client I noted that one of the main deliverables required by the client is the set-up of cash flow projection and the regular review thereof. During my preparation of our proposal to the client the following […]

Welcome to MMS Connect Newsletter -Edition 1

It is with great excitement that I am writing this introduction to the first edition of the MMS Group Accounting quarterly newsletter. We realise that you may say, “What? Another newsletter” or you may just delete it when it arrives in your inbox with all the other newsletters. We also realise that it is going to take allot for you […]

August 2017 Employer Interim Reconciliation Submissions opens on 15 September 2017.

All employers registered at SARS for PAYE should submit their Interim Reconciliation (Bi-Annual Submissions) by 31 October 2017. The period, referred to is from 1 March 2017 to 31 August 2017.  Submissions opened on the 15th of September 2017 and close on 31 October 2017. During the Interim Reconciliation submission period, employers are required to submit an Employer Reconciliation Declaration […]

Private companies vs close corporations

On 1 May 2011, the Companies Act 71 of 2008 came into effect, replacing the Companies Act 1973 and amending the Close Corporations Act of 1984. The New Companies Act introduced fundamental changes to South African company law. Regardless, the BIG question remains: Why should I consider converting my close corporation to a private company? Currently there is no legal […]

Zero rate and standard rate VAT on export of goods

Section 11(1)(a) of the VAT Act (the rate of zero per cent), applies where the supplier has supplied the goods (being movable goods) in terms of a sale, or an instalment credit agreement, and the supplier has exported the goods in the circumstances contemplated in paragraph (a), (b) or (c) of the definition of “exported” in section 1(1).  The definition […]

5 Top tips to use during a SARS VAT Verification

Following a discussion with fellow senior employees at the MMS Group we felt it necessary to share some essential tips regarding the SARS VAT verification process. It is essential that the correct documents are submitted within the correct timeframe. If you do not submit the correct information or insufficient information or you submit the documents late, SARS can: Change the […]

The Financial Sector Regulation Act

President Jacob Zuma signed the Financial Sector Regulation Act on Monday 20 Aug 2017. This Act aims to achieve a financial system that will work in the best interest of financial clients, and will support a sustainable and balanced growth for the country. It will establish a regulatory and supervisory framework in conjunction with other financial sector laws, which will […]