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Outsourcing your Financial Department – Why it works!

A South African economy under pressure forced decision makers in the SMME market to review the total composition of their organisations. Naturally, salary bills had to be cut, in order to ensure the survival of the business remained top priority. Unfortunately the financial departments were also affected and have often led to circumstances proving detrimental to the organisation. Outsourcing of the financial department ensures that the decision makers can continue to focus on their core business and turnaround and have total comfort that their finances are taken care of, in the most professional and diligent manner as originally intended.

Why outsourcing works for your organisation:

  1. The service is output driven and the same or even better results are achieved than when an in-sourced financial department is employed;
  2. No recruitment fee will have to be paid for the positions being filled in your company. BNS will take full risk of employment and the cost thereof;
  3. Monthly savings of 30% are achieved by outsourced resources versus the cost of employment. This is achieved by not paying towards pension, medical aid, SDL, UIF, WCA, leave, sick leave, study leave and public holidays;
  4. The full cost of the outsourcing contract will be recovered every year from good financial management and taxation planning as well as BNS’s contribution towards strategic input and growth of the organisation;
  5. No BCEA (basic conditions of employment act) or CCMA applies to the outsourced resource. It is an arms-length arrangement with sufficient notice to cover both parties;
  6. The outsourced resource would be a managed resource by BNS  to ensure that your focus remains on the entrepreneurial side of the business and know that the reporting and all statutory requirements are taken care of;
  7. Access to all the specialized resources of BNS naturally would exist to add more value to your organisation;
  8. No penalties or interest on late or non-submission of statutory returns such as VAT, PAYE, Income tax, WCA or CIPC annual returns would ever be for your account again should BNS Group be the responsible party for submitting these returns.

Your organisation deserves to engage with the BNS Group, and so do you as an owner! Proper and professional financial management and control will unlock returns to all stake holders.
Contact us today for any further assistance in this regard.

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 Are you indebted to SARS, and unsure how to resolve it?

During pressing economic times, more and more businesses struggle to meet their statutory obligations as far as PAYE and VAT is concerned. SARS however increased the pressure from their collections department and business remains under severe cash flow pressure. As agents of SARS we as business owners remain responsible for these payments and need to always ensure that it takes priority.

Realistically we often come across businesses that had not been in a position to always meet these obligations and will receive threats from SARS’ legal department of judgement s and threats of liquidation against the business and the directors in their personal capacity. Most business owners are unaware that there actually is a solution for this debt.

Section 200 of the tax administration act

SARS has a section in the act called Section 200. This is a compromise to SARS and businesses are allowed the opportunity to enter into negotiations with SARS for the outstanding debt. There are specific unwritten rules to comply with in addition to the application form and you need a specialist to assist with this process

to ensure that this application is successful.

BNS GRoup can negotiate on behalf of clients . We do pride ourselves in providing this service, but more so in the systems and controls through good financial management that is being implemented to ensure that all future SARS obligations can be met and uncomfortable situations such as excessive debt with SARS can be avoided.

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