Accounting

Choosing the right accountant for your business is a bit like choosing a business partner — you need someone you can trust, who understands your goals, and who’s going to be there when you need them most. The challenge? In South Africa, there are hundreds of accounting service companies out…

For medical practices in South Africa, efficient billing and debt collection are essential to maintaining financial health. While providing quality patient care is the primary goal, ensuring a steady cash flow through effective billing practices is critical.   1. Establish a Robust Billing System  A streamlined billing system is foundational to…

Effective financial management is essential for running a medical practice smoothly and ensuring its long-term sustainability. For medical practitioners in South Africa, financial record-keeping and reporting are especially critical due to the complex regulatory and compliance requirements in the healthcare industry.   1. Organized Record-Keeping System  The foundation of any solid…

While the primary reason for setting up your practice is patient care, managing the financial aspects of a medical practice is equally vital to ensure the long term viability of your practice. You need strong administrative skills, financial management, as well as systems and processes to run it successfully.  Cash…

What is XBRL? XBRL stands for eXtensible Business Reporting Language. It is a technology standard for the electronic communication of business and financial data, increasingly adopted worldwide. XBRL offers significant benefits in the preparation, analysis, and communication of business information. It ensures cost savings, greater efficiency, and improved accuracy and…

Business combinations are integral to corporate growth strategies, enabling companies to expand their operations, diversify their portfolios, and increase market share. In the realm of financial reporting, adhering to International Financial Reporting Standards (IFRS) 3 is essential for accurately accounting for these transactions. Core Principles of IFRS 3 At the…