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Accounting records are the documented financial data and information that businesses use to track their financial transactions and activities. These records provide a clear and accurate representation of a company’s financial position and performance over a period of time. Types of Accounting Records Accounting records can include a variety of documents, such as: Why Do… Read more: What are accounting records, and why do I need to keep them?

The roles of bookkeeper, accountant, payroll administrator, tax practitioner, independent reviewer, and auditor each play a crucial part in managing the financial health and compliance of a business. They each have specific duties that differ in terms of scope, expertise, and responsibility. Below is an explanation of the differences between them and why your business… Read more: What professional do I need and why?

A Personal Service Provider (PSP) is a type of company or entity that provides services to clients, where the nature of the services is primarily based on the skills and labor of the individual providing them. The South African Revenue Service (SARS) defines a Personal Service Provider to be a business where the primary income… Read more: Who is considered a personal service provider?

In South Africa, the Public Interest Score (PIS) is a numerical value used to determine the level of public interest in a company or entity. It is primarily used to assess the level of oversight and regulation a business should be subject to, particularly in relation to the preparation and audit of financial statements. The… Read more: What is this Public Interest score?

The distinction between an independent contractor and a subcontractor is similar to global definitions but also influenced by local legal and tax frameworks. Here’s how the two differ in context: 1. Independent Contractor An independent contractor is a person or entity who provides services to a client under a contract, but they are not considered… Read more: independent contractor vs subcontractor