First and second generation
Family businesses
Accounting for the businesses where the shareholders also share a surname, a farm, a shop or a workshop.
The business is personal. The books should not be vague.
We are a small business too. We know the month a child joins the payroll, the bakkie that is “mostly” for work, and the loan account that has been a running conversation for a decade. Those items need a number and a document. Affection does not reconcile.
Our work is to keep the front of the business (customers, price, the season) and the back office (tax, payroll, the file) in the same discussion. Neglected compliance has a way of arriving in the same year the family wants to expand or step back.
Second generation, without the fog
If the next owner is already in the business, the monthly pack is how they learn it. We will write the note so a non-accountant in the family can follow cash, debt and tax. The handover guide on this site lists the financial file a buyer or a child should be given. Building it takes years. Starting this year is early enough.
What is included
- Separate records for the entity and the household
- Shareholder or member loan accounts that move only with a reason
- Payroll and drawings that can be explained to SARS and to each other
- A monthly note the family can read together
- A succession or sale file, built while you are still trading
Questions on this service
Families are the fit we know best. We also work with other businesses the owner still runs, when they want the same attention. If you are a startup with no family in the wings, start with Start up. The standard of the file is the same.