Business Bootcamp: Accounting Tips for Startups
Just started a business? 🚀 Here’s how to keep your finances compliant from day one ✅
New entrepreneurs often forget key accounting steps early on — and it can cost them later. Here’s what to prioritise:
✔️ Keep Business and Personal Finances Separate: Open a dedicated business bank account and never mix personal expenses with business transactions. This helps with clean bookkeeping, cash flow clarity, and SARS audits.
✔️ Track All Income and Expenses From Day One: Use a basic spreadsheet or accounting software to record every sale, invoice, and purchase. Don’t rely on your memory — proper records are the backbone of tax readiness and financial planning.
✔️ Understand That Pre-Trading Expenses Are Deductible: Expenses incurred before your business officially starts trading — like registration fees, website costs, or initial consulting — can often be claimed as tax deductions:
- Business Registration Fees – Includes CIPC registration, name reservation, and related administrative costs.
- Professional Services – Costs for consulting with accountants, legal advisors, or business mentors to set up the business structure or financial systems.
- Website and Branding Costs – Development of a website, domain registration, logo design, and initial marketing collateral.
- Office Setup Costs – Purchase of furniture, equipment, or setup of a home office used exclusively for business.
- Licensing and Compliance Fees – Industry-specific licenses, permits, or SARS registration support (VAT, PAYE, UIF if applicable).
Keep all receipts and invoices from day one!
✔️ Register With CIPC, SARS, and Open a Business Account: Formal registration protects your name and gives your business legal standing. SARS registration ensures tax compliance. A business account supports professionalism and financial control.
💼 Not sure where to start? At TGC, we help startups set up smart financial foundations — so you can focus on growing your business.
