The Business Compliance Checklist. How To Stay Financing-ready
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David Morobe - Executive General Manager: Impact Investing at Business Partners Limited talks about Some entrepreneurs do not keep their business house in order and as such do not get finance when they apply for it. This applies to everything from business structure and financial information to employment contracts and tax compliance – SMEs must ensure that they have everything they’re supposed to and stay up to date or they will lose out on opportunities.
For instance, during the peak of the Covid-19 period, we saw first-hand just how many SMEs could not access financing due to compliance issues. Non-compliance was a major obstacle for many SMEs when applying for business relief or support.
Over the years in business finance, we have found that something as standard as an EMP201 – a monthly payment declaration in which an employer declares the total personnel payment together with the allocations for PAYE, SDL, UIF and ETI – is not always readily available. Proving tax compliance and viability remains a challenge for some SMEs, they don’t have a firm grip on their financials, which is a very important document when applying for finance.
For instance, during the peak of the Covid-19 period, we saw first-hand just how many SMEs could not access financing due to compliance issues. Non-compliance was a major obstacle for many SMEs when applying for business relief or support.
Over the years in business finance, we have found that something as standard as an EMP201 – a monthly payment declaration in which an employer declares the total personnel payment together with the allocations for PAYE, SDL, UIF and ETI – is not always readily available. Proving tax compliance and viability remains a challenge for some SMEs, they don’t have a firm grip on their financials, which is a very important document when applying for finance.
