Elizabeth Nerina Verwey

Limitless Accounting Business Solutions (Pty) Ltd

What does your company do?

We are an accounting businesses. Here's a rundown of what accounting firms typically do for small business owners: Bookkeeping: We maintain accurate records of financial transactions including sales, purchases, receipts, and payments. This forms the foundation for all financial activities. Payroll Management: We handle payroll processing, ensuring employees are paid accurately and on time, while also managing tax withholdings, benefits, and deductions. Tax Preparation and Planning: We assist in preparing and filing various tax returns such as income tax, sales tax, and payroll tax. They also provide guidance on tax planning strategies to minimise tax liabilities and ensure compliance with tax laws. Financial Reporting: We generate financial statements such as balance sheets, income statements, and cash flow statements, providing insights into the financial health of the business. These reports are essential for decision-making and for presenting financial information to stakeholders. Budgeting and Forecasting: We help small business owners create realistic budgets and forecasts to plan for future expenses, manage cash flow, and set financial goals. Financial Analysis: We analyse financial data to identify trends, opportunities, and potential risks, offering valuable insights to help business owners make informed decisions. Business Advisory Services: We offer strategic advice and guidance on various financial matters, such as business expansion, investment opportunities, and cost-saving measures. Compliance and Regulation: We ensure that small businesses comply with relevant accounting standards, regulations, and laws, helping to avoid penalties and legal issues. Software Implementation and Training: We assist in selecting and implementing accounting software systems, as well as provide training to business owners and their staff on how to use these tools effectively. Overall, we as an accounting business serve as valuable partners for small business owners, helping them navigate the complexities of financial management and allowing them to focus on growing their businesses.

What is your biggest success?

I believe my biggest success is when I can help small business owners understand their finances to make better and more informed decisions to ensure that their business is growing and going forward. When I can assist a small business change their way of managing cashflow from a negative into a positive cashflow.

What has been your biggest hurdle?

To get my company name out there and run all the departments on my own because affordability is not quite there to employee someone to assist you. I believe all small business owners experience the same, it is overwhelming to get your business off the ground, handle marketing, invoicing, doing the business part, cleaning the office, get new clients, keep up with the industry changes and try to have a life beside your business.