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Control And Monitor Corporate Travel Expenses Electronically

Managing business travel costs can be challenging, especially if employees are not able to provide accurate accounts of their travel each month.

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Win With GPS Log Book

This month, GPS Log Book – a brand by MiX Telematics – is giving away a GPS Log Book to that aspiring business man/woman who wants to get ahead of their travel expenses. To enter all you have to do is email the answer to the below question to editorial@entrepreneurmag.co.za, to stand a chance of winning a GPS Log book device.

Question: How much on average can a driver, with a travel allowance, claim back from SARS?

If SARS deems a log book inaccurate in any way, the travel allowance tax claim can be rejected, leaving yourself or your employees, with a potential tax liability. The solution? The electronic GPS Log Book device.

GPS Log Book demonstrates the power of electronic logbook management and the importance of ensuring a SARS compliant logbook. Simple, stylish and highly affordable, the GPS Log Book is a user-friendly device that makes managing business travel that much easier.

Key stats about travel related expenses

Global business travel is on the rise and with it, travel spending and related expenses. Research shows that growth will remain strong through 2019, with business travel projected to grow 6,9% in 2016, 6,0% in 2017, 6,4% in 2018 and 5,8% in 2019.

Related: Transport and Logistics Business Cheat Sheet

Optimising business travel costs

If we consider this increase then there is no doubt that business travel and expense management is, and will, become an even more important issue for businesses across South Africa. Therefore, it’s important for companies to find an easy, accurate and effective way to monitor and control business travel expenses.

Many organisations still use traditional methods of completing travel logbooks or reporting expenses. This approach may have worked in the past, but in today’s competitive business environment, organisations need to ensure that their selected approach does not hamper operations and profitability – rather that it improves these aspects and provides return on investment.

Such technology can have great benefits for your staff too. Employees that take a proactive approach to managing their travel claim expenses – through a GPS Log Book – and submitting these with their tax returns, can receive up to R17 000* back over the year. 

Related: How To Start A Passenger Transport Business

The role of technology in travel related aspects

If we consider that substantial developments in technology have changed the needs of businesses all over the world, then there is no longer a reason for businessmen and women to worry about managing their business travels effectively. There is an app, a product or a solution for almost any business challenge today and this is no different when it comes to travel logs.

Through the use of GPS Log Book, this can be done electronically.

It ensures an accurate business report that reimburses travel expenses and provides employees with the opportunity to receive a travel related tax return.

The importance of a SARS compliant tax return

As an example, if your car is valued between R80 001 and R160 000 and you travel approximately 20 000 km per annum, of which 50% is business related, the estimated claim amount from SARS should be approximately R25 095.

While you can calculate an approximate claim amount by using the calculator provided on selected electronic logbook websites, if you have not kept an accurate logbook – the benefits cannot be obtained.

With the advent of GPS Log Book, you can plug the device into your car’s lighter socket, ensuring that each trip is logged electronically. 

Related: Types Of Transport Business Opportunities

Benefits of a GPS Log Book

The ROI from such devices is tangible, with benefits including:

  • Categorising your trips based on business and private travel
  • Logbooks are accurate, comprehensive and easy to use
  • Trip data can be stored in the cloud for up to 5 years – ensuring data is secure at all times
  • When submitting a tax claim, the minimum information required includes the date for each trip, where the trip started and ended, how many kilometres were travelled per trip and the reason for travel – business or private – all managed electronically
  • With the touch of a button, you can create a fully SARS compliant report.

Today, it is simpler than ever for businesses to effectively control and monitor travel expenses, reduce administration and cut travel expenses – as well as for businesses to eliminate travel expense abuse – all through the use of an electronic logbook.

* This is based on the following R17k rebate criteria:

  • Sample of 432 vehicles in 2015/2016 tax year
  • Total average kilometres driven in tax year: 24 800
  • Percentage that were business trips: 35%
  • Average value of vehicle: R80 000.

GPS Log Book, a brand by Mix Telematics, was designed with one thought in mind – to eliminate the tedious process of manually completing your trip logbook. GPS Log Book is a small, stylish and clever device, that does it all for you. Since 2011, any person who receives a travel allowance is required to present a logbook to the South African Revenue Service (SARS) before any travel tax claim can be processed. In most cases, at the end of the week or even the month, you have to backtrack, look at your meeting calendar and try to figure out where you’ve been so that you can accurately record your travel logs. This is where GPS Log Book can make your life hassle-free.

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The Alfa Romeo Stelvio – More Than An SUV

The All-New Alfa Romeo Stelvio draws inspiration from the legendary mountain pass linking Italy to Switzerland, with 48 hairpins in quick succession.

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The All-New Alfa Romeo Stelvio draws inspiration from the legendary mountain pass linking Italy to Switzerland, with 48 hairpins in quick succession. The Stelvio pass is widely seen as one of the most beautiful and engaging roads on the planet.

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Enhance Your Entrepreneurial Flair With An Online Postgraduate Diploma From The University Of Pretoria

The Department of Business Management at the University of Pretoria, a leader in business management education, will be offering an Online Postgraduate Diploma in Entrepreneurship for the 2018 academic year with some seminars to enrich your action learning experience.

Dr Alex Antonites

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The Department of Business Management at the University of Pretoria, a leader in business management education, will be offering an Online Postgraduate Diploma in Entrepreneurship for the 2018 academic year with some seminars to enrich your action learning experience.

The programme content focuses on the start-up processes, creativity and opportunity recognition, business planning and marketing as well as financial management. Furthermore, the programme emphasises entrepreneurial growth and small business policy development with relevance to the enabling environment.

Who should enrol?

The programme is designed for pre-, nascent and start-up entrepreneurs who want to attain an advanced degree in entrepreneurship. It is also intended for individuals who work in an entrepreneurial environment and are involved with small business policy development. Although many students in the programme have academic credentials in entrepreneurship or business management, the programme is also appropriate if your education and/or experience may be in other disciplines (e.g. engineering or medicine).

Admission requirements

A relevant bachelor’s degree.

Related: This Enterprises UP Expert Explains Why Start-Ups Really Fail

Additional programme information

The duration of the course is one year. The language of tuition is English and the course will be presented in two blocks by means of the blended learning method (70% online and 30% contact sessions). Students need continuous access to the internet to complete the course.

Course Contents

Overview of modules for Block A

  • Ideation-to-market: Starting up
  • International Business Venturing
  • Venturing Strategy Building (Part 1)

Overview of modules for Block B

  • Entrepreneurial Marketing
  • Entrepreneurial Supply Chain Management
  • Entrepreneurial Finance
  • Venturing Strategy Building (Part 2)

Click here for more information.

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Win A Business Makeover With Retail Capital To The Value Of R250 000

Retail Capital is giving SMEs an opportunity to win a makeover to build their brand with an investment of R250,000.

Retail Capital

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Retail Capital is giving SMEs an opportunity to win a makeover to build their brand with an investment of R250,000. During the summer campaign, SMEs are encouraged to share the vision of how they would like to see their business grow, and led by a team of experts, Retail Capital will work with the winning SME to help make their vision come true.

While South Africa’s economy is not faring well, Retail Capital CEO Karl Westvig remains optimistic about the country’s retail and hospitality sectors. “We are seeing some green shoots, with an increase in turnover in these sectors – starting from the end of September. Economic conditions remain very tough, but businesses seem to be trading well into October and we’re hoping this continues into the festive season trading.”

According to recent statistics from Statistics South Africa (Stats SA), South Africa’s retail sales rose by 5.5% year-on-year in August 2017, following a downwardly revised 1.6% gain in the previous month and above market expectations of 2.3%. It is the biggest gain in retail trade since August of 2012.

Related: How To Raise Working Capital Finance

“I do believe that these sectors will see an improvement during the summer season. But, key to this will be for small business owners to ensure that they have the right amount of stock, adequate cash flow, as well as other systems in place to meet the ever-changing needs of customers,” says Westvig.

For many small businesses, however, continually adapting to market changes requires cash injections that they don’t often have.

The prize includes the following:

  • Business plan/consulting
  • Marketing strategy
  • Design and branding
  • Website and social Media and,
  • R50k capital to gear your business.

Westvig explains that the summer campaign tagline ‘Your Vision. Our Belief’ really speaks to why Retail Capital first opened its doors. “Our goal is to see the potential of small businesses and to work with them in making these become a reality.”

He adds that the idea is not to simply help one business during the campaign either. Westvig points out that one of the biggest challenges that small businesses face in the sluggish economy is enough foot traffic through their doors. “Generally, the main hurdle in creating brand awareness and projecting credibility of their establishments boils down to establishing a strong online presence.”

“One of the first ways that South Africans identify a business or service provider that they want to work with is over social media – even in a country where the digital divide has traditionally separated the technological haves from the have-nots,” he says.

He explains that companies that don’t have a social media presence are running the risk of being overlooked entirely. “They may attract customers in their own community with signage or word of mouth, but to grow a business, they need to expand their reach – and that’s where social media comes in.”

But, the reality is that resource and time constraints mean that for many SMEs, social media is not prioritised. “Unfortunately for the average small business owner, they don’t have the time or expertise to get connected.”

Understanding the importance of having an online presence, Retail Capital has also committed to developing the digital presence of all campaign entrants. This would include setting up each entrant’s digital presence on platforms such as Google, Facebook, Twitter, Tripadvisor, Zomato and any others that may be relevant to their specific market or industry.

“As a partner to many SMEs in South Africa, we are continually looking at new and innovative ways to help provide them with the much-needed support in order for them to realise their visions. SMEs need to be supported with initiatives like targeted education and training, supportive legislation, and funding opportunities that collectively help them grow our national economy,” says Westvig.

Related: 6 Great Tips For A Successful Shark Tank Pitch

Who we are and what we do:

“More than R1.25 billion has been extended to a range of businesses including food trucks, hair salons, restaurants, spas and franchised retail stores. Many of these businesses have not been able to raise funding in any other way, other than to go to unscrupulous lenders,”says Karl Westvig, the CEO Retail Capital, a company that provides working capital with the help of innovative lending technology.

“We have also estimated that for every R160 000 we lend, we create a new job. This means that 625 jobs have been created purely by enabling small businesses to get the funding they need for working capital requirements or expansion opportunities.”

Retail Capital’s system, which enables it to advance funding to small businesses, based on real time information on credit card transactions, is providing a new funding alternative to entrepreneurs who have previously been turned away by banks. Because it is able to get actual sales information, it can approve funding immediately, and allow for flexible repayment options based on sales cycles of the particular businesses it is funding.

“This creates significant opportunity for small business owners to focus on their business and grow volumes or look for expansion opportunities rather than spend their time frantically trying to repay debt or keep the business alive after debt repayments have eaten away at any cash reserves they might have had.”

Retail Capital funding is repaid by it taking a percentage of a business’s recorded credit or debit card sales, with repayments fluctuating in line with their business cycle. This has the effect of ensuring that it isn’t overburdened with debt.

“In the past six years since starting the business, small businesses have had the benefit of R1 billion in funding they would have been unable to get through traditional channels,”says Westvig.

Against the backdrop of recessionary conditions in South Africa, Retail Capital’s client information reveals growth in informal sector turnover across a number of industries.

“We believe that growth in the informal sector is outstripping that of the formal sector,”says Westvig.

As a large proportion of the businesses it funds are women- and black-owned, there is evidence that entrepreneurs who have previously been excluded from access to finance are now enjoying success now that their access to finance problem has been solved.

Win A Business Makeover with Retail Capital

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