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How To

Manage Small Business Accounting

Keitumetse Lekaba is the managing director of I AM AN ENTREPRENEUR and a fountain of information on SME development and funding. 

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About This Recipe

 

In this recipe you'll discover how to effectively manage your finances as an entrepreneur. Learn the fundamental aspects of organizing financial records, including separating personal and business accounts and reconciling books regularly. Delve into the essential financial reports every entrepreneur needs to understand, such as income statements, balance sheets, and cash flow statements. Gain insights into tax compliance, setting financial goals, and leveraging professionals like accountants to optimize your business's financial health. Whether you're just starting or looking to enhance your financial management skills, this course equips you with the knowledge and strategies for long-term success in entrepreneurship.

Cover These 10 Steps

 

  • Step 1: Define Your Financial Goals 

  •  Step 2: Choose Your Accounting System 

  •  Step 3: Organize Your Financial Records  

  •  Step 4: Track Income and Expenses 

  •  Step 5: Reconcile Accounts Regularly

  • Step 6: Monitor Cash Flow

  • Step 7: Generate Basic Financial Reports 

  •  Step 8: Understand Tax Obligations 

  •  Step 9: Review Financial Performance 

  •  Step 10: Seek Professional Assistance 

Is This The Recipe For You?

Watch these videos to understand, who our Heavy Chef is, what the topic is, what mistakes entrepreneurs often make when it comes to this topic as well as the benefits it brings.

 
 
 

Who Is Our Heavy Chef?

Keitumetse Lekaba’s job title and official role is managing director at I AM AN ENTREPRENEUR, an apex platform that supports entrepreneurs build and grow their businesses. It might be closer to the truth, however, to describe her as a fairy godmother that helps small-business owners access the magic that takes startups to long-term success. With over 15 years of experience, she has led the implementation of enterprise and supplier development (ESD) programmes for companies such as Coca Cola Beverages South Africa, Exxaro, Harmony Gold, Sasol, Reckitt Benckiser, Barloworld, SA Tourism and Telkom, among many others. In her current role, she directs and leads all business operations and manages the strategy, development and implementation of ESD programmes for multi-national companies. With a bachelor’s in accounting and an honours in taxation from the University of Johannesburg, Keitu focuses on tax compliance, finance, enterprise and supplier development, SMME funding and strategy. She’s currently studying towards her master’s degree at GIBS. Keitu is a co-founder of Mediwell Medical Centre in Johannesburg and the founder of Karabo Business Solutions. Outside of finance and SMME development, she is the founder and chairperson of Goddess Girls, an NGO facilitating girl child mentorship in Soweto.

 

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