BN Business SolutionsLEADERS IN JOB CREATION & SUPPLIER DEVELOPMENT
About BN Business Solutions
BN Business Solutions is a 100% black youth owned accounting and taxation firm. Since it’s inception in 2015, the firm has won awards at local and international level including the National Small Business Chamber Top 20 Businesses and the CEO Global Award for Professional Services Excellence at SADC Regional Level. The firm also received the Impumelelo Top Empowerment Companies certificate of excellence in in recognition of it’s Commitment to BBBEE Transformation.
The firm offers outsourced bookkeeping, taxation, payroll and related advisory services tailor made for SMMEs. The firm works with corporates to ensure that enterprise development beneficiaries develop accounting and taxation knowledge through inclusive service offering. The programme provides not only the service; but equips the business to conduct these activities through accredited training solutions.
The firm has successfully implemented this for over 150 SMMEs and has worked with brands such as Colgate Palmolive towards their quest of developing their enterprise supplier development beneficiaries.
Financial Literacy in Supplier Development
Supplier development in South Africa is helping SMMEs participate in the economy through actively promoting the participation and inclusion of previously disadvantaged individuals. Whilst supplier development programs have gone a long way in enabling access to markets and offering financial support, SMMEs are failing due to lack of financial literacy which is a key aspect of any business.
The absence of business financial management, accounting and taxation knowledge greatly handicap a business with potential for growth. Such businesses not only lack the knowledge of these aspects; but at times often do not have the financial resources to hire a full time accountant who does. With the revenue authority actively engaged in revenue collection, most firms find themselves battling with taxation rules and end up drowning in non-compliance debt brought on by penalties which could have been avoided. With the introduction of the new tax clearance system, failure to remain constantly compliant can also see the proprietor losing business due to a non-compliant status.
Taking this into account; to ensure the development ofsustainable businesses through enterprise development programs, corporates must include financial literacy as a core element of their programs. Without this core competence; the investments made into supplier development will be a fruitless exercise. Transformation in it’s true sense should go beyond just ticking a box for compliancy sake and move towards building businesses through an array of resources and support.