BEE Financial Year End - EconoBEE Newsletter
Thursday, 19 February 2009 08:36
Did you know: The most common BEE Rating Period is your financial year.
Yes, that's right. Your financial year is the best period to use because you have the most accurate and up to date data. In addition a good portion of your BEE scorecard is based on financial information.
Similarly A BEE Scorecard Rating is very much like a financial year end. You do work during the year, keep track of what you have done and then get it audited. With this in mind once your year end has passed you can not get any more BEE points.
If your year end is near then it is time to get a BEE Scorecard. If you are really quick you may still have time to get a few more BEE Points
"Get the most out of your BEE scorecard"
Clever business owners already have a BEE Scorecard. The really clever business owner knows that BEE Points = Business.
EconoBEE has prepared a short list of the most important tasks and offers some suggestions on how to implement them for all businesses who have a year end looming.
Many companies are rushing into a BEE Scorecard Rating without investigating the true implications and are making expensive mistakes. Remember that there are ways of becoming BEE Compliant, earning points which are available to all businesses. Remember BEE is an opportunity for business development and if implemented can grow your profits. We often find that a company is more compliant than they realise.
Important points before your Financial Year End:
- Do you know what your targets are
- On Skills Development, Enterprise Development and Socio-economic Development
- Have you earned full points on Skills Development, Enterprise Development and Socio-economic Development
- There is still time to take "remedial action" to get those points. Don't wait until after your year end and discover you could have earned another 20 points (call us to make sure this does not happen to you)
- Are you able to find extra beneficiaries to get one level higher
- Get a scorecard now, before your year end to see where you have lost points
- Do you know what your score is currently
- Is the score you have now good enough for your customers
- We can not stress enough - if you don't get your points now you have lost the opportunity to earn more points, subsequently your score will be low
- Have you spoken to your customers and found out what they want from you
- Can you "survive" with the score you have now
- Start preparing documentation to substantiate your BEE status
- Can you prove that your score is 100% correct
A BEE Certificate is worthless if it has no points on it!
Important points after your Financial Year End:
- Do you have a BEE Scorecard - start early and avoid a big rush
- How many points did you lose
- Can you earn those points
- How many points did you earn
- Prepare a final self rated scorecard
- Your self assessed scorecard gives you great management power
- It is the primary document that is used in preparing for a verification, creating a practical strategy and gives you the understanding to earn points and calculate a BEE Scorecard
- Focus on all seven elements when preparing your BEE Scorecard
- Collect suitable documentation
- Your score is not valid if you cannot substantiate it
- An accurate scorecard is an acceptable scorecard
- As a last resort and once you are completely satisfied you have met all possible requirements have your scorecard verified by your accounting auditor or a BEE Verification Agency.
- Finally start preparing for next years BEE Scorecard
- You have plenty time and we have the know how to get the BEE points you deserve
EconoBEE's Financial Year Solution!
With such a short amount of time left you need to move fast, get the tools, the knowledge and the BEE points you need for 2009/2010.
EconoBEE V3 is the ultimate tool to get you what you need - you are easily able to get a BEE Scorecard, plan ahead and keep your clients happy.
You can't go wrong with training, attend a short course and have all the BEE myths dismissed.
And if you are a small business (turnover below R5 million) we will save you all the admin, get our EME Pack.
You can contact us on (011) 483 1190/0861 11 3094 or
for more information. Our website www.econobee.co.za has all the information you need to get to grips with BEE. You will also find details for all our products and services, but if you need to speak to an expert give us a call.
Until next time.
Keith and the EconoBEE Team