WHY 6 MONTHS FINANCIAL SNAPSHOT IS NOT AN OPTION BUT RATHER A PRIORITY!

Have you maximized Employment Equity points? Have you allocated your employee training spend correctly? Has COVID-19 influenced your, purchasing with your suppliers? Has your NPAT increased or decreased?


These are just a few of the many questions that need to be taken into consideration. B-BBEE is all about planning this is to ensure that targets can be maximized and that last minute large sums of money aren’t required to achieve this, which often puts companies under enormous financial strain.


By ensuring your Company does a 6-month B-BBEE snapshot, it will give you an overview of where your company is headed, has targets on each element been achieved and help with financial budgeting to ensure enough funds are available and that your staff compliment achieves the best possible points. It is always easier to correct purchasing, implement skills development and ensure all contributions on Enterprise development, Supplier Development and Socio-Economic Development are monitored or have an indication on what the spend and/or contribution must be.


It is advisable to do quarterly snapshots during the financial year as you will have a much clearer indication of all B-BBEE planning and implementation during the financial year.

What exactly is a snapshot?


A snapshot is a 19-page calculation that will indicate a detailed scorecard of the current implemented B-BBEE information during the financial measured period on each B-BBEE element, which will give you a proposed pre-verification scorecard of what the measured entity would achieve if they had to be verified on this day.


Does your Company know what your B-BBEE level and Compliance are after 6-Months?

Contact us today to help us give you the current status of your B-BBBEE scorecard and what you could actually achieve!


Article By:

Francois Le Sueur: Executive Consultant - Compliance Hub

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