Accounting Services

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Accounting Services includes:

Compilation of Financial Statements for Companies, CCs etc

The annual financial statements must be prepared within 6 (six) months after the end of its financial year end. Such financial statements must adhere to the financial reporting standards as required by IFAC (International federation of Accountants).

Maintain records for a minimum of 7 (seven) years ( some other periods) If a company has existed for a shorter time period than the records need to be kept for that time period;

Have a fixed financial year, ending on a date set out in the company’s Notice of Incorporation, subject to any change made.

Keep and maintain accurate and complete accounting records in one of the official languages of South Africa;

Private companies which have only one beneficial shareholder are not required to have an audit or independent review;

Compilation of management financial statements throughout the year

The compilation of management financial statements is a service to assist the management of a business in presenting its financial statements. Normally it is done to provide readers, banks (which requires it before they grant additional funding),  management, etc to determine the results during a financial year and not just only at year end.

Continuously updating your accounting records, VAT and PAYE

Accounting records must be updated on a daily, weekly, monthly and in some instances on a two monthly basis for VAT purposes. Many businesses do not have the time or qualified staff to do this function or they want somebody to review it before information is submitted to SARS, bank etc.  We assist in this regard to give clients the assurance that the information is correct. Information is captured on accounting systems. In South Africa, Pastel Accounting is the most commonly used system for small and medium businesses.

Cash flow forecasting

In business, “cash is king”.  Cash flow is the life-blood of all businesses – particularly start-ups and small enterprises.  As a result, it is essential that management forecasts (predictions) of cash the flow is done to make sure that businesses can survive. Many businesses do not have the knowledge or time to do this. They approach us to do this on their behalf.

Here are the key reasons why a cash flow forecast is so important:

Identify potential shortfalls in cash balances in advance
To ensure that a business can afford to pay suppliers and employees.
Spot problems with customer payments
An important discipline of financial planning.
External stakeholders such as banks may require a regular forecast.

Payroll outsourcing

Few business owners or managers will cite payroll management as one of their favorite tasks. But when, from a strictly financial perspective, does it make sense to outsource payroll operations? Here’s a quick look at the top reasons that businesses turn to

  • Cost.  Large businesses can afford to maintain large payroll departments. For small businesses, however, an in-house payroll service is a money burner.
  • Productivity. Payroll management is a time-consuming activity
  • Accuracy. Payroll mistakes can be painful, angering.
  • Reliability. In-house payroll activities function are as reliably as the people doing the work.
  • Insight. A good payroll-services provider will know all the ins and outs of payroll-related tax laws and regulatory mandates
  • Security. Do you have the time and energy to closely supervise your business’s payroll for time and rate other shady activities?
  • Worry. There’s a lot to be said for the peace of mind that outsourcing payroll services can bring to a business owner or manager.
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