Compilation of Financial Statements for Companies, CC’s 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 Memorandum 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 undergo an audit or independent review.
As a professional service firm, we subscribe to transparency and fair value when it comes to professional fees. Our charges are not based on the amount of money involved in a particular transaction, i.e. percentage-based fees. We levy fixed fees for specific services.
Because each clients’ situation is different, we assess your individual requirements and objectives, determine the right solution and then confirm fees, before we start work. Fees are payable when invoices are issued or by way of agreed debit orders – we don’t ask you for any up-front payment, unless mutually agreed.
No matter how complex your situation we’ll provides a solution.
We offer a full suite of taxation and accounting services.
- expertise: our team includes professional Accountants and Professional Tax Accountants.
- speed: using our services means you’ll have your money faster
- cost: no up-front payment required, unless mutually agreed
- compliance: we’re a professional firm with registered members at South African Institute of Professional Accountants (SAIPA) and the South African Institute of Tax Professionals ( SAIT)
- confidentiality: your information remains private and is protected by the strictest security measures
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 require it before they grant additional funding), management, etc to determine the results during a financial year and not 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, or they want somebody to review it before the information is submitted to SARS, banks, 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. Some clients use cloud accounts more, and we assist them with that.
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 forecasting (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 favourite 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 why businesses turn to us.
- Large businesses can afford to maintain large payroll departments. However, for small to medium size businesses, an in-house payroll service is a money burner.
- Payroll management is a time-consuming activity.
- Payroll mistakes can be painful, angering.
- In-house payroll activities function as reliably as the people doing the work.
- A good payroll-services provider will know all the ins and outs of payroll-related tax laws and regulatory mandates.
- Do you have the time and energy to closely supervise your business’s payroll for time and rate other shady activities?
- There’s a lot to be said for the peace of mind that outsourcing payroll services can bring to a business owner or manager.
