Businesses fail every year due to poor bookkeeping practices.
Maintaining timeous, accurate records are vital to any successful business and will help you ascertain how your business is progressing as well as maintain a healthy cash flow.
Preparation of regular management reports are essential in order for you to monitor the performance of your business and will be set up in a format consistent with industry benchmarks.
Management accounts provides the following:
- It assists management to make appropriate and informed management decisions.
- Comparisons of income and expenses of specific periods as well as comparison of your prior year and budgeted figures.
- Relevant Statistical Analysis by department
- Highlighting Management Controllable Profit/(Loss) which management is responsible for
- Budgets and Forecasts
- Staff Costs and Payroll Burden
- Banking institutions may insist on these figures if you require additional funding.
Bookkeeping is a record of all financial transactions within your business. All transactions need to be accounted for accurately to ensure valid information as to the status of your business.
Books of account need to be kept up to date to avoid penalties from SARS for late returns or payments. Any VAT related transactions, income and expenses, need to be recorded accurately and in the correct periods to ensure SARS compliance, and avoid penalties. In the event of a VAT audit, you will be required to produce these records to be reviewed by SARS.
Daily, weekly or monthly processing of transactions as per your requirements:
- Sales (Income)
- Petty Cash
- Cash Books and Bank Reconciliations
- Shareholders Loan Accounts
- Intercompany Loan Accounts
- Balance Sheet Reconciliations
- VAT Reconciliations and Returns
TAX CLEARANCE CERTIFICATES
Apply for Tax Clearance Certificates from SARS
VAT AND STATUTORY RETURNS
Preparation, completion and submission of monthly and annual statutory returns such as VAT, PAYE (EMP201) and EMP501 reconciliation and submission on Easyfile and SARS E-filing www.sarsefiling.co.za.