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Accounting & Business Advisory Services

The Accounting and Business Advisory services are provided to private and public sector clients. The services are tailored to meet the specific needs and requirements of the client in order to ensure that optimum benefits and desired results are obtained in accordance with required standards and expectations of our clients.

 

SERVICES ARE AS FOLLOWS:

 

ACCOUNTING

 

This service entails the outsourcing of various internal functions in your business to us i.e.:

  • Asset management
  • Supply chain management
  • Human resources functions
  • Finance functions
  • Project management
  • Budget management and reporting.

 

Our skilled and experience staff compliment are involved on a month to month basis with these core functions in your business, assisting you with value adding recommendations and timeous results.

 

Accounting Services provided includes:

  • Monthly processing of financial information on a computerised accounting program;
  • Reconciliation of bank transactions on a monthly basis;
  • Reconciliation of accountants receivable and payable on a monthly basis;
  • Reconciliation of cash receipts and payments on a monthly basis;
  • Reconciliation of loans payable or receivable on a monthly basis;
  • Reconciliation of control accounts on a monthly basis;
  • Reconciliation of monthly payroll transactions to your financial records;
  • Review of monthly information and processing of monthly and year end closing journal entries;
  • Preparation of monthly management statements and other required reporting;
  • Evaluation of accounting transactions and treatment in terms of financial reporting framework requirements;
  • Updating and reconciliation of relevant supporting registers; (fixed asset register, loan registers, commitment register and investment register);

 

 

VALUE ADDED TAXES

 

In addition to the services described as part of our accounting services, we also assist our clients in the preparation for their VAT returns for submission to SARS.

 

Value added Tax services includes:

  • Calculation of Input and Output VAT;
  • Review of transactions to ensure compliance to the VAT Act;
  • Reconciliation of monthly and annual VAT;
  • Corrections to VAT Output and VAT Input based on VAT review; and
  • Completion and submission of VAT Returns.

 

  

PAYROLL SERVICES

 

We make us of Pastel Payroll to administer the monthly payroll function for our clients.

 

Payroll services includes:

  • Structuring of annual salary packages;
  • Creating and maintaining a payroll database;
  • Calculation of monthly payroll taxes in accordance with Tax legislation;
  • Preparation and submission of monthly payroll tax liability to SARS;
  • Issue of monthly payslips;
  • IRP 5 Reconciliations and submissions to SARS;
  • Issue of IRP 5 and IT 3 certificates on an annual basis; and
  • Recording and reconciliation of payroll transactions with your financial system.

 

 

INTERIM AND ANNUAL FINANCIAL STATEMENTS

 

We have extensive experience in the compilation of interim and annual financial statements in accordance with the International Financial Reporting Standards (IFRS), IFRS for SMME, Generally Recognised Accounting Practice (GRAP) and Entity Specific Basis of Accounting frameworks.

 

We are up to date with all the relevant changes and amendments in these standards to ensure that the financial statements of our clients are in compliance with the required reporting framework selected.

 

Our technical advice on financial reporting frameworks and interpretation of financial reporting standards are indeed a value adding benefit provided to our clients, ensuring financial reporting in line with effective and adopted accounting standards.

 

 

BUSINESS ADVISORY SERVICES

 

ASSET MANAGEMENT

 

We provide an accurate and complete service in the management of assets.

 

The asset management process followed by us includes the following:

  • Compilation of a complete Fixed Asset Register (in accordance with reporting framework requirements);
  • Physical asset count to verify the existence and completeness of assets, included in an existing asset registers;
  • Barcoding of assets;
  • Annual condition, useful life, and residual value assessments of fixed assets;
  • Annual impairment testing of fixed assets;
  • Reconciliation of fixed assets per asset category;
  • Review of fixed asset register components in terms of financial reporting standards;
  • Reporting on asset register and asset items;
  • Fair valuation of asset items in accordance with the reporting framework requirements; and
  • Recommendations and process development and monitoring of the clients asset environment.

 

 

 

AUDIT SUPPORT

 

We assist entities before and during their annual external audit process to ensure that the entity achieves audit reediness and are able to appropriately address audit findings during the process.

 

Audit Readiness

 

Our services promotes a culture of clean administration in order for entities to achieve their objectives in terms of audit outcomes in their financial, compliance and predetermined objective environment.

 

We assist entities as follows:

  • Preparation of audit action plan;
  • Assessing previous audit findings, their impact and corrective actions to be taken;
  • Monitor the implementation of the audit action plan; and
  • Formulating of responses and / or solutions to audit findings.

 

 

TECHNICAL REVIEW OF ANNUAL FINANCIAL STATEMENTS

 

Whichever financial reporting framework selected by our clients, we offer a value adding review function, for interim and annual financial statements with support on corrective action to ensure that the financial statements produced are of an exceptional standard.

 

The review function includes the following:

  • Review of financial statements against the requirements of the financial reporting framework;
  • Review of underlining working papers, supporting the annual financial statements;
  • Completion of financial reporting checklists;
  • Recommendation report on matters identified through the review; and
  • Transfer of skills to enhance the standard of financial reporting.

 

 

BUSINESS PLANS AND CASH FLOW PROJECTIONS

 

If you are a potential business owner or an existing business owner, the importants of a business plan to attract future funders, planning, or to promote your business can’t be overlook.

 

The primary purpose of a business plan is to define what the business is or what it intends to be over time.

 

Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement. Clarifying can consist of a simple description of your business and its products or services, or it can specify the exact product lines and services you'll offer, as well as a detailed description of your ideal customer.

 

Business plan development includes the following:

  • Obtaining an understanding of the business and client needs;
  • Identification and understanding of the relevant business industry;
  • Consideration of laws and regulations affecting the business;
  • Identifying the target market;
  • Research on the business and related products; and
  • Cash flow projections.