The Companies Act of 2008 requires that all companies keep proper accounting records.

Accounting records are the heart and soul of your business because it gives you relevant information regarding sales and expenses and also helps you to make sense of what you are doing in your business.

Keeping accurate accounts is the best way to ensure that you, the business owner, have credible and relevant information regarding your business.

This will help you to make informed business decisions.

Our accounting outsourcing services includes:

• processing of your cash book from source documents or bank statements;
• issuing and capturing of customer and supplier invoices;
• preparing customer and supplier age analysis;
• reconciliation of customer and supplier accounts;
• keeping an up-to-date fixed asset register including information on the purchase, sale and depreciation of assets;
• reconciliation of your bank and petty cash accounts;
• accurate VAT processing ensuring that VAT output and input are correctly accounted for;
• preparing monthly management accounts for review;
• monthly submissions of VAT, PAYE, UIF, SDL; and
• reconciliation of the EMP501 with SARS on a bi-annual basis.

Choosing to outsource your accounting function will give you the following benefits:

• saving on accounting software fees;
• saving on annual accounting software licence renewal fees;
• saving on your payroll as you do not have to appoint expensive accounting personnel;
• saving on training costs to keep your accounting personnel updated;
• saving on IT costs and call-out fees related to the software package you are using;
• having relevant industry and business advice available to you;

In some instances clients still require that accounting packages and information be stored on their premises as they would like to retain control over these documents.

We can still maintain your accounts at your premises by sending one of our staff out to your premises, or alternatively to just use the modern technology to extract data from your inhouse system.

Once a year a company has to complete and submit an annual tax return called the IT14.

This means that all your business income and expenses needs to be declared to SARS upon which you will pay taxation on the taxable profits you made.

The Income Tax Act only allows expenditure that has been wholly incurred in the production of income to be deducted from your income.

It is thus essential that accurate records are kept of all your business transactions to ensure that all necessary and relevant expenses can be deducted for income tax purposes.

SOURCES :
Cronje & Cronje
Business Partners