Accounting Services

Bookkeeping

Bookkeeping is the process of recording and organizing financial transactions for a business or individual. It involves tracking income, expenses, and other financial activities to ensure accurate financial reporting. Bookkeepers maintain records of purchases, sales, receipts, and payments, helping to produce essential financial statements like balance sheets and income statements. This practice ensures compliance with tax laws and provides a clear overview of financial health, aiding in better decision-making.

Company Reviews

Company accounting reviews involve a detailed examination of a business’s financial records and practices to ensure accuracy and compliance with accounting standards. This process typically includes evaluating financial statements, assessing internal controls, and verifying the accuracy of accounting procedures. The goal is to provide insights into the company’s financial health, identify any discrepancies or areas for improvement, and ensure that the business is adhering to legal and regulatory requirements. While less formal than a full audit, an accounting review provides a level of assurance to stakeholders regarding the accuracy of the company’s financial information.

Payroll

Payroll management involves the process of administering employee compensation, including calculating wages, withholding taxes, and ensuring that employees are paid accurately and on time. It includes tasks such as tracking work hours, calculating overtime, handling bonuses, managing tax deductions, and ensuring compliance with employment laws. Payroll management also involves filing tax reports, issuing payslips, and maintaining records related to employee compensation, helping businesses ensure smooth and compliant financial operations.

Statutory Returns

Statutory Returns refer to mandatory reports that businesses are required to submit to government authorities, detailing specific financial and operational information. These include tax returns, such as VAT and income tax, as well as reports for payroll (like PAYE) and contributions to statutory bodies like social security or workers’ compensation funds. Statutory Returns ensure that a business complies with legal requirements, contributing to the transparency and proper regulation of its financial activities. Failure to submit accurate returns on time can result in penalties or legal consequences.

Company Taxation

Statutory Returns refers to the process of submitting financial information and tax declarations to the South African Revenue Service (SARS). This includes filing tax returns for individuals and businesses, such as income tax, VAT (Value-Added Tax), PAYE (Pay-As-You-Earn), and other relevant taxes. The process involves accurately reporting income, expenses, and tax deductions within specified deadlines to ensure compliance with South African tax laws. Proper submission of SARS Returns helps avoid penalties and ensures that the correct amount of tax is paid or refunded.