Our Accounting Services
Below are a list of accounting services and related financial products that we offer:
- Processing of monthly accounting work. This will be done on Softline Pastel and by using bank statements, invoices and other supporting documentation that might be to a specific industry.
- Bi-monthly we assist our clients with the submission of the VAT return and arrange to make payment via the Efiling credit push system or via EFT instructions.
- Salaries and wages will be processed on Sage VIP payroll and our clients receive a net pay remuneration list in order to pay the employees.
- Monthly we assist our clients with the submission of the PAYE / UIF return and to make payment via the Efiling credit push system or via EFT instructions.
- Management reports can be done quickly as all information has been captures already.
- Bi-annual IRP reconciliations.
- Annual Financial Statements for the company and the directors.
- Income tax returns for the company and its directors.
- Application for tax clearance certificates
- BEE certification
- WCA returns and letter of good standing
- Company registration. Change of the directors. Change of the company name
- CIDB registrations for all grading’s
- Tax debt management: This includes arrangement of tax repayment with SARS or even a signing a settlement agreement with SARS.
Monthly Accounting Services
The need for monthly accounting services is huge for number of reasons. Small business owners tend to let the financial side of the business slide, because their prime focus is generating the money. Various administration duties and compliances tend to slip through.
Below is just some of the compliances a small business owner need to be aware of and even remember.
PAYROLL – PAYE / UIF / SDL
Professional looking payslip is important. Employees need to receive a payslip by law and also regularly need these payslips when applying for loans, bonds, hire purchases etc.
Without a proper payslip and employee will struggle with any applications. PAYE / UIF / SDL need to be submitted and paid by the 7th of the following month. Failure to do this will have a 10% levied to it.
PROCESSING OF FINANCIAL INFORMATION AND DOCUMENTS / VAT PROCESSING
Invoices to clients, invoice from suppliers, bank statement and petty cash need to be processed regularly to ensure up to date figures. You would also need this processing to submit and pay the VAT return by the last day the following month. Failure to do this will also have a 10% levy on the amount payable. A VAT period will generally be for a two month period.
CIPC ANNUAL RETURN
CIPC annual returns need to be submitted on an annual basis. Failure to do this will put your company into deregistration. Once a company are put into deregistration you cannot further utilise it and all assets in the company will be stuck into it.
WCA / COMPENSATION COMMISSIONER
The WCA return need to be submitted to by May every year and be paid in full in order to receive a LETTER OF GOODSTANDING from them.
IRP 5 RECONCILIATION
IRP 5 certificate reconciliation need to be done bi-annually by end of October and end of May for the periods of August and February respectively.
From the above it is clear that you either need someone, internally or externally, in the business to assist you in meeting these deadlines on time. We had setup our practice to make sure to remind you of all deadlines. You receive frequent reminders and requests for documentation from our office in order to be compliant.
One of most popular services we offer is our Payroll Outsourcing services. We currently have over 50 companies on our payroll service that we process every month and we are constantly adding new companies due to the excellent pricing options and quality of service we strive to offer.
You can have the peace of mind that your employees’ salaries are processed accordingly and we will also be able to assist with all SARS related matters.
Below is an overview of the payroll service we offer:
- Monthly payroll processing or weekly wages
- Providing of payslips for all the employees
- Net remuneration list will to send to the appropriate contact person
- Processing of salaries can also be done on behalf of the employer
- Family leave, sick leave and normal leave administration of employees.
- Monthly EMP 201 – return of submission for UIF, PAYE and SDL
- Bi-Annual IRP 5 reconciliation (EMP 501)
- Employment tax Incentives (ETI) processing
- Submission to the Department of labour (UIF administration)
- Submission of the annual workmen’s compensation
CIPC Annual Returns
Annual returns / CIPC / Fees / South Africa
On an annual basis Companies or Closed Corporations need to submit their CIPC Annual Returns (the registrar of companies). In this return you need to very to CIPC that all the information of the company is still the same, or alternatively inform them of any changes.
The information will be the following:
– The company name
– The description of the company
– The address of the company
– The directors of the company and the addresses
– Telephone number
– Website address
– The latest year’s turnover of the company
When submitting the form you will be asked the turnover of the company for the latest year completed. The fees for the annual return will be based on this turnover.
Here is prescribed fees for CIPC turnover based on the Company act of 2008:
|Turnover||Fees||Late penalty fee|
|Less than R 1 million||R 100||R 150|
|R 1 million to R 10 million||R 450||R 600|
|R 10 million to R 25 million||R 2,000||R 2,500|
|Above R 25 million||R 3,000||R 4,000|
It is of utmost importance to file these CIPC Annual Returns. Failure to do this will put the company status in deregistration process. This can have various and serious repercussions for the business. The bank accounts can be frozen. Assets will not be able to be sold once the company has been deregistered. To restore a company or Closed Corporation can take several months. (Potentially 5-8 months).
Outsourcing Accounting Services
Outsourcing your accounting services in South Africa can be a very cost effective decision. The external accountant can ease the bookkeeping process and make sure all SARS compliances are met on time. The accountant can assist you in your office or off site in their own offices to be out of your way. This way you can focus on your passion and leave the administration to someone else.
We will be able to assist you with your monthly accounting headaches. All you would need to do is arrange for the paperwork to be send to us via courier or other means. Bank statement can be send via email or other electronic solution.
We will assist you on a monthly basis with the full spectrum of accounting and tax compliance.
– We will process your financial information and arrange payment instructions on time.
– Assistance with your payroll by providing you will payslips and IRP 5 certificates. PAYE and UIF will be submitted on time.
– You will be able to receive management reports every month for decision making as well as finance purposes.
– Financial statement on year end and submission of income tax returns.
– Reminders and submission of all SARS, CIPC and related statutory work.
We are looking forward assisting you in your accounting services and will be making the outsourcing pain-free.