There is an increase in small business owners that start outsourcing their accounting services portion of the business. Cost savings is definitely a high priority for small businesses as well as the risk and frustration of having employment. To outsource the accounting services a business owner eliminate both these factors.
We make use of Pastel Accounting and VIP payroll to assist our clients with the accounting services needs. These two products assist us to help client on the various aspects of the accounting and tax compliant needs.
The typicle monthly accounting client with us will be assisted with the following accounting services:
1. MONTHLY ACCOUNTING PROCESSING
Processing of financial information (invoice, bank statements, petty cash, etc) on Pastel accounting
Completion of the VAT return on a bi-monthly basis (VAT201)
Management accounts as and when needed for review and finance purposes.
2. PAYROLL ADMINISTRATION
Weekly or fortnightly wages and monthly salaries on VIP payroll
Providing the client with a pay list for the amounts payable to all employees for the week, fortnight or month.
Submitting movement of employees to the UIF office
Completion of the PAYE return on a monthly basis (EMP201)
IRP reconciliation every six months for the periods ending August and February.
3. INCOME TAX AND FINANCIAL STATEMENTS
We submit the provisional tax returns for the company and directors every six months for the periods ending August and February.
Compile Annual Financial statements at year end for the company and its directors.
Submission of the income tax returns for the company and directors.
We see the need increase for up to date monthly management reports every day.
Two of the most popular reasons are the following:
1. Directors need up to date figures to make decisions in a fast changing economy and business evironment. Accounts receivable, Accounts payable, bank balance and inventory is all important figures to have available.
2. Most finance application need up to date management accounts.
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We offer an array of accounting services and we are going to be outlining these for our users. We are constantly looking at additional services to provide our clients and these are just some of the services we currently provide.
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.
There are huge increase in requests for accounting services for tenders in South Africa.
When applying for a tender or a contract at a potential corporate client you will most probably need the following documents.