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. ANNUAL RETURN 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. Thank you for visiting our webpage and for taking the time to read through the information. In order to assist you with monthly accounting services and working out a monthly fee please complete the enquiry form below. We are currently members of the Institute of Accounting & Commerce & South African Institute of Tax Practitioners. (The principle director JN Basson are registered with the Institute of Accounting and Commerce with practice number AO652993.)  Contact Us for AssistanceHave a question or need more information? We’re here to help! Fill out the form below and one of our friendly team members will get back to you as soon as possible.
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