The importance of good bookkeeping in your business

Accurate and timely bookkeeping is something that no business owner should accept to live without. It is an essential part of business management and operations.

Meaningful management accounts enable good strategic decision making and it is vital for business growth.

There are two predominant reasons why your company’s books should be kept in top-notch shape:

1. Effective management and business growth
Bookkeeping helps in managing:

  • Financial performance and maintaining visibility on the the financial position of the business;
  • Comparisons can be made between the forecasted and actual figures to learn the financial health of the business and effectiveness of strategic decisions;
  • Financial analysis with regards to revenue and expenses to determine how to steer the business more efficiently;

2. Tax requirements

  • Books of accounts must be readily available for bankers, investors and tax authorities at anytime if required;
  • To complete the various tax return and required submissions to the South African Revenue Service.

Bookkeeping Services

  • We provide accurate and efficient general bookkeeping services
  • The compilation of monthly management accounts
  • The organising and recording of receipts, slips, transactions, invoices, payments etc.
  • The preparation and submitting of SARS returns for Income Tax, VAT, PAYE, UIF and WCA
  • Monthly management reports and analysis
  • Preparation of Annual Financial Statements
  • Provisional income tax returns
  • Debtors and creditors control
  • Payroll management and submissions to SARS
  • Preparation of schedules for year-end audit

Financial Accounting

  • We prepare general ledger entries, the more intricate calculations and postings of accruals and adjusting entries, and preparation of all periodic financial and managerial accounting reports
  • We set deadlines for the completion of the monthly management accounts and supporting reconciliations and schedules so that management can make educated decisions in Board meetings

Auditing

  • We can suggest external audit service providers who will also assist with the preparation of the Annual Financial Statements (AFS)
  • We will review the Annual Financial Statements and discuss suggested changes with external auditors and management alike
  • We translate specialist terminology into business owner language and explain the AFS to the entrepreneurs in plain English