Products and Services

Accounting services A sound accountin@g basis forms the backbone of any business. Without accurate reliable financial information you will not be able to make the best choices for your business in terms of profitability and cash flow impact. We’ll do the following for you: · Processing work (Processing all your customer and supplier invoices, bank statements, petty cash slips, etc. into your accounting software) · Basic reconciliations (Reconciliation of your bank statements, supplier and customer accounts to third party confirmations) · Complex reconciliations (Reconciliation of your budget to actual results with explanations for large variances) · Preparation of financial statements (Customised management accounts to show you the most significant information to run your business effectively, management financial statements for your bank and annual financial statements to present to your shareholders and the Receiver of Revenue (SARS)) · Preparation of reports for submission to SARS and CIPC. · Cash flow forecasts to ensure you don’t run short when expanding your business or replacing your machinery. · Preparation of your budget based on your most recent financial statements and expectations in the short and long term. · Analysis of your financial statements to enable you to identify threats and exploit opportunities. · Development and implementation of internal controls and policies to take some of the weight off management’s shoulders in administering daily business activities. · VAT reviews (We review your financial records and compare them to the source documents identifying transactions on which input VAT was not claimed. We will then assist you to recover the VAT from SARS. We do not charge a fee for the review but work on a commission basis. Our tailor-made customer solutions will ensure that your accounting fee is competitive and focused on your business needs. Contact us for a competitive quotation or if you would like more information on our products and services.
All companies are subject to the Companies Act and the Income Tax Act. The Companies Act determines that all companies’ financial statements are subject to either an Audit, Independent review, or To have their financials independently compiled. A public interest score is calculated for each company or Close corporation on a yearly basis before preparing its financial statements. The public interest score is calculated as follows:
  • Number of points equal to the average number of employees of the company during the financial year
  • One point for R1m (or portion thereof) in third party liability of the company at the financial yearend
  • One point for every R1m (or portion thereof) in turnover during the financial year
  • One point for every shareholder at yearend
A company’s financial statements must be audited under the following circumstances:
  • If the public interest score exceeds 350 points
  • If the financial statements are prepared internally or
  • If the company chooses to be audited.
A company’s financial statements must be independently reviewed:
  • If the public interest score is less than 350 points, or
  • If the company chooses to have and independent review performed.
The Companies Act provides relief to owner managed companies, that is companies where all the shareholders are members of the board of directors. An owner managed company need not have its financial statements independently reviewed provided that:
  • The public interest score does not exceed 100 points,
  • The financial statements are compiled independently, and
  • The company qualifies as an owner managed company.
A Close Corporation is subject to an audit under the following circumstances:
  • Its public interest score exceeds 350 points, or
  • The members choose to have the financial statements audited.
A comparison of audits and Independent Reviews is outlined below:
Audit Independent Review
Level of assurance High – Reasonable Limited – Moderate
Subject matter of report Financial Statements Financial Statements
Nature of assurance Reasonable Assurance – Opinion – “the financial statements present fairly…” Moderate Assurance – Negative assurance – “Nothing came to our attention to indicate…”
Distribution of report No restriction No restriction
Understanding the entity In-depth understanding General understanding
Internal control Evaluation of internal control required No requirements
Nature of procedures Extensive, highly reliable Primarily analytical procedures and inquiries
Relative cost Most expensive Less expensive than audit
Accounting framework IFRS IFRS for SME
IFAC standards ISA – International Standards on Auditing ISRE 2400 – International Standards for Review Engagements
Practitioner Registered Auditor Practitioner who qualifies for duties of Accounting Officer
Professional liability Can be sued if auditor fails the objective standard/test of what the reasonable auditor would have done. Can be sued if auditor fails the objective standard/test of what the reasonable independent reviewer would have done.
Section 58 (2) of Auditing Professions Act – application of Apportionment of Damages Act to auditors’ contracts with their clients
Regulation Regulated by IRBA No regulatory body
Contact us for a free consultation on whether your company should be audited, reviewed or if you qualify to have your financial statements independently compiled.
Are you thinking of selling your business or a part thereof to raise funds to expand your business? If so, have you considered using a broker or do you just need someone to help you get all the paperwork together to enable you to close the deal with an interested party? We can help you with both! We will assist you in preparing the crucial documents to facilitate the sale of your business:
  • Business analysis (SWOT Analysis). We will investigate your business to gain an understanding of the Strengths, Weaknesses, Opportunities and Threats associated with it. The process empowers us to find the most suitable party for you to partner with or to buy your business.
  • Business valuation. We will assist you in calculating the value of your business to ensure you sell your business at the highest possible price.
  • Financial statements (management account tailored to best portray the operations of your company)
  • Forecasts (budgets) to give potential buyers peace of mind.
  • Meeting with interested parties and explaining the nature of the different facets of your business to them to facilitate the sale.
We will actively market your business via various mediums:
  • Newspapers
  • Flyers
  • Internet
  • Company newsletter
If you appoint us as the broker on the sale the above mentioned services will not cost you a cent, provided you sign a sole mandate with us. This means that unless we help you find a buyer, we won’t get paid. If however you just need someone to assist you in preparing the necessary documentation, our standard charge out rates applies. Please contact us to schedule an obligation free consultation.
There are so many rules and regulations that your business needs to comply with, for example: the Basic Conditions of Employment Act, the Occupational Health and Safety Act, The Income Tax Act, The Value added Tax Act, The Companies Act, etc. Why waste your valuable time to ensure that your company is compliant while you can focus on the important matters at hand: Managing your business and growing it to your expectations. Take some of the weight off your shoulders and let us assist you with the following compliance areas:
  • Companies Act
  • Close Corporations Act
  • Various Tax Acts
Companies Act: The Companies Act 2008 brought about great change in the way South Africans conducted business. It is now easier to register and own your own company and to conduct business than ever before. The Act brought about drastic changes:
  • Simplified forms for amendment to company information,
  • Your company need not be audited, provided that the public interest score does not exceed 350 points and the financial statements are prepared independently.
But before your company can enjoy the fruits of the Companies Act 2008, it needs to adopt a memorandum of incorporation that is compliant with the Act. The grace period for this expired on 30 April 2013, which means that the directors of a company that has not adopted the new MOI may be liable for the company’s third party liabilities. Our services include:
  • Adoption of the new MOI
  • Maintenance of company officials (Auditors, Secretaries, Public officers, etc.)
  • Maintenance of directors (Appointments, resignations and changes in details)
  • Maintenance of registered address (Postal, physical and business)
  • Incorporation of new companies in case you want to expand your business by means of a subsidiary
  • Submission of Annual returns with the Companies and Intellectual Property Commission (CIPC)
Close Corporations Act: The Companies Act 2008 had great impact on Close Corporations and the way we knew them:
  • No new Close Corporations may be incorporated
  • Companies may no longer convert to Close Corporations
  • Close Corporations are subject to a public interest score and may be required to be audited
The Act however did not stipulate that all Close Corporations must convert to a Company or must be deregistered, instead it allows for Close Corporations to exist indefinitely. There are however some advantages in converting your Close Corporation to a company:
  • Companies are subject to a public interest score which determines whether its financial statements must be audited, independently reviewed or independently compiled based on its public interest score. Since nearly all Close Corporations are owner managed, it should qualify for its financial statements to be independently compiled rather than audited, which is basically what the members were used to under the Close Corporations Act.
  • Companies must meet the Solvency and Liquidity Test—a compelling reason to ensure that the company is solvent, liquid and economically viable.
  • Your company will enjoy the benefits of the Business Judgment Rule of section 76(4), which applies to directors of companies and not the members of a Close Corporation.
Our services include:
  • Conversion of Close Corporations to Companies
  • Maintenance of members (Appointments, resignations and changes in details)
  • Maintenance in registered address (Postal, physical and business)
  • Submission of Annual returns with the Companies and Intellectual Property Commission (CIPC)
Various tax Acts: One may assume that your company is compliant with the Income Tax Act and the Value Added Tax Act (VAT Act) only to discover otherwise when the South African Revenue Services (SARS) come knocking on your door and you end up paying enormous fees to fix your unwitting errors and settling unnecessary penalties and interest imposed by SARS. Using our services will ensure that your company is compliant with:
  • The Income Tax Act No 58 of 1962
  • The VAT Act No 89 of 1991
As part of our service we will highlight any tax or VAT savings your business has lost out on and propose ways for you to implement the savings into your cash flow forecast and budget.
Each business needs a clear roadmap towards its targets. Implementing a good business plan will enable both management and the staff members to effectively identify opportunities and the resources required to help your business succeed. Business plans are developed for various reasons of which obtaining finance is the most common. But a business plan serves a much greater purpose in our modern times. A good business plan will enable you to:
  • Assess the current status of your business, including skills, resources, products, markets and competition
  • Define vision, mission, values, the core objectives and operating objectives
  • Interpret your strategic and operational plans
  • Manage financial forecasts, cash flow projections and operating budgets
  • Determine what kind of funding is required, if any
  • Make use of a surplus or decide where to look for funding
  • Value a business and assess return on investment
  • Obtain the necessary approvals and funding
  • Run your business efficiently and successfully
From the above mentioned aspects it is clear that a good business plan is essential for the success of your business. You may say that your business has been doing just fine without a business plan thus far, but ask yourself: What could I have achieved if my management team and staff members shared my goals and objectives? Contact us for afree consultation to analyse your business’ need for a business plan.
Providing for your loved ones whilst you are still capable may pose a challenge at times, but who will provide for them when they lose the house or car because you did not plan for a future when you are no longer around? Let us help you plan for the future with the help of our ABSA approved broker or our trust specialist. Our broker will aid you in preparing a living will to ensure that all your loved ones are provided for when you can no longer fulfil the role of provider. We strongly advise that you prepare a will even if you don’t use our broker. Our trust specialist can help you set up a trust to safeguard your assets in case of death or disability. By using a trust you can ensure that your assets are transferred to your loved ones with the minimum of hassles. Since the ownership rests in the trust your loved ones will not face the following challenges and unnecessary costs:
  • Estate tax (in the instances where your estate exceeds R5 000 000).
  • Transfer duty on your investment property or residential property.
  • Security Transfer Tax (STT) on your shares in companies.
The Estate Duty Act of 1??? enforces tax of 20% of the value of your estate when it exceeds R5 000 000. Doesn’t it make sense to consult with an expert to structure your estate to take advantage of the various exemptions and allowances. Please contact us for an obligation free consultation to structure your estate to the best advantage of your loved ones.
Managing a workforce is an extensive exercise in itself, facing challenges such as:
  • Absconding
  • Calculating PAYE, UIF and SDL
  • Excessive sick leave
  • Fringe benefits
  • Misuse of annual leave
  • Reconciliation of payroll taxes
  • We provide inexpensive solutions without the hassle of acquiring payroll software and appointing an official to manage your payroll.
We offer the following services:
  • Preparing your monthly payroll according to your schedule.
  • Submission of monthly EMP201 returns
  • Preparing and distribution of employee payslips via email or printed medium.
  • Submission of IRP5’s
  • Payroll reconciliation and EMP501
  • Submission of employee tax returns
  • Establishing pay structures to accommodate fringe benefits
  • Quarterly site visits to ensure that your payroll is up to date and compliant with the latest legislation
When you subscribe to our payroll services you will receive complimentary leave management on the house. Leave management includes the following:
  • Implementation of policies and procedures to manage your company’s leave cycle
  • Review of your leave cycle to ensure compliance with policies and procedures
  • Maintenance of leave register to ensure your business doesn’t suffer losses due to staff misusing your leave policies
  • Monthly reporting on leave taken and leave balances.

The South African Revenue Services (SARS) recently introduced a zero tolerance policy towards individuals and companies who do not comply with the various taxation laws. They aim to enforce laws with large penalties in case a deadline is missed or the information submitted is incorrect. As an accounting firm we understand that no business can afford to pay unnecessary penalties on their taxes and therefor commit ourselves to doing everything in our power to ensure that you and your business will be 100% tax compliant.

We offer the following services:

  • Registration for the following taxes:
    • Income tax
    • Value Added tax (VAT)
    • Employee tax (PAYE)
  • Submission of the following returns:
    • VAT (VAT201)
    • Payroll taxes (EMP201)
    • Income tax
    • Provisional tax
    • Donations tax (IRP6)
    • Tax on dividends
    • IRP5’s
    • Payroll reconciliations (IRP501)
    • Declaration of income (IT3)

Tax planning and structuring. We’ll review your current tax status and identify possible tax rebates or allowances that your business is not currently taking advantage of. We’ll propose a new structure to you that will reduce your taxes in line with the current tax laws.