ACCOUNTING SERVICES
Bookkeeping
Bookkeeping is the most basic of all accounting functions. Bookkeeping involves maintaining accurate and updated records of all of your company’s financial activities. These include bank records, tax filings, payroll records, purchase and sale records, and regulatory filings. These records are essential to regulatory compliance. Proper bookkeeping makes other accounting functions, such as audits, payroll, and tax preparation, much simpler and less time consuming.
The basic bookkeeping will start with journalising every daily transaction to trial balance and therefore the data in the trial balance will be used for annual financial statements.
Monthly Reconciliations
The reconciliation of payment and receipt transactions to the accounting system is one of many internal controls that must be in place in any finance department.
It helps to verify the accuracy of transactions posted to the accounting system.
The purpose of controls is to protect the business and protect those employees who are acting in good faith and reconciliations may be performed periodically (daily, weekly and monthly), depending on the needs of the department.
Reconciliation of transactions to source documents is required to be performed for all transactions over R100. Reconciliations must be documented and an audit trail maintained. All reconciled transactions must be kept for the current and atleast two prior fiscal years.
Monthly Management Report
These monthly reports are very critical and the true guidance to management in their everyday decision making. These reports goes into the nitty-gritty of all the line transactions that would have happened in that particular month and these transactions include all expenses, all revenue channels, liabilities as well as all the assets activities per month.
The reports will be in the form of financial statements as it will include monthly statement of comprehensive income, statement of financial position, statement of changes equity, statement of cash flow showing the budgeted section and the actual section which will yield the difference between the two to determine the over or under budgeted transactions. Additionally, we will use the graphs as part of the elaboration.
This detail financial information is the source to make an informed decision from our side as well by the managements.
Budgeting and Projected Cash Flow
This aspect help with the cost and expenditure management of the business financial resources. Budgeting is always important so to preserves important resources to be used strategically.
The projected budgeting helps to set achievable targets with more profits to be achieved as you know what to spend the resources on, and how much effort.
Financial Performance Analysis
To evaluate the financial condition and performance of the business. Financial analysis bring to light the life line of the business in the form of financial ratios. This indicate the state of profitability of the business, Liquidity and solvency of the business, financial leverage, Shareholding.
The tool also enables year-over-year trend analysis and provides context for the company’s performance within the broader market and industry.
Invest in financial clarity today to maximize tomorrow's returns.
Management Accounts
During the financial year external relevant stakeholders might want to know the current status of the business, for example financial institutions, like the bank, when looking for funding, and the banks will always look for this kinds of statements to analyse the current performance of the business for funding to be afforded.
Preparation of the Annual Financial Statements in accordance with IFRS and IFRS for SMEs
This is the end part of the bookkeeping that has been happening throughout the financial year. All twelve months data is consolidated into these four statements which are Statement of comprehensive income, Statement of financial position, Statement of changes in equity and the Statement of cash flow.
These statements are prepared in accordance with the International Financial Reporting Standards (IFRS) as well as the International Financial Reporting Standards for Small and Medium-sized Businesses Entities
Preparation of the Consolidated Annual Financial Statements in accordance with IFRS and IFRS for SMEs
These are the financial statements of business combinations of more than one related but independent businesses or subsidiary which needs to be consolidated to the holding company and issue one set of financial statements
Accounts Receivables and Payables
We use age analysis for both trade receivables and trade payables where all the outstanding debts and outstanding payables are recorded. These key transactions need to be monitored so often so that we guard against the piling up of the debt which might become problematic to bear, as well as the debtors which might become bad and not recovered.
Fixed Assets Management
It is important to exercise the absolute oversite on the purchase of fixed assets of the business, there should be a strict management through the internal controls to buy fixed assets.
The use of the fixed assets should be for the purpose purchased for. Regular inspection should be done to assess the performance of the particular assets and if underperformance is identified on the certain assets this should be dealt with immediately by the relevant authority