Registered Accountants Services

We offer the following services;

1. Independent Review

A large number of PTY’s no longer need to be audited, and an Independent Review will suffice. Companies meeting the criteria for a review should consider it, as it will save them a lot of time and money when compared to undergoing an audit.

An organisation will need to calculate their Public Interest Score (PIS) before they can determine whether they would require an AUDIT or INDEPENDENT REVIEW. The PIS is determined by annual turnover, number of shareholders, number of employees, and the amount of third party liabilities.

The following documentation is required to complete an INDEPENDENT REVIEW;

• Annual Financial Statements.
• Trial Balance.
• Detailed Ledger.
• Customer Ledger.
• Supplier Ledger and statements.
• Fixed Asset Register.
• Lease and loan agreements together with the amortisation schedules if applicable.
• Bank Statements.
• Statutory returns submitted.
• Copies of registration document (COR14.1, COR14.1A, COR14.3, COR15.1A).

2. Annual Financial Statements

Financial statements are records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include: income statements, balance sheet, statements of retained earnings and cash flow.
There are three reasons your small business needs financial statements:
• Financial Statements are used the business’ performance and communicate the past, present, and future prospects to stakeholders.

• Financial Statements are expected. Due to the role that financial statements play in bridging the information gap, many lenders will not even consider a loan application without up to date financials.

• Depending on the size of your business, Financial Statements are required by SARS in order to submit Tax Returns. The following documentation is required to draft FINANCIAL STATEMENTS;

• Trial Balance.
• Detailed Ledger.
• Customer Ledger.
• Supplier Ledger and statements.
• Fixed Asset Register.
• Lease and loan agreements together with the amortisation schedules if applicable.
• Bank Statements.
• Statutory returns submitted.
• Copies of registration document (COR14.1, COR14.1A, COR14.3, COR15.1A).

3. Bookkeeping.

Bookkeeping is the recording of the day-to-day financial transactions of a business in order to produce a trail balance and fixed asset register. The following will be required for us to perform the bookkeeping function;

• Revenue source documents.
• Expenditure source documents.
• Bank statements.
• Cash receipts and expenditure.
• Lease and loan agreements.
• Payroll.

4. Statutory Returns and Compliance.

Statutory compliance has become crucial as we find more and more business entities requesting tax clearances as a prerequisite to transacting.
The penalties and interest imposed by statutory bodies for late or non- compliance are hefty, and an unnecessary burden.
Companies who fail to submit annual returns to CIPC are de-registered. Your Banker has access to the CIPC data base, and is prompt in closing accounts that are in the process of de-registration with CIPC.

Registered Accounts is able to keep your business compliant, and the following sections are important requirements to ensure compliance;

• VAT returns to the South African Revenue Service (SARS).
• Employees Tax (PAYE, UIF and SDL) returns to SARS.
• Half yearly Provisional Tax returns for companies and individuals to SARS.
• UI-19 returns to update the employees with the Unemployment Insurance Fund (UIF) office.
• Interim EMP501 Employees Tax Reconciliations.
• Annual EMP501 Employees Tax Reconciliations as well as the issuing of the IRP5 or IT3(a) income certificate for each employee.
• Annual W.As8 Return of Earnings to the Office of the Compensation Commissioner.
• Annual return for Close Corporations as well as Private Companies to the Companies and Intellectual Property Commission (CIPC).
• Individual annual Income tax returns.
• Company annual Income Tax returns.

5. Payroll

The cost of payroll services is R35.00 per employee pay run (excl. vat).
Weekly, bi-weekly, and monthly wage and salary processing services are available.
The payroll services would include the monthly statutory and other deductions and net salary payable to employees, and detailed on individual payslips.

The following is required for Registered Accounts to perform the payroll function;

• Copies of registration document (COR14.1, COR14.1A, COR14.3, COR15.1A).
• Copy of SARS PAYE registration document.
• Copy of UIF and WCA registration with the Department of labour.
• Proof of business banking account.
• Employee Identity Document or Passport together with work permit.
• Employee income tax numbers.
• Employment contracts.
• Employee Company benefits such as pension, medical etc.
• Garnishee orders or staff loans.
• Records of leave taken, overtime worked, bonuses or commissions paid.

6. Consultations

Consultations are charged at R1250 per hour or part thereof, with a minimum charge of R1250. Where required, travel is charged separately.