Asset Management Policies

Asset Management Policies and Fixed Asset Registers

The objectives of an asset management policy are to ensure that assets are managed and accounted for by:

The goal of asset management is to achieve the required level of service in the most cost-effective manner, which is achieved through management of the asset’s life cycle.

Asset Management Policy’s purpose is to prescribe procedures for the financial and logistical management of assets, and to:

  • provide a formal set of financial procedures that can be implemented to ensure that asset policies are achieved;
  • ensure that effective controls are communicated to management and staff through clear and comprehensive written documentation;
  • ensure that the safeguards and controls the assets;
  • optimize asset usage; and
  • emphasize a culture of accountability over assets.

Asset Registers

The asset register shall be a complete and accurate database of the assets

and that is regularly updated and validated.

All assets owned and controlled by an entity must be recorded in an asset register.

The asset register should contain following information:

  • a brief but meaningful description of each asset
  • the date on which the asset was acquired or brought into use
  • the location of the asset
  • identification number or barcode
  • the original cost or the fair value if no costs are available
  • accumulated depreciation to date
  • the depreciation charge for the current financial year
  • the carrying value of the asset
  • the method and rate of depreciation
  • impairment losses incurred during the financial year
  • the date on which the asset is disposed of
  • the disposal details
  • the date on which the asset is retired from use, if not disposed of.

Assets remain in the asset register for as long as they are in existence or until being written off.

Wessels & Associates is an Audit and accounting practice based in Pretoria, Montana area.

We specialize in the following:

  • Fixed Asset Registers
  • Quality control and testing of Fixed Asset Registers
  • Asset Management Policies
  • Assessing useful lives and impairment of assets
  • Technical support on GRAP (General Recognized Accounting Practice)
  • Training and workshops on GRAP related to assets
  • Streamline your internal processes to be more efficient
  • Help build your own capacity within your business.
  • Audit Support
  • Accounting
  • Consulting
Account Management Reports Pretoria

The benefit of using a Chartered Accountant CA(SA)

Running your own business is daunting.  Whether it’s financial management, financial reporting, Auditing, business analysis and strategy, taxation or anything in-between.

A business owner needs quality, reliable and useful financial support services in accounting, tax, auditing.

Accounting is one of the most important functions of a modern business enterprise. Accounting has become an integral part without which, no commercial activity can be run profitably and successfully.

An experienced accountant has taken front seat in present day business activities.

The CA(SA) is more than just a professional accountant. CAs(SA) participate in rigorous ongoing learning to stay current with trends and developments in the profession.  A Chartered Accountant have the ability to give effective advice on financial planning, growth, optimal resource management or any other business area in-between.

A Chartered Accountant can help you to:

  • Improve the quality of your financial information
  • Control costs and improve your resource management
  • Streamline your internal processes to be more efficient
  • Help build your own capacity within your business.
  • Help you stay compliant with statutory requirements

When you want to take your business to the next level, you need to partner with a responsible professional who has a holistic business approach and knowledge that enables them to approach things differently.

A CA(SA) has the strategic and analytical background to help you formulate a winning strategy and avoid costly mistakes.

Tax practitioner

As a SARS Registered Tax Practitioner we have a healthy professional relationship between SARS. This is key in providing a service to our clients the taxpayers.

This enables you, the business owner or manager to focus on your core business activities while all administrative burdens are dealt with by a qualified professional.

Only a registered tax practitioner is allowed by SARS to do the following on your behalf.

Income Tax returns

  • Individual annual taxes
  • Company annual taxes
  • Registration of income tax for individuals and companies
  • Registration of VAT for Companies
  • Tax Clearance Certificates for Goods Standing and Tenders

Payroll returns

  • Monthly EMP201 declarations to SARS
  • Interim PAYE reconciliations EMP501 – First 6 months of the year
  • Annual PAYE Reconciliations EMP501 – Full year
  • Annual IRP5 Preparation and submissions

Difference between an Audit and an Independent Review

An audit gives a positive assurance (the highest level of assurance) indicating that the financial statements are a fair representation of the operations and financial condition of the business.

An independent review in contrast gives limited or negative assurance of the fair presentation of the financial statements and their alignment to the appropriate financial reporting standards of the company.

Public Interest Score

For private companies the decision to audit or to do an independent review is determined in part by the Public Interest Score of a company.

Based on the Public Interest Score calculation private businesses scoring 350 points or more must be audited.

Between 100 and 349 points means non-owner companies will be reviewed if their statements are independently compiled, and they will be audited if internally compiled.

Owner managed companies with 100 points or less will be exempt completely from audit or review if they so choose but must still prepare financial statements.

The Companies Act, 2008 (Act No 71 of 2008) together with Regulation 26(2), defines the method for the calculation of a PIS and requires that a PIS is calculated for all companies. As set out in Regulations 26(2), 27-30, 43, 127 and 128 of the Companies Act, the PIS determines:

  • Which financial reporting standards apply to a company;
  • Whether a company should be audited or independently reviewed in the public interest;
  • Whether a company must file a copy of its annual financial statements with the CIPC;
  • Whether a company requires a Social and Ethics Committee; and
  • The size of the company for purposes of appointing a Business Rescue Practitioner.

Other Accounting Services

Capacity building is the process by which individual and organizations obtain, improve, and retain the skills and knowledge needed to do their jobs competently.

Accountants can assist with:

  • Developing and up-skill your staff
  • Accounting Standards training
  • Design and implement internal controls
  • Fixed Assets –  Registers and Asset Management Policies
  • Sage Pastel support and training

Wessels & Associates

We provide quality, reliable and useful financial support services in accounting, tax, auditing and consulting to individuals and small to medium size businesses.

Our services are offered either in house or at your premises and include:

  • Monthly Company Bookkeeping.
  • Management Reports:   Income Statement, Cash flows, Budgets, and more.
  • Preparing Annual Financial Statements
  • Preparation of Tax Returns, VAT, Payroll, SARS objections and appeal.
  • Tax directives and tax clearance certificates.
  • Assistance with design of accounting and internal processes.
  • Internal audits.

Professional Memberships

  • Independent Regulatory Board for Auditors (IRBA)
  • South African Institute of Chartered Accountants (SAICA)

Our Fees

We provide initial free consultation to determine your business accounting and financial reporting needs.

Our fees are based on a combination of the required hours and level of skills needed which is driven by the size of your business and an estimated number of transactions.

We will be happy to provide you with a detailed quotation of our package for your business.

Accounting Pretoria

Wessels & Associates, Chartered Accountants (SA)

Wessels & Associates, Chartered Accountants (SA), has the strategic and analytical background to help you formulate a winning strategy and avoid making costly mistakes in any sphere of your business ensuring that every move you make, is a winning one!

When you want to take your business to the next level, you need to partner with a responsible professional who has a holistic business approach and knowledge that enables them to approach things differently.

Wessels & Associates provides financial support services in Accounting, Tax, Auditing and Consulting to individuals and small to medium size business.

We can give your business the decision-making expertise it needs to create real, measurable results to maximise your chance of success.

Wessels & Associates holds the following professional memberships:

SAICA:             South African Institute of Chartered Accountant

IRBA:              Independent Regulatory Board of Auditors

SARS:              SARS Tax Practitioner

SAGE:              Forum member

About

Wessels & Associates, Chartered Accountants (SA), has the strategic and analytical background to help you formulate a winning strategy and avoid making costly mistakes in any sphere of your business ensuring that every move you make, is a winning one!

When you want to take your business to the next level, you need to partner with a responsible professional who has a holistic business approach and knowledge that enables them to approach things differently.

Wessels & Associates provides financial support services in Accounting, Tax, Auditing and Consulting to individuals and small to medium size businesses.

We can give your business the decision-making expertise it needs to create real, measurable results to maximize your chance of success.

Wessels & Associates holds the following professional memberships:

SAICA :             South African Institute of Chartered Accountants.

IRBA:               Independent Regulatory Board of Auditors

SARS:               SARS Tax Practitioner

SAGE:               Forum member

Wessels & Associates Chartered Accountants and Auditors was founded by Theunie de Beer (previously Wessels).  Theunie is a Registered Chartered Accountant (SA) and Registered Auditor since 2011.

Theunie is also a Commissioner of Oaths and a SARS registered Tax practitioner and members of SAICA and IRBA.

Wessels & Associates was established and registered as an Audit Firm in 2014 with the Independent Regulatory Board of Auditors.

We are situated in Pretoria, Gauteng, South Africa.

We aim to deliver quality financial reporting in a time frame that is useful and beneficial to the users of these reports.