Our Services and Specialties
Accounting / Bookkeeping
Accounting and bookkeeping entails processing of bank statement transactions into an accounting system. Processing is done regularly to ensure accounting records are always up to date to produce accurate financial reports. We follow accounting standards prescribed for South Africa– IFRS for Small and Medium size entities (IFRS for SMEs).
Wessels & Associates Accountants can provide you with accounting reports to enable you to analyse your business performance on a regular basis. Reporting can be done based on your business needs. In a project environment for instance, the accounting system can be set up to report on the profit per project.
- Income statement
An Income Statement is a report that shows your Income from Sales, less your expenses, to show if your business is making a profit.
Month to month comparisons can be made to budgets and to other months to determine why your income and expenses are increasing.
We can assist you with compiling a budget and comparing it with the actual accounting records. This will help you identify over expenditure and corrective action can be taken.
- Balance Sheet
A Balance Sheet is a summary of your Assets and Liabilities at any point in time. Financial Institutions are interested in this report to determine your liquidity, solvency and overall financial position.
Fixed Asset Registers
Wessels & Associates can assist you with setting up and maintaining an Asset Register.
An Fixed Asset Register keeps record of all your companies’ assets, where they are located, when they were purchased, at what cost and their current book values.
As qualified chartered accountants we can calculate depreciation, impairments and book values.
Annual Financial Statements
Financial Statements should be supplied to SARS and CIPC on an annual basis. Banks also require Financial Statements that are compiled by a qualified accountant. As Registered Auditors,this will give the Annual Financial Statements the credibility required by the institutions.
Accounting Systems and Software
SagePastel Accounting Software and Xero Accounting Software are mainly used in our practice.
We can also assist with converting your current system whether manual or on excel over to Pastel or Xero Accounting.
Wessels & Associates is a SARS Registered Tax Practitioner.
We can submit the following statutory returns via e-filing or other portals on your behalf:
EMP Payroll returns– PAYE, UIF, SDL, IRP5s
VAT returns VAT201
TAX returns – IT12 or IT14 – Individual taxation and Corporate Taxation
Provisional Tax returns IRP6
Unemployment Insurance Funds UIF returns
Compensation Commission returns
Tax Clearance Certificates
Tax Compliance Status requests
Auditing or Other Types of Engagements
We are Registered Auditors with the IRBA (International Regulatory Board of Auditors) and there for allowed to conduct statutory audits and other audit engagements.
As there are different types of engagements your business needs to first determine what kind of engagement it requires. Certain small and medium size companies, for example, might only need a Compilation Engagement or an Independent Review rather than a full statutory audit.
The type of engagement required by each business is prescribed by the Companies Act of 2008 and depends on the result of the Public Interest Score (PIS) calculated.
We can calculate your PIS to determine what kind of engagement you need.
Other audit support or Internal Auditing
Even if we are not appointed as your auditors, we can also assist you with getting audit ready and liaise with your own appointed auditors to support you during an audit.
Audit readiness entails for instance preparing prior to the audit, reconciliations such as Bank reconciliations, VAT reconciliations to Turnover, Payroll reconciliations. Preparing a fixed asset register and depreciation calculations and year end journals.
Your company’s control environment and system description can also be documented and streamlined not only for audit purposes but also for your own internal control benefits.
The communication gap between your accounting staff and the external audit team can create unnecessary delays and misunderstandings.
Having a qualified accountant and CA(SA)on youraccounting team will assist both parties (you and the auditor) through a painless and efficient audit process.
We can design and help with implementing controls and systems in your accounting department.
Appropriate internal controls can prevent and detect errors and fraud.
Controls such as reconciliations, approval documentation, and segregation of duties, checks and balances will support complete and accurate accounting records that can be relied on.
A strong control environment gives you that peace of mind.
Training and capacity building
Training in bookkeeping, accounting and general office administration are available should you need to up-skill your employees. This will in the long term build capacity for your business and provide your employees with growth and personal development.
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.
Contact us on firstname.lastname@example.org to request a free consultation.