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