In this post, we are going to be looking at small business accounting in South Africa. For all small businesses, the need to make sure your monthly accounting is up to date has become increasingly important. We currently have a number of clients nationwide, that we assist and we can help you too, to make sure that your business accounting is up to date and in order. Below, we have listed the various options and the typical services we offer on a monthly basis.
The typical monthly accounting client with us will be assisted with the following accounting services:
Payroll – PAYE / UIF / SDL
Professional looking pay slip is important. Employees need to receive a pay slip by law and also regularly need these pay slips when applying for loans, bonds, hire purchases etc.
Without a proper pay slip and employee will struggle with any applications. PAYE / UIF / SDL need to be submitted and paid by the 7th of the following month. Failure to do this will have a 10% levied to it.
Processing of Financial information and documents / VAT processing
Invoices to clients, invoice from suppliers, bank statement and petty cash need to be processed regularly to ensure up to date figures. You would also need this processing to submit and pay the VAT return by the last day the following month. Failure to do this will also have a 10% levy on the amount payable. A VAT period will generally be for a two-month period.
Annual Returns need to be submitted on an annual basis. Failure to do this will put your company into deregistration. Once a company are put into deregistration you cannot further utilize it and all assets in the company will be stuck into it.
WCA / Compensation Commissioner
The WCA return need to be submitted to by May every year and be paid in full in order to receive a letter of good standing from them.
IRP 5 Reconciliation
IRP 5 certificate reconciliation need to be done bi-annually by end of October and end of May for the periods of August and February respectively.
From the above it is clear that you either need someone, internally or externally, in the business to assist you in meeting these deadlines on time. We had setup our practice to make sure to remind you of all deadlines. You receive frequent reminders and requests for documentation from our office in order to be compliant.
Email: firstname.lastname@example.org | Tel:+27 (0) 82 872 6404 | Address: 25 Anderson S Rd, Joostenberg Vlakte, Cape Town, 7570, South Africa.