Small Business Accounting
Cost savings is definitely a high priority for small businesses, as well as the risk and frustration of having employment. To outsource the accounting services a business owner eliminate both these factors. We make use of Pastel and VIP payroll to assist our clients with the accounting service’s needs. These two products assist us to help client on the various aspects of the accounting and tax compliant needs.
The typical monthly accounting client with us will be assisted with the following accounting services:
Payroll – PAYE / UIF / SDL
Professional looking payslip is important. Employees need to receive a payslip by law and also regularly need these payslips when applying for loans, bonds, hire purchases etc.
Without a proper payslip 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 Return
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 utilise 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.
