One of the quickest and easiest ways to ensure that your business fails is to lose control of your financials.
If you trade your Company as a Sole Proprietor, you are not required by law to have signed off Financials – it would not be very clever though, not to have your books done for your own peace of mind.
Should your Company be registered as a Close Corporation (CC), you are required by law to have your annual financial reports signed off by a Registered Accountant.
In fact in order to register your Company you have to supply the name and obtain an authorization letter from a Registered Accountant.
Accountants are required by law to report any irregularities.
As a Private Company (Pty), not only are you required by law to have your annual financial reports signed off by a Registered Account, your annual reports are also required to be Audited.
Again when registering your Company you have to supply the name and obtain an authorization letter from a Registered Accountants.
Both the Accountant and the Auditor are required by law to report any irregularities.
Finding the right bookkeeper and/or accountant is much like finding the right staff member – you need to do the research and you need to do the interview.
Bookkeepers/Accountants should be registered with the relevant Financial institutions.
They should also be up to date on the new Tax and Vat laws and allowances to ensure that, your business gets every single tax break that is provided by SARS.
Conversely you also need to give the bookkeeper/accountant what they need in order to ensure that your books are done timeously and correctly. So make sure that you have kept all your documentation together for monthly submission.
The documents required are, but not limited to:
- Your bank statement(s)
- Your invoices (to your clients)
- Your payments (to your suppliers including credit and debit card payments)
- Your petty cash payments (anything that you have paid out in cash)
- Your salaries and/or wages (payments made to yourself and/or your staff)
Viljoen Consulting CC is proud to be able to recommend tried and tested Bookkeepers/Accountants – see My Team for contact details.
Viljoen Consulting in the Media
See Summit TV interview with Nikki Viljoen about Bookkeepers/Accountants: