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IS YOUR BUSINESS ACCOUNTING ON TRACK?

Article by: Kempton Park Accountant: Retha Brand

 

One of the key elements that decide your ability to plan for the future of your business, is your financial accounting. Companies that maintain strong and up-to-date accounts never need to worry about not having the information they need at their fingertips.

Companies with good financial accounts can not only access historical information, but also plan for the future knowing that they are making decisions based on the full picture. More importantly, the law requires you to make sure that your company adheres to prescribed accounting practices prescribed to ensure that you pay your taxes on time.
 

Some Things That Require Attention

If you are in the business of business, then you need to have an auditing service that takes care of your financial accounting process. This usually entails bookkeeping, an independent review of your accounts, managerial accounting, maintaining your annual financial statements as well as submission of VAT and PAYE returns monthly.

Hiring a professional consultant or accounting firm can help you get through that part of the process extremely easily. For example, taxation is something that most business owners struggle with. Even though you might be completely at ease with the entire business account maintenance process, the moment things come to taxation, business owners find themselves all at sea. Once again, a good financial management company can help you make sure that all your tax returns are filed on time, every time.
 

Handling Internal Issues

Another part of accounting deals with paying employees. Managing payrolls isn’t as simple as writing out a cheque for each employee. You have to take taxation and other important elements into consideration and, yet again, a financial management company can really help you focus on the right aspects and get payroll process completed on time, every time.

Finally, you have aspects of corporate law that require a specialist’s attention. For example, if you are thinking about registering your company or changing something in your registration information, you will need someone to help you through the paperwork. Any kind of changes to company documentation can also be handled by that professional accounting and financial consulting firm.

In other words, if you spend a little bit of time looking for the right accounting firm, not only can you keep your business accounting on track, you can make sure that every aspect of your business receives the right amount of attention at the right time!

 

Contact Retha Brand on e-mail: retha.b@bizzbooks.co.za or tel:0833455580