ACCOUNTING SERVICES — (ANCO FINANCIAL SERVICES)
Nico Smit is active in the general management of Dental Practices.
The monthly financial report is based on financial information that is prepared and maintained by either our clients or by ourselves. In the first instance we assist our clients and their staff to prepare accounting records and information in a format that is useful to both parties. However, many of our clients are small and medium enterprises that do not require the services of full time accounting staff. To these clients we provide a comprehensive business/practice management service. The aim of this service is to perform accounting, administration and financial management functions that is often lacking in small businesses. These services range from basic bookkeeping, to management of accounts payable, payroll administration, cash flow planning, and includes electronic payment of suppliers, staff and other expenses where so chosen by the client.
Our service not only ensures the confidentiality of sensitive business information (payroll, bank accounts etc.), but also the continuity in the performance of financial functions in the business. Both these elements are often lacking in small businesses/practices.
Our services include any combination of the following elements:
Accounting, Bookkeeping & Business Services
- Setting up computerised accounting systems and support for accounting staff.
- Maintaining books of account (cash books, debtors and creditors ledgers etc.)
- Accounts payable administration – this includes:
- obtaining all supplier documents approved by the client,
- reconciling the documents with supplier statements,
- preparing remittance advices after taking into account any discounts / credits due,
- faxing remittance advices to suppliers,
- dealing with all supplier account related queries, and
- electronic payment of suppliers after approval, if so required by the client.
- Payroll administration, including payslips, statutory returns (Employees Tax, UIF, SDL, WCA) and electronic payment of salaries, as well as the preparation of Employees Tax Certificates (IRP5) at year-end.
- Preparation of Annual Financial Statements for statutory and audit purposes.
- Preparation of cash flow forecasts, budgets, valuations and other special purpose financial reports according to client requirements.
Tax services consist of Tax Planning services and Tax Administration services.
Tax Planning comprise a complete initial tax evaluation, where the appropriateness of business structures are evaluated from a tax point of view. There are a wide variety of taxes to be considered when doing this evaluation, including Income Tax, Capital Gains Tax (CGT), Secondary Tax on Companies (STC), Value Added Tax (VAT), Donations Tax and Estate Duty. We will recommend an appropriate tax structure for your business, and will assist with the implementation of that structure if it is not already in place.
Tax Administration services are provided in correlation with the monthly financial report and accounting services. This ensures that clients are informed well in advance of taxes becoming payable. Services include Income Tax returns, Provisional Tax returns, VAT returns, and other ad hoc returns required by law (WCA etc.).
We provide a complete statutory compliance service for all business types (private companies, close corporations, trusts, sole proprietors, etc), including the following:
- Company, close corporation and trust registrations.
- Other statutory registrations (WCA, District Council, UIF, VAT, etc)
- Compliance with Company / Close Corporation Act requirements (Minutes, Registers, etc.)