When we speak of a backlog of your business’ accounting it means that; for a period, your financial information was not kept up to date in accordance with accepted accounting standards and, your legal and statutory submissions were probably not done.

Risks:

Non submission of returns is an infringement of procedural obligations. If an entity does not declare, their earnings by way of mandatory bi- annual and annual tax submissions, they will have committed an offence.

This is usually results from the company books being kept incorrectly/not at all.

Companies who do not meet their legal and statutory obligations, should expect to be fined or the beneficial owners may even be served a prison sentence.

Solution:

Backlog Accounting Services

A common mistake made by Business owners is poor financial management; monitoring, controlling, protecting, and reporting on a company’s financial resources.

We have encountered that many times the companies might not maintain, for years, proper accounting records and reports. This happens by and large with start-ups and entities in the SMEs (Smaller & Medium Enterprises). SARS is getting tough on tax offenders. The CIPC is also zooming in on reporting, with emphasis on who the beneficial owners are. We have encountered that after one or two years such SMEs realise the importance of maintaining proper financial and management reports and look for accounting firms to prepare these.

Business Services supports the clients to prepare the records and reports from the date of incorporation of the company.

Process:

1. We shall request you to retrieve and make available the original supporting documents of the transactions including:

  • Sales invoices
  • Purchase invoices
  • Petty cash expenses
  • Bank statements

2. After obtaining the proper supporting documents necessary for us to prepare the books of account. Your dedicated accountant will update the transactions in a suitable accounting software.

3. We finalize the books of account on periodic basis, normally monthly.

The reports generated includes:

  • Balance sheet (statement of financial position),
  • Profit and loss account (statement of comprehensive income),
  • Aged Receivables
  • Aged Payables
  • Optional
  • Cash flow statements
  • Financial ratio analysis
  • Annual Financial Statements
  • Saving

This month of November We are offering the following cost cutting special.

For each financial years’ accounting we complete we will offer the mandatory bi-annual IRP6 and ITR14 for free.

We remain committed to adding value to your business and ensuring your business complies with its obligations.

TC apply and the offer is only valid till 30/11/2023.

FAQ

How long will it take to get my backlog accounting and outstanding submissions up to date.

Answer

It is important to align your expectations with what your dedicated accountant can, realistically deliver.

Important considerations are, how many years records needs to be captured and how many returns are outstanding?

You will need to have the records available to send to your accountant, for us to provide you with a backlog quotation.

Once the work begins, your engagement and participation will ensure that your accountant can timeously complete the work, with minimal delays caused by queries/questions.

One of our key focus areas, at Business Services is our clients Tax and regulatory compliance, so you can rest assured that getting and then maintaining your business’ compliance will be our priority!