Statutory and Special Audits
Our audit services go beyond merely meeting statutory requirements. We help our clients perform better. We listen to their needs, think about the business implications and tailor our approach accordingly.
Our methodology and approach has been designed to help you understand what the risks in your business are, and how to face them. We keep you ahead of relevant financial reporting and related legislative and technical changes, and provide you with proactive advice to maximise the potential of your business. Our audit methodology facilitates and enhances audit quality, and is designed to meet applicable national and international standards.
Although an audit usually provides assurance on the information contained in the financial statements, it should also be considered an essential business tool.
Consequently, an audit needn’t be limited to statutory requirements of financial statements. It can also include internal audit, special investigations, due diligence audits and factual findings. Strategic audits assist business owners to limit their financial and business risks, therefore contributing to business success.
One of the critical business success factors is keeping tabs on the cash flow. And yet this activity requires a host of administrative and repetitive tasks that divert your focus and are time-consuming.
The outsourced service offered is primarily aimed at Small and Medium Enterprises who want to benefit from the knowledge of a professional Financial Manager, but do not wish to pay for someone full time.
Apart from keeping you abreast of the precise financial state of your business, our accounting services will keep you compliant with accounting standards and Generally Accepted Accounting Practices for smaller entities (small GAAP).
The basic accounting solutions and principles are applied to your management accounts and we focus on compliance with accounting standards through:
- record keeping for smaller companies, owner-managed businesses, close corporations, trusts, sole proprietors and partnerships
- preparation of accounting records from source documentation through to trial balances and financial statements
- regular maintenance of financial records: processing financial transactions, bank reconciliations, management accounts, assisting clients with VAT, PAYE calculations and other statutory returns and the setting-up of systems by your designated accounts clerk
- assistance with tax returns once the financial statements have been signed off and the submission to SARS
- preparation of budgets and monthly management reporting accounts and the monitoring of actual results against budgets
- keeping accurate and reliable accounts, proving more cost-effective by helping you avoid penalties
We are passionate about ensuring that your accounting requirements are handled professionally and stay up to standard. We are flexible in our accounting solutions and can be contracted in on a project basis to clean up your accounts (project accountant), short-term arrangement or a fixed monthly billing, agreed in advance.
Our competent personnel are on-hand to assist you on an ad-hoc or permanent basis on-site or off depending on your business requirements and we can either bring in our own team to assist you or upskill and train your staff while managing the accounts.
Tax and Advisory Services
We are able to assess your current situation and develop strategies in guiding you forward, while at the same time, proposing alternatives for achieving your objectives.
The firm connects information, people and resources to make a difference in your company’s competitiveness and profitability.
Given the ever-increasing complexities of income tax legislation in South Africa, plus the severe penalties imposed on tax payers that fail to meet their tax obligations, tax compliance is always a top priority – a critical business imperative that demands your attention.
When it comes to tax planning and strategy, every case is unique. Our approach remains versatile with an awareness that individual issues must be dealt with on their own merits but with the overall, long-term considerations always in mind.
We offer a comprehensive solution to manage your risks effectively through streamlined processes, accurate information systems and ongoing controls and management.
Broad-Based Black Economic Empowerment (B-BBEE)
Broad-Based Black Economic Empowerment (B-BBEE) is a significant strategic issue and, opportunity across the spectrum of businesses and industries of all sizes operating in South Africa today. It affects most businesses operating in the South African landscape and therefore there is mounting pressure to comply with the requirements.
We assist business entities in identifying and understanding their empowerment status, enabling them to make informed, calculated, strategic decisions. B-BBEE has a variety of ingredients, dimensions and facets – better known in B-BBEE parlance as elements; and is not limited to ownership and management considerations only. There are also a number of Sector Codes in operation.
Essentially, the practical working of B-BBEE requires a business to ensure that it measures its B-BBEE status based on the Codes of Good Practice.
All measured entities are compelled to comply with priority elements under the following conditions:
- Qualifying SmallEnterprises to comply with at least two of the priority elements
- Ownership is compulsory and either
- Supplier Development or
- Skills Development
- Large entities to comply with all priority elements
The thresholds for Exempted Micro Enterprises and Qualifying Small Enterprises are as follows:
- Exempted Micro Enterprises: R10 million;
- Qualifying Small Enterprises: R10 million – R50 million;
- Large entities: R50 million and above.
The Corporate Finance team has broad experience in a variety of disciplines, ranging from valuations, capital raising, transaction advise to due diligences. Our wealth of knowledge, skill and experience affords us the ability to provide creative and inventive solutions across a variety of sectors and for every size of enterprise.
Often clients approach us because they want to improve their business processes, ‘pick our brains’ or ‘leverage off our experience’ to gain valuable insight into their businesses.
The various options that are available are usually identified and then through a system of careful analysis and scenario planning, the most suitable solution is identified and presented to the client.