Accountants handle the financial processes of individuals and businesses. Their statements and advice help you make wise decisions for the future. Accountants also handle tasks such as payroll, registrations and legal aspects on behalf of an employer.
Popular Accounting Services Include:
Company Registrations
Your company needs to be registered to legally do business in South Africa. This is done with the CIPC. Accountants can handle this process on your behalf by submitting the necessary paperwork as well as keeping yearly submissions up to date.
Monthly Financial Statements
You need up to date information of your company’s financial position. You can base future decisions on this information. Your accountant provides the statements and can advise you how to best use South Africa’s economic climate to your company’s benefit.
SARS Requirements
SARS processes can be quite complicated and there are looming penalty payments if you submit tax returns too late. Accountants are skilled in following this process. They keep companies up to date in terms of SARS requirements so business owners can focus on other business aspects.
BEE Certification
South Africa offers many benefits to companies who have BEE certification. The benefits also hold for companies that do business with other BEE certified companies. Your accountant can help you with the process of getting the company in line with requirements and obtaining this certification.
Financial Consulting
In a trying and changing economy such as South Africa, business owners need objective & knowledgeable advice. This will keep them on track and help them make wise long term decisions. Accountants are excellent sources of advice since they’re knowledgeable in the areas of finance and economy.
5 Tips When Hiring an Accountant
1. Make sure you understand the billing guidelines
Many service providers don’t offer rates information unless asked. Does the company offer a package deal or will you be billed for each phone call and enquiry? Ask for detailed guidelines of how you will be billed so you can budget accordingly.
2. Consider the company’s strengths and expertise
Each accountant and accounting agency specialises in different areas. A company of auditors may not be skilled at risk assessment. Browse through a company’s website and ask for its policies so you know they’re knowledgeable in the area you hire them for.
3. Investigate before you commit
Your finances should be kept confidential. Outsourcing to a company to increase accuracy and security becomes useless if you can’t trust your accounting company. Search online for reviews and feedback from previous clients before you trust a new company.
4. Do the accountants offer excellent customer service?
An accountant may be part of your life on a monthly, weekly and even daily basis. Make sure you pick an accounting agency that will be easy to work with in terms of friendliness and quality communication. This will make your life easier than working with unprofessional individuals.
5. What can you do yourself?
Outsourcing the accounting aspect of your business is ideal. It does come at a high price. If your budget doesn’t allow for this, determine which tasks you can handle yourself. Your accounting agency can act as your auditors while you build your business. Later on you can surrender all tasks to them.