Our financial year end procedures ensures that you get your annual financial statements early and without much hassle.
Every company is different, but certain parts of a year end always remains the same. Your accountant or auditor will always require schedules and explanations for certain items in your financial data.
The reason for this is that SARS may require additional information to substantiate any information in your financial statements.
We can customize your year end procedure and schedules to make it a very easy process. Knowing what will be required from you beforehand saves time and costs. It also takes out the frustration of having to drop your day to day activities to answer a query from your accountant or auditor.
Certain information is also SARS pressure points and items they will normally want to investigate in the event that you go into a review process.
We look at the following to name a few:
- Income Statement items
- Balance Sheet Items
- Accounts Payable / Receivable schedules
- Tax Reconciliations (VAT, PAYE, IT)
- Trial Balance Adjustments and Corrections
- Supporting Documents and Information
Ensuring these schedules, reconciliations and documents are ready at the end of each financial year, gives you a clear process to follow. It’s effective and efficient. We will also update the requirements as we become aware that any new items are relevant to any interested party.
If you would like assistance with the above, get in touch and we will review your business and inform you accordingly.