Annual Financial Statements Process
1. What is Annual financial statements and who must prepare it?
As required by the by law ALL business entities (including CC's, PTY's Trust etc) must have annual financial statements (AFS) prepared in a certain format and signed off by a member of certain professional bodies (e.g. SAIPA/SAICA). Myfinance-online.co.za is registered with SAIPA (registration number 14491). For more info on SAIPA you can visit their website on www.saipa.co.za.
2. How does this service work?
By completing and submitting the online form we will generate the cost of having your financial statements compiled and signed off, as well as your Income tax return (IT14) submiited to SARS.
A registered professional accountant will get in contact with you via your preferred method. General discussing will also take place on the nature (operation) of the business. All documents, info needed by us to start with the process will also be discussed.
In short the process would work as follows:
- Complete the online form, we will get back to you with a quote.
- A professional accountant will contact you to discuss information needed etc.
- You supply us with the documentation/ information.
- We prepare Annual Financial statements (AFS) and send a draft copy to you for approval. You sign and e-mail/fax/post back to us.
- We will contact you regarding tax implications, general discussion of AFS.
- We keep a copy AFS on file and submit your annual tax return to SARS based on the AFS.
- As soon as we reveive the assesment from SARS we will send and discuss it with you.
- We lodge an objection with SARS if neccassy (may imply additional fees)
3. What we need from you and how do you get it to us?
After the first consultation with our professional accountant a detailed list of required documents (e.g bank statements, invoices, summaries etc.) will be e-mailed to you.
These documentation can then be send to us either by e-mail, uploaded, egistered post, hand delivered etc.
But I am not in your city you may ask? Luckily in this day and age with internet, email, skype, live website help, the need to be in the same city as your accountant doesn't exist anymore. The most important aspect will be to get a competent accountant who will deliver the best possible service at competetive rates.
4. How does the fee work?
Based on the info provided by you on the form below the ALL inclusive price will be calculated. A quote reflecting the amount will the be e-mailed to you. Upon proof of payment being received we will start with the process immediately.
This fee will be final, no additional cost (except in extreme cases which will be discussed with the client at the time) will be added or become payable.
5. What about tax?
Our preparation of the AFS is done and structured in such a manner to reduce tax payable as far as LEGALLY allowed. All tax implications will be discussed with the client and advice will be given before finalizing the AFS or submitting the annual tax return.
Examples of tax reductions would be to determine whether your business qualifies for Small Business corporation tax, salary structures to members/directors of the CC/Company, allowable depreciation deductions etc.