Financial Statement Preparation
Accounting is one of the most important functions for any company as it allows the firm to keep a track of their financial operations and business efficiency.
Accounting Firm In Cape Town
One of our expert accountants will help you through the entire process of your financial statement preparation to get your annual statements compliant and ready for the new fiscal year. Any questions you may have will be readily answered as we walk you and your company through this important process.
We can get your accounts up-to-date, from UIF returns to payslips and invoices to Bi-annual EMP501 submissions.
Harvey Administration Accountants can prepare a wide variety of Financial Statements for different companies:
- State-owned companies
- Municipalities
- Private companies
- Trusts
- And other business types
If there are no accounting records, can we still undertake annual financial statement preparation?
We assist with all layers of accounting and our dedicated team of experts can help you with everything you need to get your business accounting records in order. This includes:
- Income statements
- Balance sheets
- Equity statement
- Preparation and submission of all SARS returns
- Preparing and consolidating Provisional Tax & Income Tax
- Payroll processing and all relevant returns
- And other services
definition
What Are Financial Statements?
Financial statements are written documents that detail your company’s commercial activity and financial performance. Government authorities and chartered accountants, among others, frequently audit financial accounts to verify accuracy and for tax, financing, or investment purposes.
The process of combining accounting information into a standardised set of financials is known as financial statement preparation.
Preparation
How are financial statements prepared in South Africa?
The final phase in the accounting cycle is to prepare a financial statement. The financial statements are prepared after all the accounts have been modified or closed. Financial statement preparation follows a logical sequence and is required to be in a specific order because each phase of the financial statement preparation builds on the other.
Because the details from one statement carry over to the next, financial statements are prepared in a specific order. The trial balance is the first statement in the process, the adjusted trial balance comes second, followed by the income statement, balance sheet, and owner’s equity statement.
When must financial statements be audited in South Africa?
Who needs to prepare financial statements in South Africa?
State-owned companies as well as public companies have a legal obligation to have their financial statements audited under the Companies Act of 2008. For private companies, it is stated under the Act that you must have copies of all financial statements for at least 7 years, but these statements don’t need to be audited. But private companies whose public interest score is 100 and above are required to have their statements audited.
While private companies with a public interest score below 100 are not required to have their financial statements audited, they often still complete this process, as the benefits of having these documents are highly beneficial for your business.
Why is it important to prepare financial statements?
Financial statement preparation is highly important because it aids investors in making decisions about your company. Financial statements offer all of the necessary information for potential investors to decide how much they want to put in the firm. It is also useful in determining the price per share, which is essential for investors when they want to invest in your company.
What are the objectives of financial statements?
The objective of financial statements, above the legal requirements, is to provide information about a company’s financial activities and economic position that is useful for a wide range of purposes.
The primary goal of financial statements is to convey information about a company’s economic resources and responsibilities, such as labour hours, company assets, the capabilities of your company’s production, stock, cash flow, and more.
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Comprehensive Administration Services designed to grow and protect your business while you focus on your day-to-day
We handle everything when it comes to bookkeeping and financial documentation. By allowing experts at our firm to file, process, and submit all your records and financial statements, you’ll experience the peace of mind and security of knowing all accounting needs for your business are done following all laws and regulations in South Africa.
One of our expert accountants will help you through the entire process of your financial statement preparation to get your annual statements compliant and ready for the new fiscal year. Any questions you may have will be readily answered as we walk you and your company through this important process.
We offer a wide range of comprehensive solutions that will assist you and your business through every step of the tax return and compliance process.
As a South African business owner and taxpayer, we will ensure you are up-to-date with all relevant tax preparations and submissions to ensure your business is SARS-compliant.
We utilise technology and our team of experts to reduce time-consuming administrative duties for business owners while creating engaging experiences for employees. After all, business is all about efficiency, compliance, and growth.
We oversee the legal choices relevant to your company’s/corporation’s management and business. Company secretaries have a strong administration duty inside your organisation, maintaining compliance, and ensuring that all board of directors decisions are fully implemented.
By monitoring risk and reviewing accounting systems and procedures within your business, our financial auditing services aim to improve the efficiency of companies. We give you an all-encompassing and unique grasp of current industry practices and standards by drawing on our expertise and specialised knowledge. By working with us, your company will be able to remain on top of legal changes and optimise its potential.
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Customised Administration Packages For Small Businesses
At Harvey Administration, we know how vital it is to have a knowledgeable and experienced accounting firm on your side.
Our team is made up of highly qualified accountants with many years of experience in different fields. We keep our finger on the pulse of the changing laws, industry regulations, and financial trends to make sure your business is armed and ready for anything.
We understand that every business is unique and has its own specific financial needs. We recognize that a one-size-fits-all approach to accounting services may not be suitable for everyone.
That’s why we are proud to offer customised accounting solutions tailored to meet the individual requirements of your business.
Request a custom quote online for an accounting package tailored to your business.
Our team will also be delighted to discuss your specific requirements: You can schedule a meeting or give us a call at a time that best suits you and we’ll provide you with a tailored proposal to guide you through the entire process.
For a more detailed description of the value-added accounting packages for Small businesses offered at Harvey Administration Accountants, you can check out:
- Audit Services
- Bookkeeping Services
- Company Secretary
- Finance Consultancy Services
- Financials Statements Preparation
- Independent Review
- Payroll Services
- Tax Services
Why our clients loves us?
- Fixed monthly fees
- Free monthly consultancy
- Monthly management reports
- We are service-driven
- SAIPA or SAICA accredited accountants
- Registered with SARS as tax practitioners
- Leading accounting provider in South Africa
- We use the latest technology to facilitate our processes
- We offer peace of mind
- Dedicated team for a fraction of the cost
- We help them grow their business