Bookkeeping Services

Tax Shop Accountants offer a complete financial accounting solution to save time, effort, money, resources for individuals and SME’s. Our personalised service gives as a better understanding of your accounting, tax and admin needs so we can optimise the services we provide you with.

Our tailormade service package ensures that you don’t pay for services you don’t need.

Contact Tax Shop to help set it up, provide the software. Or do it for you. Your choice.

BOOKKEEPING

Bookkeeping for small to medium businesses, NGO’s, NPO’s, entrepreneurs and solopreneurs.

Bookkeeping is the first step to help make your business a raging success.

Accounting, reporting, analysing data, and creating business insights are the next steps.

This gives feedback to what degree you are running a successful business (or not).

Capturing the raw data can be the biggest pain, and if not done right, can cause huge headaches later.

Set up and maintain good books, choose software, have bookkeeping done for you by professional experts.

Sick and tired of manually capturing till slips, receipts, bank statements, invoices and other data into your accounting system for tax purposes?

We know how soul-destroying it can be to have to work on your finances after a long day of deadlines, meetings, and business pressure. We also know what it is like to be bogged down by the mundane, repetitive, transactional drudgery of bookkeeping.

Why bookkeeping is important in business

Proper bookkeeping is critical because it provides the foundation for all financial decision making. Without it, it is no wonder so many businesses fail.

Bookkeeping is merely the first step in the business accounting process. The recorded information is worthless unless it is given structure in a report. The report then needs to be analysed to extract the real value.

Accounting reports give companies a reliable measure of their performance. It also provides relevant information for budgeting, making strategic decisions and creating a benchmark for revenue and income goals. Proper records and record-keeping is vital to developing a successful business and making it sustainable over time.

Better bookkeeping and financial reporting result in more informed decision making.

What Bookkeeping Is About

Bookkeeping converts all your business transactions and documents to financial data by recording the information from e.g. receipts, invoices, bank statements, etc. into an accounting system. Transactions include purchases, sales and payments made by an individual person, organization/ corporation or association.

Flaws of Traditional Bookkeeping

Traditional manual bookkeeping is prone to errors and inconsistencies.

Using Excel for financial accounting: Even the best Excel users make mistakes and mistakes can be perpetuated when a previous period’s sheet is used as a template for the next.

Professional and Reliable Bookkeeping Services

Our Tax Shop Accountants have the expertise, technology, tools, apps, infrastructure and know-how to make your life much easier – to free you up so that you can spend more time doing what you love best and get some leisure time to boot.

Let us take care of your bookkeeping – at a fraction of the price of a permanent employee.

The Tax Shop Bookkeeping Solution

Let us take care of your bookkeeping – at a fraction of the price of a permanent employee.

Accounting Systems Software

Accounting software like Xero, Smartedge, Sage and
Quickbooks have checks and balances to make sure
bookkeeping remains accurate.

Cloud Accounting has the added benefit that it is not PC
dependent, so data won’t be lost when the PC is stolen, lost
or damaged. Check out the benefits of Cloud Accounting.

Outsourced Bookkeeping and Accounting

Why it makes sense to outsource

Good bookkeepers and accountants have the most up-to-date tricks of the trade, the latest automation tools, apps, special systems and software to automate things. They also know where to look when numbers don’t add up.

Pennywise pound foolish
Don’t waste your precious time with the tedious, repetitive, mundane, manual capturing of bookkeeping data, rather do what you do best and make more profit.

These services include but are not limited to the following: and the payment date are recorded as realised FX gains/losses

Existing Business: Once off fast clean–up of services and reconciliation of GL accounts
New Business: set up of General Ledger (GL) accounts
The issue, distribute, record and follow up on customer invoices
Cash pooling: Debt collection, generation and distribution of letters.
Recording of stock movements
Recording of Fixed assets, automated asset depreciation, ledger entries

Accounts payable postings
Clearing journals
Posting of accruals, deferred expenses, and provisions
Bank account administration – posting of movements in the bank account
FX re-evaluations / Foreign currency revaluation: – When the transaction is settled, the differences in value between the firm sale or purchase commitment and the payment date are recorded as realised FX gains/ losses

Don’t work for money, make your money work for you

General Bookkeeping & Accounting Terms

General Ledger

A General Ledger is where a company’s financial information is stored. This is where the information from your source documents like bank statements, invoices, receipts, etc. are grouped into sub-ledgers like accounts payable, accounts receivable, cash management, fixed assets, purchasing, projects, and accounts like liabilities, owners’ equity, revenues, and expenses.

Expenses include, for example, rent, water and lights, petrol, telephone, aeroplane tickets, accommodation when travelling, food; milk, tea, sugar, coffee for the office and staff, equipment; printer, pc, scanner, office furniture.

General ledger book entries: petty cash, travel expenses, payroll costs, loans, investments, equity movements, interest payments, etc.

The general ledger holds account information that is needed to prepare the company’s financial statements.

Accounts Payable

Accounts payable is money owed by a business to its suppliers (creditors) shown as a liability on a company’s balance sheet.

Accounts Receivable

Money owed to a company by its debtors. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable are legally enforceable claims for payment held by a business for either goods supplied or services rendered – i.e. whatever the customers (debtors) have ordered/ received but not paid for yet.

Assets

Assets add value to your company and increase your company’s equity, i.e. assets put money in your pocket. Assets are the items your company owns that can provide future economic benefits.

Fixed Assets: Fixed Assets is also known as long-lived assets, tangible assets, usually in the form of property, land, buildings, plants, factories, equipment, furniture, vehicles i.e. things that cannot easily be converted into cash immediately.

Current Assets: Current assets or liquid assets has to do with the money in bank accounts, cash, stock inventory, marketable securities, pre-paid liabilities or that which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year / operating cycle / financial year.

A liquid asset is something you own that can quickly and simply be converted into cash while retaining its market value. Some examples of assets that would be considered liquid are Cash, short-term investments or currency.

Bank accounts: The money in your checking account or savings account.
Accounts receivable: The money owed to your business by your customers.
Mutual funds: A fund that pools money from many different investors into a diverse portfolio.
Fixed Deposits: Funds can be ‘withdrawn’ anytime, just not at the promised interest amount.

Liabilities

Liabilities are what you owe other parties and decrease your company’s value and equity; i.e. liabilities take money out.

Examples of liabilities: bank debt, mortgage debt, money owed to suppliers (accounts payable), wages owed, taxes owed, interest owed.

Current Liabilities: Current liabilities are amounts due to be paid to creditors within twelve months, fiscal year or the operating cycle that includes accounts payable, short-term debt, dividends, accrued expenses, notes payable as well as income taxes owed.

Assets vs. Liabilities: The more assets outweigh liabilities, the stronger the financial health of your business, the more sustainable you will be and the more likely you will stay in business.

If you find yourself with more liabilities than assets, you may be on the brink of the ‘going out of business’ abyss.

Bookkeeping