Tax Shop Accountants offer a complete financial accounting solution to save time, effort, money and resources.
Our personalised service gives us a better understanding of your accounting, tax and admin needs so we can optimise the services we provide you with. Our tailor-made service packages ensure that you don’t pay for services you don’t need.
Financial accounting is the second step after bookkeeping to help make your business a raging success.
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).
If the raw data wasn’t captured or organised correctly it can be a right royal pain to reconcile later.
Set up and maintain good books, have bookkeeping, accounting and financial reporting done for you by professional experts, or let us help you set it up.
Tax Shop provides Financial Accounting for small to medium businesses, NGO’s, NPO’s, corporations, individuals, entrepreneurs and solopreneurs.
Contact Tax Shop to help set it up, provide the software, or do it for you. Your choice.
FREE yourself up to do what you do best – we take care of the rest!
MAKE ACCOUNTING PAY
Work Smarter Not Harder
Ever wonder why some businesses grow in leaps and bounds and others struggle?
Wish you could have a weekend off for a change or go on holiday without the panic that something will go wrong and usually does?
Feel swamped by too much to do and too little time?
We use the latest tools, techniques, software and apps to streamline and automate business processes.
“Our mission is to make things easier for you.”
Outsource your Bookkeeping and Accounting
Outsourcing your accounting and bookkeeping costs less than permanent staff and because financial accounting is our business, experience helps us spot ‘errors’ that would otherwise dodge detection.
We pride ourselves on professionalism; accuracy, reliability, timely reporting and excellent service.
“Your success is our success.”
WHY FINANCIAL ACCOUNTING IS VITAL
Diligent financial accounting helps keep track of financial transactions and data, income and expenditures, cash flow, ensures statutory compliance and more.
Purpose of Financial Accounting
The purpose of accounting is to give an accurate record of your business’s financial position at any point in time; to analyse, measure and process the financial data, to make sense of it, and then communicate and report on performance, sales forecasts to name but a few.
The financial reports are used by stakeholders to make more informed decisions about managing the business (owner/ director/ manager), investing in it (investors), lending money to it (banks) and taxation (government).
Without Accounting Your Business Will Lose Money
- Keep tabs on business. The more staff/personnel you have, the bigger the risk of error, omission, corruption, misrepresentation and ‘creative accounting.
- Keep your finger on the pulse. The more transactions and activity you have, the greater the risk of getting overwhelmed or falling behind – especially a sole operator.
- Keep up-to-date. The bigger the gap between bookkeeping, accounting, reporting and analysing, the greater the chance of mistakes, loss or forgetting things like invoicing and collecting money owed to you.
Basing important business decisions on assumptions and guestimates can be extremely costly.
Our Top Accounting Services
- Monthly, quarterly and annual bookkeeping services.
- Budgets and forecasting.
- Management reporting.
- Annual financial statements.
- Annual, quarterly, monthly financial reporting.
- Submission of tax and other returns linked to the accounting function.
- Governance, risk and compliance.
- Financial consulting.
- Cashflow management and forecasting.
- Outsourced Accounting, Bookkeeping, Payroll
- Business Financing
- Bookkeeper and Accountant support services
- Accounting Software Service Provider/ Services/ Advice/ Advisory/ Implementation.
- Accounting Technology Solutions
- Business Services
- Secretarial Outsourcing
- Statutory accounts preparation
- Tax advisory
- International accounting and reporting
- International finance and accounting transformation
- Insurance premium tax
- International tax services
- In-house financial management/ accounting training
- SARS objections and appeals
- UIF…. Statutory Returns (Unemployment Insurance Fund)
- Tax Health Check/ Tax Due Diligence
- VAT submissions
- CIPC Services
- New Company/ Business Registrations
- EMP submissions/ reconciliations
- Provisional Tax Returns
- Income Tax Registrations
Our Best Clients
- Family Business
- NGO’s & NPO’s (Non-Profit & Non-Government Organizations)
- Sport and other clubs and associations
- All individuals who don’t want the bother of completing tax returns.
Our Favourite Industries / Clients
- Accountants and bookkeepers
- Professional service providers
- Public sector
- Real estate
THE FULL MONTY OF ACCOUNTING SERVICES
Let us do the following for you:
- Let us take care of all your tax, CIPC, Department of Labour and compensation fund returns.
- We do all your accounting and compile your Annual Financial Statements.
- Get advice and support from our expert consultants relating to any accounting, tax and payroll matters.
- Have a designated accounting hotline for advice on all your financial accounting related matters.
- Benefit from in-house expert’s knowledge. Any question you might have regarding tax, accounting, payroll or just general business advice will be answered by a registered professional online.
- Get access to our legal template library for documents like employee contracts etc.
- Get your monthly, quarterly, annual management reposts, tax structuring, support, forecasting, budgeting and so much more!!!
- Have peace of mind that your company is always up to date and compliant everywhere because our system monitors, tracks and manages your compliance from SARS, Department of Labour, Compensation Fund and CIPC. View up-to-date information on your compliance status in all categories any time.
- We can also do your payroll
BUSINESS SUCCESS TRIANGLE
3 Aspects Of Informed Decision Making
- Bookkeeping – recording data, grouping and structuring
- Accounting – calculations and reporting
- Insights – analysing, comparing and making sense of information
Bookkeeping, Accounting, Financial Reporting And Insights
For most of us bookkeeping is slog-work, yet, without the capture of the data, one can give no account of anything. You can’t give an account of something unless it is captured and ordered (bookkeeping).
One without the other leg means chaos.
- Bookkeeping without accounting, you can’t make any sense of the data.
- You can’t do accounting and reporting without having recorded data.
- You can’t do any analysis unless you have information to compare, group, etc.
Accounting Information – Characteristics
Features Of A Modern Accounting System
- Accounts receivable (order to cash)
- Accounts payable (procure to payment)
- Financial close.
- Time and expense capture.
- Fund accounting.
- Project accounting.
- Revenue recognition and management.
Advantages of Financial Accounting
- Maintenance of business records.
- Preparation of financial statements.
- Comparison of results.
- Decision making.
- Evidence in legal matters.
- Provides information to related parties.
- Helps in taxation matters.
- Valuation of business.
Disadvantages of Financial Accounting
- Express accounting info in terms of money
- Accounting info is based on estimates
- Accounting info may be biased
- Recording fixed assets at original cost
- Manipulation of accounts/ creative accounting
- Money as a measurement unit changes in value
Business is so much more than mere accounting and reporting
Bookkeeping & Accounting Definitions
Accounting or accountancy is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations.
Accounting deals with numbers. [archaic form = reconcile] To give a responsible account of… to give explanation, reasons, causes, grounds, careful thought and consideration… It is the act of regarding, reckoning, counting or computing something; to give consideration, reckoning, reason, explanation, or answer.
Bookkeeping is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analysing, verifying, and reporting business and financial transactions to oversight agencies, regulators and tax collection entities.
The system of recording and summarizing entails:
- Financial Accounting
- Cost Accounting
- Managerial Accounting
- Accounting Information Systems
- Tax Accounting
- Forensic Accounting
- Fiduciary Accounting
Helping You Navigate the Path to Success
Managing your business’ accounts correctly is vital to its success, and many business owners struggle to do this themselves. TAX SHOP offers outsourced professional financial accounting solutions. We are specialists in Xero Cloud Accounting and strongly advocate cloud accounting solutions due to the freedom it offers business owners and the accuracy it ensures, making accounting simpler.
Our accounting solutions are comprehensive, and we offer to assist with all your company’s requirements, from processing documents, analysing debtors and creditors, producing management reports, reconciling VAT returns, financial reporting, preparing financial statements, managing payroll, and more. By keeping our clients informed throughout, you as a business owner will always be up to date on what is happening in your own accounts.
Clients can rest assured that our team has the understanding of your business plus the client focus and professional expertise to offer advice and services honed from industry experience.
Whether you, as a business owner, need a tax consultant, an audit specialist, an accounting solution, or a payroll expert, you have come to the right place! We have several independent business units operating in their respective areas of expertise, thereby providing our clients with an extensive range of services required to meet the financial and regulatory obligations of a business.
Your tax consultant, audit specialist, accounting guru, and more, in one
By utilising the latest software and technology available, including data extraction software and electronic work papers, we provide prompt, accurate and efficient audit service.