Accounting

• 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.

• 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

• SMME’s
• Family Business
• NGO’s & NPO’s (Non-Profit & Non-Government Organizations)
• Sport and other clubs and associations
• Entrepreneurs 
• Solopreneurs
• All individuals who don’t want the bother of completing tax returns.

1. Bookkeeping – recording data, grouping and structuring
2. Accounting – calculations and reporting
3. Insights – analysing, comparing and making sense of information

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.

• Understandability.
• Relevance.
• Consistency.
• Comparability.
• Reliability.
• Objectivity.

• Accounts receivable (order to cash)
• Accounts payable (procure to payment)
• Financial close.
• Time and expense capture.
• Fund accounting.
• Project accounting.
• Revenue recognition and management.

• 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.

• 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

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
• Auditing
• Managerial Accounting
• Accounting Information Systems
• Tax Accounting
• Forensic Accounting
• Fiduciary Accounting

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.