Accounting Services
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Bookkeeping services up to Trial Balance
Bookkeeping involves the recording of a company’s financial transactions on a regular basis. With proper bookkeeping, companies can track all information on its books to make key operating, investing, and financing decisions.
Bookkeepers are professionals who oversee all the financial records for businesses. Furthermore, bookkeepers ensure that businesses are cognisant of their financial position as well as the financial transactions that take place within their business.
Bookkeeping converts all your business transactions and documents to financial data in an accounting system, e.g. invoices, receipts, payroll, expenses etc.
Most bookkeeping is routine work, plus certain non-routine transactions. Traditional bookkeeping is manual, prone to errors and inconsistencies.
FAFA Consulting transforms your bookkeeping into a process with flow, accuracy, automation and joy.
We have seen that most of your bookkeeping can be automated through Accounting software (QuickBooks online, Xero and sage one and integratable applications). By adopting a hands-free approach to data capturing, you save time and improve accuracy. Free up your team’s time for more value-added and human-to-human tasks!
Accurate bookkeeping is critical for investors, financial institutions and the government. It ensures that they have correct information on which to base lending and investing decisions. Our economy is reliant on precise bookkeeping.
Preparation of monthly/quarterly management accounts from trial balance in format required by the client
Monthly/quarterly management accounts are a set of abridged data that has been collected from a balance sheet, cash flow, and income statement which is collated and presented to the business’ management team. The report includes a Statement of Financial Position and a Statement of Financial Performance. The report gives a client the necessary information to assess their financial position and their financial performance. Through this, they can make an informed decision about strategies required for the business to take the next steps
Preparation of annual financial statements to adhere to International Financial Reporting Standards
Financial statements are records required by legislation. They convey the financial performance as well as the business’ activities during a certain period as well as the results of its operations and cash flow for the specified period.
They need to conform with the International Financial Reporting Standard (IFRS) or International Financial Reporting Standard for Small and Medium Sized Entities (IFRS for SME’s) and are based upon appropriate accounting policies consistently applied and supported by reasonable, prudent judgements and estimates.
There are three fundamental financial statements: statement of financial position, statement of financial performance and cash flow statement. Together, the statements can assist an analyst with their forecast of a business’ performance. They will take into account the profitability, liquidity and solvency of a business.
Investors, market analysts, creditors and the South African Revenue Service usually require copies of these statements when evaluating the overall health of a business.
Accounting officer for close corporations
In South Africa, The Close Corporation Act requires that a person be appointed as an accounting officer of a Close Corporation. The obligations of an accounting officer are stipulated by the Close Corporation Act.
FA Farah, the owner of FAFA Consulting (Pty) Ltd, is a registered Accountant and therefore has the necessary qualification to be appointed as an accounting officer.
Taxation Services
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We realise that tax might be a touchy subject for you. FAFA Consulting strives to help you pay as little tax as legally possible. Your ideas about tax planning and structuring are always welcome at our coffee table – it is your tax affairs we are talking about, after all!
Doing taxes can not only be stressful but also frustrating. Cues and queries are common factors that add to your stress. We are there to take the weight off your shoulders and make doing your taxes enjoyable. With our years of experience and expertise, we not only help but also give you the best advice relating to any tax issue.
We are continually monitoring legislative, regulatory, and precedent-setting developments in tax. We are experienced with the latest tax laws and updates, meaning that all your tax needs are met quickly and efficiently.
In addition to our tax compliance services, we also provide tax planning and consulting in order to have a successful plan, the impact that their decisions will have on their taxes is considered.
You will benefit from our diligence as there are tax implications to almost every financial decision you make. And it is part of our philosophy to provide you with the very best advice. It is our way of putting clients first.
- Preparation and submission of various tax returns
- Provisional tax returns
- Annual tax returns
- VAT returns
- EMP201 payroll taxes returns
- EMP501 payroll taxes returns
- dividend tax returns
- Assistance with registration
- Income Tax
- VAT
- Payroll taxes
- Liaison between you and SARS
- Tax advice to minimise tax liability within confines of the Law
- Application for tax clearance certificates
- Income Tax Guides
- Help you plan to legally pay as little tax as possible
- Assist in calculating your tax liabilities
- Remind you to pay your taxes on time, every time
- Support you to build a solid track record with SARS
The FAFA Consulting tax bottom line?
If you wish to pay as little tax as possible, fully compliant with all tax legislation, FAFA Consulting is the accounting firm brand for you.
Payroll Services
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Increase your employees’ wellness by paying your team on time, every time. Use payroll software that works. FAFA Consulting will train you to run your payroll or we will run it for you – your choice.
We are meticulous about getting your payroll completed promptly and accurately.
All our clients are made aware of all statutory requirements and we will provide you with a service level agreement to ensure performance expectations are understood, monitored and achieved.
Avoid unnecessary fines and costs by contacting us to assist you, today.
Should you choose our outsourced payroll service, it will include:
- Full payroll function using high-quality payroll software
- Provision of list of amounts payable to:
- Employees
- SARS
- UIF
- Third parties (e.g. garnishee orders)
- Provision of payslips for your employees
- Provision of annual IRP5’s for all employees
- Submission of statutory tax, UIF and Skills Levy returns which includes:
- Monthly EMP201 returns
- Bi-annual EMP501 returns
- Monthly reporting as required
- Assistance with registration for PAYE, UIF and Skills Levies
- Assistance with registration for UIF with Department of Labour
- Assistance with registration for WCA with Department of Labour
- Salaries / Wage administration
- Advice on remuneration structuring
- Advice on/production of employment contracts
- Claiming of Employment Tax Incentive
Business Valuations
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We are here to help. Whether it is to add a business partner or investor, it is imperative that you know what your company is worth so that you can make the best possible decision. If you decide retirement is for you, then you will need a value assessment for you to know how much you can sell your business for. Alternatively, we can advise you about how to sell part of your company while still retaining some control, which will then be a little bit extra in your pocket.
Consulting Services
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We provide personalised advice to our clients to assist in all aspects of business management. We are your right hand solution for reports, forecasts and all other grid work needed in your business. With the running of a business it is easy to lose sight of the small issues and problems until they become unmanageable, we help in finding and utilising a concept that resolves those unresolved issues.
Consulting and financial management services include:
- Assisting with determining your business vision and strategy and the implementation there of
- Assessment of internal controls to
- reduce costs.
- monitor and improve efficiency.
- reduce risk of fraud and errors across all aspects of accounting
- improve cash flow
- and as a result
- Prepare report for Senior Management of suggested internal control improvements and
- if required, training of staff with reference to suggested internal control improvements
- Assistance with annual budgets and periodic rolling forecasts
- Assistance with preparing an effective Management Report format
- Financial Management support to Directors by reviewing financial information and advising which areas raises concern / requires attention
- Assistance with product costing
- Assistance to use logical methods to solve difficult problems with effective solutions
- Assistance with making decisions in a timely manner with relevant information on hand
Independent Reviews
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In terms of the Companies Act, 2008 (Act 71 of 2008) certain companies financial statements are subject to Independent Reviews.
We are qualified to perform these required Independent Reviews.
Secretarial Services
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Do you find the time you need for all your day-to-day business? Is time running out and you never got to see that important client? We want you to get the most out of your day and prevent you from sitting with the time-consuming task of changing your company name or address which takes time away from the important tasks your company undertakes, such as growing your business. We act on your behalf at the CIPC. And we offer a variety of services that will free up your time to attend important meetings which are crucial for your business to prosper.
Services we offer include the following:
For Companies:
- Name reservations
- Name changes
- Company registrations
- Company director changes
- Filing annual returns
- Address changes
- Financial year end changes
- Certificates / Disclosures
For Close Corporations:
- Appointment as accounting officer
- Name changes
- Member changes
- Filing annual returns
- Address changes
- Financial year end changes
- Certificates / Disclosures
Let tomorrow begin today.
We are an Accounting firm with Accountants, Bookkeepers and Tax Consultants that have vast knowledge in the provision of Accounting and Tax Services to individuals, small, medium and large firms.
The firm is dedicated at meeting the needs of all its clients whilst following the GAAP.
As a firm, we provide the services required on or off your premises at affordable rates with your software or with ours.
Our Accountants and Bookkeepers have vast knowledge in:
• Quick Books Online
• Xero
• Sage
• Pastel
• Omni Accounts
• Pay Space
• Simple Pay
• And many more Accounting and Payroll packages.
Membership And Partners
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