Working with professional accounting firms has various benefits to offer small, medium and large businesses in South Africa. Among these are the ability to have accurate financial records prepared every year, and the ability to stay up to date with your financial and bookkeeping activities.
One of the most important aspects for any business is their monthly payroll. Accounting firms can take care of your payroll obligations by taking care of your payslip preparation, registering employees for UIF and PAYE, and completing returns on your behalf. This is a huge help as it takes a lot of effort and planning to ensure that all your employees are paid as they should, and that your tax payments are updated.
Accurate Financial Records
One of the best benefits of working with an accounting firm is that you will have a team of people that take care of your financial administration, including bookkeeping, taxes, and payroll. They can assist you with your annual audit process and ensure that everything in your business is up to standard and accurate. Often, shareholders of a company will require these audits to be done on a regular basis in order to ensure that the company’s financials are completely in order and that all the rules and regulations are followed.
Valuable Tax Advice
Accounting firms can provide businesses with professional tax advice and this include the completion of tax returns, corporate tax consulting, estate planning, and compliance administration for companies. Taxes are very important and it also might be complicated if you are not aware of all the rules and regulations. These teams can even go through your older returns and verify their accuracy; you might be surprised to see that you can potentially receive a refund from SARS, or a credit towards your future payments.
Colin Smith & Co is a one of the leading accounting firms in South Africa and they provide professional accounting assistance to small, medium, and large businesses. Their team of qualified professionals can assist any business to get their financials up to date and to improve their workflow.