Working with accounting and auditing firms can be very beneficial, especially if your company’s financial administration has fallen behind, or if there are discrepancies that need to be sorted out. In addition to this, you can also benefit from having professional tax advice and assistance with payroll functions.
One of the benefits of working with a professional firm is that you will have a team of people that take care of your financial administration, including bookkeeping, taxes, and payroll. They can also help you to stay compliant and identify areas that need improvement. They can even 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.
Accounting and auditing firms can also provide sound tax advice and taxation service for businesses, and this include the completion of tax returns, corporate tax consulting, estate planning, the completion of individual tax returns, and compliance administration for small and large businesses. 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.
Another important aspect for any business to remember is payroll. Accounting and auditing 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.
Colin Smith & Co is a one of the leading accounting and auditing 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.