Regardless of the size or industry of your business, you need an effective accounting department that is up to date and ahead of technologies and standards in business. There are rules and guidelines that should be adhered to and businesses can benefit from updated reports and transaction records. This can be accomplished by working with professional registered auditors, as they are experienced in business management and audits, and have a qualified team to take care of auditing services for businesses.
There are many benefits to using the services of registered auditors; most importantly the ability for accountants to verify that all transactions are accurate and that accounting principles are being applied correctly. This is not only good for a business but it is a legal requirement as well, making audit services essential for businesses in many industries across South Africa, regardless of their size or turnover.
Another important aspect for any business to remember is 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.
Audits are part of many medium and large businesses and they are usually performed once a year. It will help to verify a company’s financial transactions and ensure that there are no issues or irregularities. Although not all businesses are required to be audited, it’s always a good idea to show shareholders or managing members that the business is doing well and that it is adhering to all the legal guidelines. Another benefit of working with registered auditors is that it can highlight possible areas that can be improved, so that you can correct any transactions that have not been allocated correctly, or adjust where needed.
Colin Smith & Co consists of registered auditors 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.