Keeping proper books and records has always been a legal requirement by all companies which are registered in the Republic. However and more increasingly keeping proper books and records is an obligation that is starting to affect more individuals and entities than ever before such as partnerships, branches, clubs, associations and foundations.
The law was amended in order to identify the books and records to be kept by the taxpayer in order to prepare and file their tax returns.
The person liable for the submission of a tax return declaration must keep documents that:
(i) explain correctly all transactions
(ii) allow the determination of the financial position of the person with reasonable accuracy at any time and
(iii) allow the preparation of financial statements, where there is obligation to prepare such statements in accordance with the provisions of the Income Tax Act or the Companies Law.
Documents include: supporting documents (such as contracts and invoices) and must reflect
(i) the monies received and expended and the matters on which there is a corresponding collection and related cost
(ii) sales, purchases and any other transactions and
(iii) the assets and liabilities of the person to whom the statement refers.
Bookkeeping is a time consuming process and one that has to be done with due care because it will affect all the reporting processes that management uses to take vital decisions. These decisions must be based on correct data entries if they are to be useful.
We provide bookkeeping services to our clients that will enable them to:
- Save time.
- Have access to various management reports on a regular basis.
- Have experts perform this tedious daily task without worrying for inexperienced user mistakes.
- Have their bookkeeping done on the latest accounting software packages ensuring constant data compatibility through time.
- We use internationally recognised accounting software which can exchange information with the most popular platforms.
- We can use technology to immigrate accounting data to the latest accounting software and through different platforms.
- Option to keep accounting data on a cloud service platform to provide for real time accounting information on your desktop.
- Reconciliation and analysis of bank accounts
- Preparation of management accounts
- Conversion of accounts in accordance to IFRS
- Preparation of annual financial statements
- Preparation and submission of quarterly VAT returns
- Preparation of customer statements.
- Reconciliation of balances with supplier statements.
- Age debtors’ analysis reports.
- Reconciliation of Petty Cash and Cash Account.