Businessentials For Hospitality
Green Point
Green Point
Businessentials For Hospitality provides a range of essential services to clients through in-house expertise and a network of preferred partners.
Businesses fail every year due to bad bookkeeping practices. Maintaining timeous, accurate records are vital to any successful business and will help you ascertain how your business is progressing.
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MANAGEMENT ACCOUNTS
Preparation of regular management reports are essential in order for you to monitor the performance of your business and will be set up in a format consistent with industry benchmarks.
Management accounts provides the following:
> It assists management to make appropriate and informed management decisions.
> Comparisons of income and expenses of specific periods as well as comparison of your prior year and budgeted figures.
> Relevant Statistical Analysis by department
> Highlighting Management Controllable Profit/(Loss) which management is responsible for
> Budgets and Forecasts
> Staff Costs and Payroll Burden
> Banking institutions may insist on these figures if you require additional funding.
BOOKKEEPING
Bookkeeping is a record of all financial transactions within your business. All transactions need to be accounted for accurately to ensure valid information as to the status of your business.
Books of account need to be kept up to date to avoid penalties from SARS for late returns or payments. Any VAT related transactions, income and expenses, need to be recorded accurately and in the correct periods to ensure SARS compliance, and avoid penalties.
In the event of a VAT audit, you will be required to produce these records to be reviewed by SARS.
PAYROLL AND STATUTORY RETURNS
Small to medium businesses are struggling to comply with the increasing statutory demands imposed by SARS.
The implementation of new income tax legislation requires you to prepare your salaries on a professional payroll software package that updates new legislative tax tables and integrates with the SARS websites for your bi-annual employee IRP5 and IT3A reconciliations. This type of software is expensive and requires skilled payroll administrators to operate them accurately.
Preparation, completion and submission of monthly and annual statutory returns such as VAT, PAYE (EMP201) and EMP501 reconciliation and submission on Easyfile and SARS E-filing.
