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Skytrax Accounting and Payroll logo

Skytrax Accounting and Payroll

Cape Town, South Africa

Skytrax Accounting and Payroll logo

Skytrax Accounting and Payroll

Cape Town, South Africa


Skytrax Accounting and Payroll Services (www.skytraxaccounting.co.za) is a firm based in Cape Town and Johannesburg. Understanding your business is of paramount importance to us at Skytrax Accounting and Payroll & HR Services. We specialise in delivering a flexible and efficient Bookkeeping, Accounting, Payroll & HR and Virtual Administration Services at a fraction of the costs traditionally associated with them, so we can help to grow your business.



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Bookkeeping and Accounting Duties:
• Bank reconciliation processing:
 Receive bank or credit card statements via scan or email on a daily/weekly basis.
 Download bank statements directly from website.
 Update all receipts and payments on a daily, weekly or monthly basis.
 Reconcile bank balances against bank statements on a daily, weekly or monthly basis.
 Proactively monitor cash flow and provide cash flow advice.
 Petty cash processing and reconciliation done on a daily, weekly or monthly basis.

• Debtors/Accounts Receivable management and processing:
 Create new Customer Accounts.
 Generation of Sales Orders done a daily, weekly, or monthly basis.
 Processing of customer sales invoices done on a daily/weekly basis.
 Print and email sales invoices to customers.
 Electronically archive all invoices.
 Send weekly/monthly statements to customers.
 Processing payment when the debtor makes payment.
 Processing of credit notes for goods/services returned. Ensure proper process is followed.
 Reconciliation of debtors sub ledger done on a weekly/monthly basis.
 Follow up on outstanding payments with customers via email/telephone.
 Handle all customer account queries.
 Prepare and review daily/weekly/monthly debtors collection forecast with management.
 Provide and review weekly/monthly Age Analysis reports with management.
 Review Days Sales outstanding ratio and Provision for Bad debts with management on a weekly/monthly basis.
 Customer credit limit reviews with management done on a weekly/monthly basis.

• Creditors/Accounts Payable management and processing:
 Create new creditor/supplier accounts.
 Generation of purchase orders done on a daily/weekly basis.
 Receive creditor/supplier invoice via email or scan.
 Process the creditor/supplier invoice.
 Process credit notes received from suppliers.
 Electronically archive creditor/supplier invoices.
 Prepare creditor/supplier reconciliations on a weekly/monthly basis.
 Handle all creditor/supplier queries.
 Load creditor/supplier payments onto the bank for approval.
 Send proof of payment to creditors/suppliers once payment is made.
 Prepare and review the daily/weekly/monthly creditor payment forecast with management.
 Provide and review the weekly/monthly creditor/supplier Age Analysis with management.

• Fixed Asset Register maintenance and processing:
 Monthly processing of depreciation.
 Monthly processing of wear and tear for tax purposes.
 Monthly processing of new Fixed Asset purchases.
 Monthly processing of Fixed Asset disposals.
 Monthly reconciliation of the General Ledger Fixed Asset accounts to the Fixed Asset Register.
 Maintain the wear and tear register on a monthly basis for tax purposes.
 Ensure the correct and proper classification of Fixed Assets.
 Implementation of a standard operating procedure for Fixed Assets to minimise risk ( A in depth analysis of the company’s current policy will be done on initial consultation to determine the risk associated with Fixed Assets).

Stock/Inventory control and processing:
Stock Control can be a tricky area of Bookkeeping for any business. Ensuring the costs and values are managed correctly can be a huge job. We offer complete assistance in the following areas:
• Inventory Setup - this is a critical part of Stock Control. Correct processing hinges on the setup being complete and concise.
• Inventory Processing - when stock is bought and sold it is important that the processing of these transactions are done correctly and they reflect the correct values in the Accounting System. If this is not done properly, the stock/inventory values will be incorrect, which could affect the sales values and the profit margins. Profit on sales is critical to cash flow and future planning of costs and future business ventures.
• Inventory Valuation - the value of your stock/inventory is important for many reasons, and ensuring the value is accurate is important to every business that deals with stock. The costs of purchasing the stock is important to know, but equally important is the sale price and ensuring that the costs are completely covered. There are many factors to be considered:
o The raw cost of the stock/inventory.
o The additional costs of the stock/inventory - freight, import costs, warehousing, on costs.
o If the stock/inventory is to be valued on your accounting system with the additional costs included, especially freight/import cost. This is referred to as 'landed costs' and by adding these costs to the raw cost will give a business a better valuation of the stock costs and therefore what the sales prices should be. By understanding the true cost, a business then understands the true profit margin of the stock.

• Landed Costs on Stock/ Inventory - this is an important area to stock management to understand. If you import stock, by adding the freight and import costs to the cost of the stock, you can ascertain the true costs of the stock and this is vital for any business.
• Reconciling physical stock on hand to the stock/inventory Valuation report as per the Accounting System on a weekly/monthly basis is a Core part of the business.
• Provide and review the stock/inventory Ageing report with management on a weekly/monthly basis.
• Implementation of a Stock/Inventory policy to ensure proper control thereof and to minimise risk (A in depth analysis of the company’s current policy will be done on initial consultation to determine the risk associated with stock/inventory).

• General ledger accounting:
 Ensure proper classification of Income Statement and Balance Sheet General Ledger Accounts.
 Ensure that all the transactions have been recorded in the correct General Ledger Accounts.
 Reconcile all Balance Sheet General Ledger Accounts on a monthly basis to ensure compliance with International Financial Reporting Standards.
 Review the reconciled Balance Sheet General Ledger Accounts with management which provides a Financial Impact summary of risk identified.

• Management Accounts:
 Preparation of Monthly Management accounts which compromise the following:
 Income Statement (Profit and Loss statement).
 Balance Sheet.
 Cash Flow Statement.
 Ratio analysis and benchmarking.
 Debtor/Accounts Receivable Ageing report.
 Creditor/Accounts Payable Ageing report.
 Stock/Inventory Valuation report.
 Stock/Inventory Ageing report.
 Sales Performance report (Classification can be customised).
 Enterprise Risk Management (Contains a summary of Operational and Financial risk present.)

 Review of Management Accounts is done with management on a monthly basis with Core Focus placed on the following:
 Actual results vs Budgeted results
 Cash flow health of business
 Risk which have a Financial impact on the business

• Budgeting and Forecasting:
 Preparation of Annual Budgets is done for Income, Expenditure and Balance Sheet Accounts.
 A monthly Rolling Forecast mechanism is implemented to measure Actual results against Annual Budgeted figures.
 Preparation of a Monthly/Quarterly Rolling Forecast is also done for Income, Expenditure and Balance Sheet Accounts.
 Preparation of Direct Cash Flows to manage all daily/weekly/ monthly financial planning and forecasting activities .
 Review of Direct Cash Flows with management done on a weekly/monthly basis.
 Adhoc Budgets/Forecast prepared as per request from management.

• VAT Return Services:
 Reconciliation of VAT Control General Ledger account to the VAT return for each VAT period.
 Advice on VAT planning and administration.
 Ensure accurate completion and timeous submission of VAT 201 form via E-Filing to SARS.
 Deal with any VAT correspondence and telephonic enquiry received from SARS in relation to the business.

• Additional Services:
 Complete Year End procedures required for the external audit to ensure compliance with International Financial Reporting Standards (IFRS). (We will liaise directly with the external auditors on your behalf to ensure cost savings).
 Bookkeeping and Accounting services provided for Law Firms and Real Estate Agencies to ensure compliance with the specific Board requirements.
 We have the expertise and knowledge to deal with Forex Accounting issues.
 Internal audit services provided:

 Evaluating the operational and financial risk of the company.
 Recommendation of process improvement procedures to minimise risk.
 Implement policies and procedures manuals to improve the internal control environment within the organisation.
 Assist in enhancing operational efficiency and cost reduction to improve an organisation’s competitiveness by applying our best practices to business processes and controls.

• Training and Support:
 Your business is starting up... We will help to set up your company on Sage Pastel Accounting and provide you with best practice to in-depth advice, consultancy and technical tips.
 We provide one on one detailed Sage Pastel Accounting training at your premises. The training course covers the key aspects of Sage Accounting essentials, from set up, through to using your software on a day to day basis and through to the extraction of management accounts.
 We also provide one on one Sage Pastel Accounting training on course content to meet your specific training requirement.
 Course training and support can be organised for a time most convenient for you.
 Have a specific issue with Sage Pastel Accounting you are trying to resolve, but you are flummoxed and frustrated. No worries give us a call to resolve the issue.
 We are Certified Sage Pastel Consultants.

5 Reasons to Use an Outsourced Bookkeeping Service
We often meet a lot of clients at a critical turning pointing in their growth phase. Business owners who have met that illusive million dollar mark in annual revenue (though sometimes they arrive at our virtual door a bit later) and suddenly feel the burden of managing their own bookkeeping catching up to them.
It doesn’t take long for a new business owner to understand that accurate and up-to-date financial records play an important part in the success of a business. At the same time, the daily tasks required to maintain these records often fall to the bottom of an owner’s to-do list of priorities. After all, business owners didn't go into business to become bookkeepers--and the value of time spent on maintaining the books translates into a pretty expensive hourly rate!
Hiring a bookkeeper to handle the accounting tasks in-house for the business is one solution to the problem, but it isn’t always the best solution. Here are five good reasons to outsource bookkeeping services:
1. Privacy. There are few things more guarded in a business than internal financial records. This is information that an owner wants kept private and secure. Finding someone you can trust to do the job well, stay with the company long term, and maintain confidentiality is not a simple task- especially when a local bookkeeper knows your personal financial health.
2. Scalability. Growing businesses often start out with smaller needs but rapidly grow to require a full suite of bookkeeping services. Hiring an outsourced bookkeeping service with controller oversight and a full service offering enables the service to scale to needs, without having to hire or train additional staff.
3. Training and Management. Most business owners are not in the position to be able to train or manage bookkeeping staff-primarily because their bookkeeper likely knows more about it than they do. But the benefits of having a bookkeeper up-to-date on the latest or have comprehensive knowledge of tax rules or reporting methods makes a big difference in the quality of bookkeeping.
4. Maximize Your Resources. When business owners try to save money by doing their own bookkeeping or delegating it to another key employee, they are expending valuable time and energy that could be better used growing the business. When they outsource their bookkeeping services, they free themselves up to spend their time doing what they do best. CFOs, office managers and non-accounting personnel simply shouldn't be spending their time on the books.
5. Tax and Audit Ready Financials. Using outsourced professional bookkeeping services to prepare financial records makes accountants, banking institutions happy. There is no concern over whether the books are accurate or questioning the integrity of the financial data. Whether a business owner needs to provide financial statements to the bank, satisfy investor reviews or share information with the SARS, outsourced bookkeeping services help make sure there is no doubt about the data.
Whether a business needs current financial figures to present to a banker or it just needs to keep tabs on cash flow, keeping up to date on accounting tasks is essential; an easy solution is to outsource bookkeeping to a professional service.
Interested in finding out more about how you can outsource your bookkeeping? Contact us for more information!
Please contact us on 066 234 3768 or email us on info@skytraxaccounting.co.za.

Skytrax Accounting and Payroll Services is a firm based in Cape Town and Johannesburg.
Understanding your business is of paramount importance to us at Skytrax Accounting and Payroll & HR Services.
We specialise in delivering a flexible and efficient Bookkeeping, Accounting, Payroll & HR and Virtual Administration Services at a fraction of the costs traditionally associated with them, so we can help to grow your business. These can be used both off-site and on-site to manage day-to-day Bookkeeping for small to large businesses, or scaled to deliver running an entire Finance function of a business.
We have 20+ years of combined experience, and continually invest in developing our knowledge and experience in areas necessary to serve you with excellence.
Our Aim is at helping Small to Large sized organisations in South Africa by taking the burden of Administration, Bookkeeping, Accounting, Payroll and HR away from our clients, in that way they can spend more time doing what they know best whilst they know that their Accounting records and Administration are in the hands of capable and qualified people.
Our Core Values are founded on the principles of Professional Integrity, Independence and Ethics to which we live by.
We strongly believe that open, effective communication is critical to building long-term working relationships and our strong team Ethos drives an energetic, dynamic and highly motivated team. We want our clients to see us, not simply as their Accountants, but as a valuable extension of their own team.
Fresh thinking and a practical business approach are the reasons why companies choose to work with Skytrax Accounting and Payroll Services.
Our Philosophy is always to do our utmost to:
• Provide friendly, courteous and efficient service.
• Always exceed your expectations.
• Listen to what you are saying.
• Communicate with you quickly and fully.
• Never surprise you with bills you’re not expecting.
• Be honest, truthful and upfront with you at all times.

 Fast life, Not enough time? Stressed? Feeling a little bogged down? Let us handle all your Bookkeeping and Accounting Services, leaving you free to concentrate on the day to day running of your business.
 You are lagging behind with your financial records? We can immediately step in to help you get your books in order and advise you on a plan going forward.
 Outsource your Bookkeeping and Accounting Services so we give you back your time to focus on the Sales and Management of your business.
 You are incurring unnecessary penalties from SARS? Not SARS compliant? VAT problems? Let us take the ache out of your headache
 Need time to run your business? Let us take the ache out of your Bookkeeping and Accounting needs.
 Got the package and don’t know how to use it? We offer one on one Sage Pastel Accounting training at your offices at a competitive fee.
 All of our packaged accountancy services are truly comprehensive, and there are absolutely no hidden fees or charges. We will never carry out any work without first seeking your approval to proceed having agreed on the cost beforehand.
 Choosing the right Accountant is the most important decision a company can make? Give us a call.

What makes us different?
We're more than just Accountants...
We’ll do all the usual stuff you’d expect your Accountant to do - file accounts, complete your Bookkeeping and Payroll, and ensure you are Compliant. However, we believe that businesses deserve so much more than that.
Getting us on board means you are getting all our experience consultants