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).
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.