Bookkeeping services up to Trial Balance

Bookkeeping involves the recording of a company’s financial transactions on a regular basis. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions.

Bookkeepers are professionals who oversee all of the financial records for businesses Furthermore, bookkeepers ensure that businesses are cognisant of their financial position as well as the financial transactions that take place within their business.

A trial balance, for example, is a vital report that reflects that the general ledger account balances at a specific period of time. Its primary function is to assist with the planning and preparation of financial statements. The balances of the ledger accounts are separated into debit and credit balances. The total debit balance must match the credit balance; if not, an error has occurred in the ledger accounts.

Accurate bookkeeping is critical for investors, financial institutions and the government. It ensures that they have correct information on which to base lending and investment decisions. Our economy is reliant on precise bookkeeping.

Preparation of monthly/quarterly management accounts from trial balance in format required by the client

Monthly/quarterly management accounts are a set of abridged data that has been collected from a balance sheet, cash flow, and income statement which is collated and presented to the business’ management team. The report includes a Statement of Financial Position and a Statement of Financial Performance. The report gives a client the necessary information to assess their financial position and their financial performance. Through this, they are able to make an informed decision about strategies required for the business to take the next steps.

Preparation of annual financial statements to adhere to International Financial Reporting Standards

Financial statements are records required by legislation. They convey the financial performance as well as the business’ activities during a certain period of time as well as the results of its operations and cash flow for the specified period.

They need to conform with the International Financial Reporting Standard (IFRS) or International Financial Reporting Standard for Small and Medium Sized Entities (IFRS for SME’s) and are based upon appropriate accounting policies consistently applied and supported by reasonable, prudent judgements and estimates.

There are three fundamental financial statements: statement of financial position, statement of financial performance and cash flow statement. Together, the statements can assist an analyst with their forecast of a business’ performance. He/she will take into account the profitability, liquidity and solvency of a business.

Investors, market analysts, creditors and the South African Revenue Service usually require copies of these statements when evaluating the overall health of a business.

Accounting officer for close corporations

In South Africa, The Close Corporation Act requires that a person is appointed as an accounting officer of a Close Corporation. The obligations of an accounting officer are stipulated by the Close Corporation Act.

Walter Calitz, the owner of WJC Consulting (Pty) Ltd, is a registered Chartered Accountant and therefore has the necessary qualification to be appointed as an accounting officer.