November 26, 2018

Financial statements

ACCOUNTING RECORDS AND FINANCIAL STATEMENTS

In terms of the Companies Act and the Close Corporation Act, all companies and CCs must maintain proper accounting records indicating the state of the company’s financial position.

In addition, annual financial statements must be prepared that comply with the accounting policy as determined by law, and in certain cases, the statements must contain a report drawn up by an auditor or a professional accountant.

The above, of course, has cost implications for the business and therefore it is important to meet statutory expectations at the lowest possible cost, but with the maximum benefit for the company.

What’s the purpose of financial statements for the business owner?

In addition to SARS and statutory requirements, the first thing a bank asks when applying for financing the annual financial statements. But it goes beyond that.

A good entrepreneur realizes the importance of timely and accurate accounting, as it is the scoreboard of the success of the business and helps in managing the business.

Finkor is focused on cost-effective, accurate accounting and preparation of annual financial statements that meet the requirements of the law.

A good knowledge of the tax law ensures that the company pays as little tax as possible, without violating the tax act. It’s the type of service you can expect from Finkor.