Accounting Services along with Project reports for engineering,

Accounting Services along with Project reports for engineering, Management Information, System Reporting, Business Plans for Equity and Enterprise Valuations, Software corporation assignment report and Payroll Services in Pretoria.

The Benefits of accounting services to every enterprise is something if you want to hardly be ignored in any suggests. This is be the purpose why agencies setting out to take it seriously now a days over ever before as they need located the positions its facts yet as functionality can have interaction in permitting them reap their objectives and targets over a given quantity of some time.

Here is that the best manner

Are you considering the way to do effective accounting on your business? Does one understand that with the help of online accounting offerings such may be a get into the park? Just in case you're thinking about effecting this technique to your own, you will want to ponder analyzing this post from start to complete. This is frequently as it'll be progressing to have you ever uncovered to some of the very best edges of on line accounting services. They're going to facilitate to very own you tuned in to why you wish to start mistreatment such companies on your business these days.

It can shop some time

Do you want to recognize why your commercial enterprise isn't shifting in the interim? It's because of the very truth that you just try and try to do too several things at a time. With the advent of on-line accounting services, you've got the risk to source the accounting side of your commercial enterprise to a expert agency which is capable of make certain that every one the monetary aspects of your commercial enterprise is blanketed within the method that they need to.

This reasons you to be terribly powerful in opportunity activities that allows you to would like your interest. Do now not overlook that accounting is not totally technical however additionally terribly exigent once it entails time. This is often due to the fact for the records to be top, every oversight can need to be compelled to be taken care of flow into the simplest capacity manner.

Handling of Payments

This is one a few of the elements wherever you may realize it extraordinarily tough to attempt to do at the same time as not hiring online accounting services. They need been determined to be platforms anywhere consider and self assurance are created among enterprise house owners and their team of workers. Making and try to live tune of who and as soon as to pay isn't simple in any approach. Through the offerings rendered by using these experts, you may see that such might be treated.

Moreover, it's capability that you simply can also make mistakes as soon as making and try and cope with this in your personal as you aren't a professional. Professional on line accounting services try to make sure that there are not any rooms for mistakes once dealing with economic issues.

Professional Advice Accounting and Tax

This is maybe one facet wherever on-line accounting offerings will hardly be unheeded. They're going to make sure which you're given the only objects of advice in opportunity to confirm that financial sports are handled in a totally skilled way. Several companies are  in recent times due to the very reality that their owners can't appear to comprehend but monetary topics will be treated. These experts are there to affirm that you just are given skilled steerage every time they're called upon at any time of the day.

Capacity Building and Training - Wessels Accounting Pretoria North

Capacity Building and Training - Wessels Accounting Pretoria North: Capacity Building and Training - Wessels Accounting Pretoria Monitor your business’s accounting and financial performance

If you have already taken your hearing aids to the hearing aid repair shop

Hearing instruments age, just like any technology has grown by leaps and bounds. Today, the hearing aid technology has become more advanced which means that hearing aids for sale are today jam-packed with all sorts of nifty features and specifications. If you have not replaced your hearing aid for a while, the technology may be outdated.

There are many reasons why you should seriously consider an upgrade, even if your hearing aid does not necessarily need replacement or repair.

Hearing aids for sale, especially high-quality ones, can last for as long as 8 years without needing repair. When well maintained, some can even last longer. The factors that affect the lifespan of a hearing aid vary and will depend on several factors such as the brand, maintenance, construction and rate of usage.

After some time, the performance of your hearing aid will naturally start to decline; the internal components will wear out and the overall performance will not be as effective as it was when you first made the purchase. To ensure that you are not dealing with subpar hearing aids here is how to tell that you need a new hearing aid:

More than 5 years old

Hearing aids South Africa work best during the first 5 years of use and then begin to deteriorate slowly after that. Not only does the technology get outdated, but the inner workings of the hearing start to become compromised as well, which will affect its performance significantly.

Your hearing gets worse

If you have already taken your hearing aids to the hearing aid repair shop on more than one occasion, and your hearing seems to be worsening, it might be a clear indication that you need a whole new set of hearing aids. If you have noticed any noteworthy changes with your hearing, you might find that you require another model or type of hearing aid altogether.

Lifestyle changes

The type of hearing aid that you have should obviously match your lifestyle. If you have recently added a new family member, for instance, your hearing abilities may demand more from you. If this is the case, you will have to purchase hearing aids South Africa that can serve you effectively. Conferences or classes may also demand that you transition from wearing your hearing aids sometimes to all the time.

Better models

There are always hearing aids for sale and new hearing aid companies entering the market everyday with the coolest and trendiest features. You may simply want to spring for a new hearing aid because it is smaller, better or more discrete. It is all up to you to determine whether you can afford the upgrade or whether it is worth it.

The SAICA and South African Institute of Chartered Accountant (IRBA)

The modern head accounting body of the South AFrica, the Institute of Chartered Accountants in Pretoria, has had a royal constitution because its first inception in 1880. Accounting firms specific underneath this accreditation have to undergo some of the most rigorous analytical testing, screening, and work related experience anywhere within the global.

Before the leading edge of the economic revolution came into being, and before the outgrowth of firm agencies, accountants had been often visible as now not an awful lot extra than bookkeepers; people who recorded the economic transactions and balances of others.

In modern global, the job of accounting in Pretoria, even for a small enterprise, can frequently be a dramatically underneath favored project. The maximum technically gifted accountants of today no longer handiest ought to cope with the growing complexity of manufacturing and logistic accounting, however also transactions handling depreciation of belongings, stock valuation, and a Company's coverage and regulation dues. This makes a chartered accounting firm one of the most important elements of any commercial enterprise within the modern-day world.

What a Chartered Accounting firm can do for you

Accountants in Pretoria frequently can not perform the multitude of tasks required through a a success cutting-edge commercial enterprise all by means of themselves. Many extraordinary pretty specialized fields each require their very own full time employee, such as prison and danger control, logistics and production, taxation and regulation, depreciation and pass-forex, payroll and advantages, and of path revenue and fees.

When you have got this form of complexity within your business, the most effective feasible solution is turning to a dedicated crew of accountants.

Chartered accounting companies, much like many different regions of your commercial enterprise, will regularly be quite specialized. There may be a tax professional, a P&L professional, a payroll expert, and so forth. Hiring them is regularly similar to hiring a PR firm or advertising firm. The difference being that chartered accountants are some of the maximum heavily regulated and trained experts within the industry.

The SAICA and South African Institute of Chartered Accountant (IRBA), both based in Pretoria, routinely perform professional audits on their members and companies at some point of the yr. Additionally, in case your firm is completely or in part public (gets taxpayer bucks) then accountants in Pretoria are regularly required to maintain expert indemnity coverage, as well as being mechanically audited.

Contributing without delay on your bottom line

Going past simply recording and providing statistics, state-of-the-art expert chartered accounting companies are expected to be as essential part of a enterprise as another. That means they're anticipated to always endorse new methods of lowering charges, including on transport, import and export taxes, licensing and so forth.

Professional accountants need to be the first point of attack in such eventualities, such as discovering that a positive municipality just reduced their taxes on a key component of a brand new product, or that there are several new laws that could have an effect on production charges or liability troubles with manufacturing. It is the accounting company's process to navigate via these types of extraordinary eventualities, and choose the most economically possible alternative for the corporation.

If you are considering upgrading to a totally chartered accounting firm in Pretoria, consider it like upgrading from a college intern marketing your products, to an award winning, fully functioning marketing crew. The differences that arise will not handiest result in peace of mind for you and your budget, but also provide a regular foundation for the destiny of your enterprise.

Tax Services

Tax Services: The complications that surround tax season are enough to choke the life out of any small business. You can breathe easy with a Registered Tax Practitioner.

Accounting and Auditing by Chartered Accountants in Pretoria

Accounting and Auditing by Chartered Accountants in Pretoria: Wessels & Associates can turn your business complexities into simple solutions. We can assist you with #financial management, financial reporting, #auditing, business analysis and strategy, #taxation or anything in between. http://www.wessels-accounting.co.za/services/accounting-and-audits/

All About Accounting and Bookkeeping in 2018

All About Accounting and Bookkeeping in 2018: All About Accounting and Bookkeeping in 2018

Accounting and Admin controls Tips by Wessels Accounting in Pretoria

What is internal control? 

It is the system of checks and balances to ensure the company’s financial records are accurate and reliable being the result of transactions that are carried out and recorded timeously, accurately and efficiently.

The effectiveness of internal controls is dependent on management’s attitude towards controls.

Indications of a strong internal control environment

• Employees possess the necessary skills and competence required
• Recruitment agencies or HR checks and verify the details in CVs properly.
• Proper inhouse training to staff
• Clear roles and responsibilities
• Separation of duties are in place between functions of initiation, authorization, recording and reviewing.
• Monitoring of staff performance

Strong document controls include:

• Easy to understand designed forms
• Sequentially pre-numbered documents to be able to track, record and reconcile documents.
• Orders and Invoices approved by management
• Payments approved by management
• Physical verification and inspections are performed
• Supporting documents accompany orders and deliveries
• Information on documents comply with VAT requirements
• Documents are filed regularly and in a logical manner

Strong Accounting and Admin controls include:

• Reconciliations between accounting records and source documents – bank accounts, supplier statements, customer statements.
• Overall review done by management.
• Statutory requirements such as VAT returns, Payroll returns, Tax returns reviewed by management.
• Filing are done in a logical manner i.e. monthly file for expenses and income.

Strong Accounting and Admin controls include by Wessels Accounting

Strong Accounting and Admin controls include by Wessels Accounting: Statutory requirements such as VAT returns, Payroll returns, Tax returns reviewed by management.

EMP Payroll returns – PAYE, UIF, SDL, IRP5s

Tax Compliance Status

SARS’s system makes it easier for taxpayers to obtain a Tax Clearance Certificate (TCC) and the system allows taxpayers to obtain a Tax Compliance Status PIN which can be used by third parties to verify your compliance status online via SARS eFiling.

To be tax compliant you need to:

• Have all outstanding returns submittedie. VAT returns, PAYE returns, Income Tax Returns
• All moneys owed to SARS must be up to date.
• Be registered for the tax products that you are liable for.

The taxpayer can view their status before requesting a certificate and identify non-compliance.

A Tax Practitioner can view your status on your behalf and assist to remedy any non-compliance.

A Tax Practitioner can request your Tax Compliance Status online via eFiling.

Benefits of using a tax practitioner.

1. It enables the business owner to focus on his core activities while all administrative burdens are dealt with by qualified professionals.
2. Tax Practitioners have a dedicated Call Center for specific taxpayer related queries.
3. Tax Practitioners have dedicated offices for taxpayer related queries and can book appointments with SARS.
4. They provide advice about the application of a tax Act.
5. Complete or assists with the completion of a tax returns.
6. A tax practitioner belongs to a regulatory body.
7. Has to comply with SARS requirements for qualifications and experience.
8. Participate in continuous professional development programmes to ensure their knowledge stays ups to date.

The Tax Administration Act (2011) has been amended requiring tax practitioners to register with a recognized controlling body, and with SARS.

The list of currently recognized controlling bodies:

• Chartered Institute of Management Accountants (CIMA)
• Chartered Secretaries Southern Africa (CSSA)
• Financial Planning Institute (FPI)
• Institute of Accounting and Commerce (IAC)
• SA Institute of Chartered Accountants (SAICA)
• SA Institute of Professional Accountants (SAIPA)
• SA Institute of Tax Practitioners (SAIT)
• The Association of Chartered Certified Accountants (ACCA)
• Association of Accounting Technicians Southern Africa (AAT(SA))
• Law Society of South Africa
• General Council of the Bar of South Africa, Bar Councils and Societies of Advocates referred to in Section 7 of the Admission of Advocates Act, 1964
• Independent Regulatory Board for Auditors (IRBA)

What are the requirements in order to register as a tax practitioner?

A tax practitioner, must meet the following requirements:

• Belong to or fall under the jurisdiction of a Recognised Controlling Body as referred to in 240A of the Tax Administration Act.
• Have the minimum qualifications and experience set by your Recognised Controlling Body.
• Have no criminal convictions for the offences described in s 240(3) of the Tax Administration Act.
• Participate in continuous professional development programmes set by your Recognised Controlling Body.

Wessels & Associates is a SARS Registered Tax Practitioner.We can submit the following statutory returns via e-filing or other portals on your behalf:

• EMP Payroll returns – PAYE, UIF, SDL, IRP5s
• VAT returns VAT201
• TAX returns – IT12 or IT14 – Individual taxation and Corporate Taxation
• Provisional Tax returns IRP6
• Unemployment Insurance Funds UIF returns
• Compensation Commission returns
• Tax Clearance Certificates
• Tax Compliance Status requests

Tax Clearance Certificates & Tax Practitioners – WESSELS & ASSOCIATES

Tax Clearance Certificates & Tax Practitioners – WESSELS & ASSOCIATES: SARS’s system makes it easier for taxpayers to obtain a Tax Clearance Certificate (TCC) and the system allows taxpayers to obtain a Tax Compliance Status PIN which can be used by third parties to verify your compliance status online via SARS eFiling.

When you process payments into your accounting software

Back to Basics: Accounting for Assets

Assets versus Expenses

When you process payments into your accounting software the decision must be made there and then whether the payment should be categorized as an asset or an expense.

It is therefore important for the processor to understand what the difference is at the input stage to avoid corrections to be made later or to avoid losing track of assets that was purchased.

How to identify an asset

Assets are resources controlled by a business as a result of past events and from which future economic benefits or service potential are expected to flow to the business.

The most obvious difference between an asset and an expense is that that an asset gives you a long-term benefit whereas an expense gives you only a short-term benefit. Assets are usually used over more than 12 months whereas expenses are used up immediately or over a shorter period.

How to identify if it is an expense

If it is not an asset, then it can be classified as an expense.

In Summary: How to identify an Assets

It is a resource

• Something you can use
• You have control over it
• You have access to it
• Has a value

There was a past events

• It was bought or donated or built

There will be future benefits or service potential

• Services to the company or rentedout of income.

Examples of assets:

• Office equipment
• Furniture and fittings
• Motor vehicles
• Plant and equipment

The Cost of an Asset

What should be included in the cost of an asset

Initial Costs is the costs directly attributable to bringing the asset in its location and condition as intended such as:

• Purchase costs
• Import duties
• Non-refundable taxes
• Less any discount or rebates
• Site preparation and development
• Initial delivery and handling costs
• Installation and assembly costs

Later costs incurred

To capitalise the cost incurred later on an existing asset depends on what it the cost will do for the asset:

Cost will be capitalised if :

 It extends the useful life of the fixed asset
 It increases the economic value of asset
 It Increase capacity/production of asset
 If it is an upgrade or refurbishment

Expense the later cost if:

 It is incurred to restore asset to a working condition for example fixing or maintaining it.

Asset Register

Asset Register is a record of information on each asset that supports the effective financial and technical management of the assets.

The asset register should also facilitate proper financial reporting.

Wessels & Associates – Chartered Accountants and Auditors, can assist you with setting up and maintaining an Asset Register and assist with calculating depreciation, impairments and book values.

Please contact us on info@wessels-accounting.co.za to request a free consultation.

Back to Basics for Small Businesses – WESSELS & ASSOCIATES

Back to Basics for Small Businesses – WESSELS & ASSOCIATES

The word “Tax Invoice” must be clearly indicated.

Tax Invoices

What information needs to be on a Tax Invoice

1. The word “Tax Invoice” must be clearly indicated.
2. The supplier name, Address and VAT no
3. Tax Invoice Number
4. Date of Invoice
5. Recipient name, address and VAT number of recipient (if it is a registered vendor)
6. Description of goods
7. Price per unit and quantity
8. Total Sale value (Indicate the currency)
9. VAT Charged (indicate the VAT percentage)
10. Total value including VAT

For tax invoices below R5000

1. The recipient details need not appear on the invoice
2. There are no requirements to show the units or volume
3. The description need not be full.

Value Added Tax (VAT)

Who should register for VAT?

Any person that carries on a business may register for VAT.

It is mandatory for a person to register for VAT if the taxable supplies made or to be made is, in excess of R1 million in any consecutive twelve-month period.

A person may also choose to register voluntarily if the taxable supplies made, in the past period of twelve months, exceeded R50 000.

VAT increased from 14% to 15% from 1 April 2018.

How to register for VAT?

The VAT 101 application for registration must be submitted in person at the SARS branch nearest to the place where your business is situated or carried on.

A registered tax practitioner can register your business for VAT on your behalf.

Registering For Employees’ Tax  [Pay-As-You-Earn (PAYE)]

Who should register as an Employer?

An employer must register with the SARS within 21 business days after becoming an employer, unless none of the employees are liable for normal tax.

What is Employees Tax?

Employees’ Tax refers to the tax required to be deducted by an employer from an employee’s remuneration paid or payable. The process of deducting from remuneration as it is earned by an employee is commonly referred to as PAYE.

Monthly submissions to SARS by Employer

The amounts deducted or withheld must be paid by the employer to SARS on a monthly basis, by completing the Monthly Employer Declaration (EMP201). The EMP201 is a payment declaration in which the employer declares the total payment.

Employer Annual Reconciliations

Employers are required to submit their Employer Annual Reconciliations by 31 May to SARS, confirming or correcting payroll tax amounts which were declared in respect of the tax period.

Who should register for Unemployment Insurance Fund (UIF)

An employer who is registered or required to register with SARS for PAYE and/or Skills Development Levy (SDL) purposes, is also required to register with SARS for the payment of Unemployment Insurance Fund (UIF) contributions to SARS.

We are members of the South African Institute of Chartered Accountants

Wessels & Associates is an Auditing, Accounting and Tax Practice based in Pretoria. Our offices are situated in Pretoria North East.  Our clients are based in all areas of Pretoria and Pretoria North.

We are members of the South African Institute of Chartered Accountants (SAICA) and the International Regulatory Board of Auditors (IRBA).

Our Services and Specialties

Accounting / Bookkeeping

Accounting and bookkeeping entails processing of bank statement transactions into an accounting system.  Processing is done regularly to ensure accounting records are always up to date to produce accurate financial reports. We follow accounting standards prescribed for South Africa– IFRS for Small and Medium size entities (IFRS for SMEs).

Management Reporting

Wessels & Associates Accountants can provide you with accounting reports to enable you to analyse your business performance on a regular basis. Reporting can be done based on your business needs. In a project environment for instance, the accounting system can be set up to report on the profit per project.

• Income statement

An Income Statement is a report that shows your Income from Sales, less your expenses, to show if your business is making a profit.

Month to month comparisons can be made to budgets and to other months to determine why your income and expenses are increasing.

• Budgets

We can assist you with compiling a budget and comparing it with the actual accounting records. This will help you identify over expenditure and corrective action can be taken.

• Balance Sheet

A Balance Sheet is a summary of your Assets and Liabilities at any point in time. Financial Institutions are interested in this report to determine your liquidity, solvency and overall financial position.

Fixed Asset Registers

Wessels & Associates can assist you with setting up and maintaining an Asset Register.

An Fixed Asset Register keeps record of all your companies’ assets, where they are located, when they were purchased, at what cost and their current book values.

As qualified chartered accountants we can calculate depreciation, impairments and book values.

Annual Financial Statements

Financial Statements should be supplied to SARS and CIPC on an annual basis. Banks also require Financial Statements that are compiled by a qualified accountant.  As Registered Auditors,this will give the Annual Financial Statements the credibility required by the institutions.

Accounting Systems and Software

SagePastel Accounting Software and Xero Accounting Software are mainly used in our practice.

We can also assist with converting your current system whether manual or on excel over to Pastel or Xero Accounting.

Statutory Returns

Wessels & Associates is a SARS Registered Tax Practitioner.

We can submit the following statutory returns via e-filing or other portals on your behalf:

EMP Payroll returns– PAYE, UIF, SDL, IRP5s

VAT returns VAT201

TAX returns – IT12 or IT14 – Individual taxation and Corporate Taxation

Provisional Tax returns IRP6

Unemployment Insurance Funds UIF returns

Compensation Commission returns

Tax Clearance Certificates

Tax Compliance Status requests

Auditing or Other Types of Engagements

We are Registered Auditors with the IRBA (International Regulatory Board of Auditors) and there for allowed to conduct statutory audits and other audit engagements.

As there are different types of engagements your business needs to first determine what kind of engagement it requires. Certain small and medium size companies, for example, might only need a Compilation Engagement or an Independent Review rather than a full statutory audit.

The type of engagement required by each business is prescribed by the Companies Act of 2008 and depends on the result of the Public Interest Score (PIS) calculated.

We can calculate your PIS to determine what kind of engagement you need.

Other audit support or Internal Auditing

Even if we are not appointed as your auditors, we can also assist you with getting audit ready and liaise with your own appointed auditors to support you during an audit.

Audit readiness entails for instance preparing prior to the audit, reconciliations such as Bank reconciliations, VAT reconciliations to Turnover, Payroll reconciliations. Preparing a fixed asset register and depreciation calculations and year end journals.

Your company’s control environment and system description can also be documented and streamlined not only for audit purposes but also for your own internal control benefits.

The communication gap between your accounting staff and the external audit team can create unnecessary delays and misunderstandings.

Having a qualified accountant and CA(SA)on youraccounting team will assist both parties (you and the auditor) through a painless and efficient audit process.

Internal controls

We can design and help with implementing controls and systems in your accounting department.

Appropriate internal controls can prevent and detect errors and fraud.

Controls such as reconciliations, approval documentation, and segregation of duties, checks and balances will support complete and accurate accounting records that can be relied on.

A strong control environment gives you that peace of mind.

Training and capacity building

Training in bookkeeping, accounting and general office administration are available should you need to up-skill your employees.   This will in the long term build capacity for your business and provide your employees with growth and personal development.

Our Fees

We provide initial free consultation to determine your business accounting and financial reporting needs.

Our fees are based on a combination of the required hours and level of skills needed which is driven by the size of your business and an estimated number of transactions.

We will be happy to provide you with a detailed quotation of our package for your business.

Contact us on info@wessels-accounting.co.za to request a free consultation.

Small Intro Chartered Accountants (SA) Pretoria North

Small Intro Chartered Accountants (SA) Pretoria North: Wessels & Associates is an Auditing, Accounting and Tax Practice based in Pretoria. Our offices are situated in Pretoria North East. Our clients are based in all areas of Pretoria and Pretoria North.

Accounting Training and workshops on GRAP related to assets

The objectives of an asset management policy are to ensure that assets are managed and accounted for by:

• Compliance with legislation and accounting standards;
• Compliance with accounting policies;
• Physical control over fixed assets;
• Accurate recording of fixed assets and related transactions;
• Providing management information on fixed assets.
• Prescribe Processes and procedures to implement

The goal of asset management is to achieve the required level of service in the most cost-effective manner, which is achieved through management of the asset’s life cycle.

Asset Management Policy’s purpose is to prescribe procedures for the financial and logistical management of assets, and to:

• provide a formal set of financial procedures that can be implemented to ensure that asset policies are achieved;
• ensure that effective controls are communicated to management and staff through clear and comprehensive written documentation;
• ensure that the safeguards and controls the assets;
• optimize asset usage; and
• emphasize a culture of accountability over assets.

Asset Registers

The asset register shall be a complete and accurate database of the assets

and that is regularly updated and validated.

All assets owned and controlled by an entity must be recorded in an asset register.

The asset register should contain following information:

• a brief but meaningful description of each asset
• the date on which the asset was acquired or brought into use
• the location of the asset
• identification number or barcode
• the original cost or the fair value if no costs are available
• accumulated depreciation to date
• the depreciation charge for the current financial year
• the carrying value of the asset
• the method and rate of depreciation
• impairment losses incurred during the financial year
• the date on which the asset is disposed of
• the disposal details
• the date on which the asset is retired from use, if not disposed of.

Assets remain in the asset register for as long as they are in existence or until being written off.

Wessels & Associates is an Audit and accounting practice based in Pretoria, Montana area.

We specialize in the following:

• Fixed Asset Registers
• Quality control and testing of Fixed Asset Registers
• Asset Management Policies
• Assessing useful lives and impairment of assets
• Technical support on GRAP (General Recognized Accounting Practice)
• Training and workshops on GRAP related to assets
• Streamline your internal processes to be more efficient
• Help build your own capacity within your business.
• Audit Support
• Accounting
• Consulting