Bookkeeping services
Professional bookkeeping services for business success.
Bookkeeping services might not seem important for small to medium-sized businesses, but the value you get from outsourcing this service can be a great asset for your company. From helping your business grow to identifying errors in your financial management, the results are more than tangible. Plus, you can use the limited time you have every day to do what you do best, and that’s running and managing your business.
But first, let’s discuss what bookkeeping services are and who needs it.
What's included?
What our bookkeeping services include
Cape Town accounting support: At Thryv Accountants, we handle everything when it comes to bookkeeping and financial documentation. By allowing experts at our firm to file, process, and submit all your records and financial statements, you’ll experience the peace of mind and security of knowing all accounting needs for your business are done following all laws and regulations in South Africa.
Some of the components included in our bookkeeping services include:
- Financial Statements (such as invoicing, expense reports, balance sheets, and much more)
- Preparation and submission of all SARS returns
- Payroll processing and all relevant returns
- Assistance with all bookkeeping, tax, and technical queries
- Monthly Payslips, Leave Management, and Expense claims
- Employee Info Updates, UIF Returns, and Department of labour compliance
- Monthly EMP201 submissions, Bi-annual EMP501 submissions, and COIDA Return of earnings
Definition
Financial record-keeping in Cape Town: What are bookkeeping services?
Bookkeeping services refer to the process of keeping financial records and preparing financial statements such as balance sheets and income statements. A bookkeeper will make certain that employees submit invoices and expenses correctly and manage payroll daily.
It is vital to keep meticulous company records. It helps you comprehend how much money is owed to you and how much you owe, and it prevents you from making costly, not to mention illegal, mistakes. It can also assist you in managing your firm and discovering new cash streams.
Bookkeepers are required to summarise your company’s operations into financial reports. These reports provide information on your company’s financial situation as well as its performance.
Some of the procedures involved with bookkeeping service include:
- Tax planning and preparing tax returns
- Managing and tracking the accuracy of your accounts receivable and accounts payable
- Report management and maintaining your company’s financial records
- Analysis of your company’s cash flow
- Tracking your business performance and monitoring for ways to improve overall financial health
- Reconciling and preparing financial statements (such as profit and loss, bank statements, and other financial statements
- Monthly accounting services
Purpose
What is the purpose of bookkeeping services?
The function of a bookkeeper is to provide accurate, up-to-date financial data so that accountants may create annual financial reports and tax filings for your business.
Accounting reports are used by you, the business owner, and other stakeholders such as managers to help them make business decisions.
A bookkeeper ensures that you invoice your clients and receive their money on time. They also make certain that any outstanding invoices to suppliers are paid on schedule and without running out of funds. They ensure that bills are paid on time to avoid delivery delays or credit holdbacks from suppliers.
A bookkeeper manages payroll in addition to accounts payable and receivable. This involves calculating employee pay, modifying deductions, and ensuring that employees get their net salary on schedule. Furthermore, precise payroll is required for compliance.
Data entry is essentially the practice of entering financial transactions or keeping track of what enters and exits your company. It is the foundation of bookkeeping and accounting services since solid financial data is essential for the compilation of financial statements. This is because accurate financial records will give you, as a business owner, and other stakeholders, a true and fair view of how your firm operates.
There are many reports and financial documents that a bookkeeper maintains, files, and reconciles, and includes some of the following:
- Accounts receivable and accounts payable
- Payroll
- Monthly financial reports
- Cash flow statements
- Balance sheets
- Profit and loss statements
- And other vital financial statements from your business
Bookkeeping vs accounting: What’s the difference?
A bookkeeper is the official keeper of your business’s financial records. Your financial strategist and planner is an accountant. This professional is in charge of audit preparation, tax planning, and offering financial analysis and assistance to organisations.
Accounting and bookkeeping services may be managed by a single person, but the roles are different. And having the same professional manage both your accounting and bookkeeping is a powerful combination, as the insight and understanding of your business operations will result in unique action plans to improve the operations and finances of your company.
Bookkeepers organise data. And accountants interpret that data. Bookkeepers, for instance, assist you in managing your day-to-day accounts. This includes billing and invoicing as well as preparing financial statements. Accountants evaluate and review financial records, provide tax advice, and provide direction and supervision over daily financial operations.
At Thryv Accountants, we offer our clients both. And this allows us to streamline your business accounting and dive into the details of your financial figures, allowing us to improve, maximise your cash flow, and prevent any compliance errors, to name a few benefits.
account reconciliation services
Who needs bookkeeping services in South Africa?
Every firm must do basic bookkeeping. Your business must focus on maintaining accounting records, namely expenditures and accounts payable and receivable, calculating profits/losses, and preparing financial statements for various reporting periods. Bookkeepers at small businesses may be responsible for a variety of tasks, such as receiving receipts and calculating and paying payroll salaries.
When your company reaches any of the following milestones, you’ll know if you need a bookkeeper:
- You're too preoccupied with categorising transactions to focus on other aspects of your business, such as selling, developing, and expanding
- You're falling behind on accounts receivable collection or sending out customer bills
- You are not organising your invoices and receipts in a system or database
- You have far too many accounts to gather useful business information from
- You are unsure of what you are spending and earning
- Every year at the end of the financial year, you have to rush to get your books ready for tax season
- You devote more than a few hours each month to bookkeeping
When does a company need bookkeeping services?
It’s a simple process to determine when your company needs bookkeeping services. We’ve listed the main reasons our clients decide why they need bookkeeping:
- You need help preparing your company’s financial statements. This includes cash flow, profit and loss, and balance sheets
- You spend valuable time trying to manage your accounting instead of running your business
- You need help preparing the complicated process of filing your returns during the tax season
- You don't have staff that have the knowledge to undertake this task and don’t have the capital to hire a full-time employee, which is where outsourcing saves the day
- You find yourself falling behind on reconciling your payments, invoices, and other financial documents
- The differences between cash flow, revenue, profit, and other accounting terms are overwhelming which leads to mistakes and liabilities
- You often struggle to interpret and analyse the details and numbers of your records and accounting, which leads to lost opportunities for profit, growth, and business adjustments that positively affect your business
Bokkeeping for SME's
Small business bookkeeping in Cape Town
Bookkeeping is an essential component of running a business. Small companies can utilise bookkeeping to organise, store, and analyse financial data. Using this financial data, you may make educated judgments about your company’s financial stability.
It is impossible to track and submit relevant information to your industry regulators and SARS without company bookkeeping. Not to mention the penalties and fines for incorrect or late reporting.
Making bills, keeping track of down payments, preparing you for tax deadlines, and processing payroll are all responsibilities. Bookkeepers provide a wide range of services to small businesses.
Get peace of mind
Why hire us for your bookkeeping?
Overall, some of the benefits for small businesses that outsource bookkeeping services include:
- Preparing and filing for the annual returns during tax season
- Maintaining and keeping your records updated and following the regulations and laws of South Africa
- Managing and handling invoicing, payroll processes, and your different accounts
- Managing your accounts payables and accounts receivable
- Keeping your books and accounting records up-to-date
- Preparation and filing of financial statements
- Using the analysis and knowledge of your unique finances to streamline your business operations and maximise your profits, lower expenses, etc
Cloud bookkeeping solutions in Cape Town: the benefits of outsourcing to Thryv Accountants
A growing company does not need to recruit full-time bookkeepers and accountants. It is possible to outsource it for a fraction of the cost and gain additional benefits.
Our specialised team of professional bookkeepers in Cape Town can perform the majority of your business bookkeeping swiftly, accurately, and efficiently. This allows you to devote more time to projects that add genuine value to your company.
We’re ready to answer any of your questions – Reach out to us to find out how you can get started in outsourcing your bookkeeping services, by scheduling a call or dropping us a message.
