Financial Statement Preparation
Expert guidance for precise statements
Unlocking the power of financial data
To succeed and develop steady growth for your business in South Africa, you’ll need to make sure you have your accounts in order.
One of the most important financial documents is financial statements. And at Thryv Accountants, we are dedicated to helping SMEs and large companies alike thrive in the competitive world of financing and business, by ensuring all regulatory compliance is perfectly ordered.
Our service
What our financial statement preparation services include
One of our expert accountants will help you through the entire process of your financial statement preparation to get your annual statements compliant and ready for the new fiscal year. Any questions you may have will be readily answered as we walk you and your company through this important process.
We can get your accounts up-to-date, from UIF returns to payslips and invoices to Bi-annual EMP501 submissions.
Thryv Accountants can prepare a wide variety of Financial Statements for different companies:
- State-owned companies
- Municipalities
- Private companies
- Trusts
- And other business types
If there are no accounting records, can we still undertake annual financial statement preparation?
We assist with all layers of accounting and our dedicated team of experts can help you with everything you need to get your business accounting records in order. This includes:
- Income statements
- Balance sheets
- Equity statement
- Preparation and submission of all SARS returns
- Preparing and consolidating Provisional Tax & Income Tax
- Payroll processing and all relevant returns
- And other services
definition
What Are Financial Statements?
Financial statements are written documents that detail your company’s commercial activity and financial performance. Government authorities and chartered accountants, among others, frequently audit financial accounts to verify accuracy and for tax, financing, or investment purposes.
The process of combining accounting information into a standardised set of financials is known as financial statement preparation.
Preparation
How are financial statements prepared in South Africa?
The final phase in the accounting cycle is to prepare a financial statement. The financial statements are prepared after all the accounts have been modified or closed. Financial statement preparation follows a logical sequence and is required to be in a specific order because each phase of the financial statement preparation builds on the other.
Because the details from one statement carry over to the next, financial statements are prepared in a specific order. The trial balance is the first statement in the process, the adjusted trial balance comes second, followed by the income statement, balance sheet, and owner’s equity statement.
When must financial statements be audited in South Africa?
Who needs to prepare financial statements in South Africa?
State-owned companies as well as public companies have a legal obligation to have their financial statements audited under the Companies Act of 2008. For private companies, it is stated under the Act that you must have copies of all financial statements for at least 7 years, but these statements don’t need to be audited. But private companies whose public interest score is 100 and above are required to have their statements audited.
While private companies with a public interest score below 100 are not required to have their financial statements audited, they often still complete this process, as the benefits of having these documents are highly beneficial for your business.
Why is it important to prepare financial statements?
Financial statement preparation is highly important because it aids investors in making decisions about your company. Financial statements offer all of the necessary information for potential investors to decide how much they want to put in the firm. It is also useful in determining the price per share, which is essential for investors when they want to invest in your company.
What are the objectives of financial statements?
The objective of financial statements, above the legal requirements, is to provide information about a company’s financial activities and economic position that is useful for a wide range of purposes.
The primary goal of financial statements is to convey information about a company’s economic resources and responsibilities, such as labour hours, company assets, the capabilities of your company’s production, stock, cash flow, and more.
Get peace of mind
The benefits and advantages of hiring Thryv Accountants for your financial statements preparation
- We bring several years of experience and expertise to your service. We are highly reliable and reputable for our expertise in financial management
- Our team of accountants is highly skilled, thus reducing the risk of errors and improving the credibility of your report
- We can streamline your reporting process, increase accuracy and provide invaluable insights into your business to help you make the best financial business decisions
Financial Statement Preparation at Thryv Accountants
Whether you are an SME or a large public company, our team of expert accountants is ready to tackle any accounting needs your business has, and this includes Financial Statement preparation. At Thryv Accountants, we know how overwhelming the intricacies of company compliance can be. We focus on the world of accounting so you can focus on what’s best: growing your business.
You can book a call with us to start discussing how we can help you get this process started, reach out to us via our Contact Page or request a quote and outline your business requirements.
