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:

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:

Our role is to help you get back in the game. No matter the state of your current records – We’ve got you covered.

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?

According to Section 30 of the Companies Act, a business must prepare its yearly financial statements within six months after the end of each fiscal year.

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.

Request a custom quote

Male accountant from an accounting firm in south africa
Get peace of mind

The benefits and advantages of hiring Thryv Accountants for your financial statements preparation

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.

What our clients say

Client Reviews

Pete LowesPete Lowes
14:23 27 Feb 24
I agreed to work with someone called Conrad – and as soon as I signed, he ‘left the company’. Very strange, but I persevered, agreeing to pay for their top package for management accounts, payroll and basically all accountancy services. I now found myself with someone called Arnaud. Not for long, as I was swiftly palmed off to someone else.Over the last month, they’ve become really unhelpful, so we asked to leave. They’ve been charging us a registered representative fee for several months when their representative wasn’t registered at all. They’re completely ignoring this point and refusing to refund the months when no one was registered from Thryv on our behalf.They’re now trying to claw more cash from us to get the management accounts for months that we already paid for.Untrustworthy, unreliable and greedy. Don’t do it.
Sumehn SewrajSumehn Sewraj
21:31 18 Aug 23
Had the pleasure of working with the team for 5 months. Extremely professional and knowledgeable in all accounting aspects. 100% recommend!
Arnaud BrunelArnaud Brunel
18:46 18 Jun 23
I recently had the pleasure of engaging Thryv, an outstanding accounting firm based in Cape Town, and I cannot recommend their services enough! From start to finish, my experience with Thryv has been nothing short of exceptional.Their team of dedicated professionals possesses an impressive depth of knowledge and expertise in accounting. They effortlessly handle a wide range of financial matters with utmost precision and attention to detail. Whether it’s tax planning, bookkeeping, or financial statements, Thryv has consistently exceeded my expectations.The moment I reached out to Thryv, I was greeted with warmth and professionalism. The team listened attentively to my needs and tailored their services accordingly, providing personalized solutions that were tailored to my unique circumstances. Their willingness to go the extra mile truly sets them apart.What I appreciate most about Thryv is their unwavering commitment to delivering timely and accurate results. Deadlines are consistently met without compromising the quality of their work. They navigate complex financial regulations and tax laws with ease, ensuring compliance and peace of mind.Moreover, Thryv’s transparency and open communication foster a strong sense of trust. They take the time to explain intricate accounting concepts in a manner that is easily understandable, empowering clients to make informed decisions. It’s refreshing to work with a firm that values client education as much as they do.In addition to their exceptional service, Thryv’s location in Cape Town is an added bonus. Situated in one of the most vibrant cities in the world, their proximity to local businesses and industries gives them a unique understanding of the regional economic landscape. They are well-equipped to address the accounting needs specific to Cape Town-based businesses.In conclusion, I wholeheartedly recommend Thryv for all your accounting needs. Their professionalism, expertise, and commitment to client satisfaction make them the go-to choice in Cape Town. When it comes to financial matters, Thryv is the firm you can trust to navigate the complexities of the accounting world seamlessly.
Adele LokkerAdele Lokker
13:50 19 May 23
More than 5 stars! Thryv is a breath of fresh air. Their professionalism, expertise, and quick-response is what makes their service stand out. The best accounting firm in Cape Town!
Lee-Anne WebsterLee-Anne Webster
07:44 18 May 23
Excellent service. From the initial meeting to onboaridng everything was explained. Thank you to everyone at Thryv. Professional in every way
Tahn HendricksTahn Hendricks
12:50 13 Mar 23
Friendly, efficient and reliable service – I would give 10 stars if I could!
js_loader
0
    0
    Pending application
    No pending registrationsBack to accounting packages

    Request a quote

    Please fill in the form below and we will get back to you ASAP.