We offer on-site assistance with unresolved issues in Bookkeeping, Sars, WCA, U-filing, and Easy-file.

We also conduct Online Accounting And Bookkeeping Assistance. With Telephonic support.

We also offer Online Bookkeeping Training.

Whether your business is retail, manufacturing, or wholesale we can assist the office staff with their bookkeeping queries or train them on-site or online with any bookkeeping processing on any accounting software/Excel that they need assistance with.

Bookkeeping – Basic Overview

Once a purchase for the business is made, the slip or invoice is then analyzed to see which category the expense will be ie Purchases, stock, stationery, etc, etc.

Each expense has to be recorded together …all purchases will be recorded together, and all stock or stationery or any expense has to be recorded together so that at the end of the financial year there is a total of how much was spent over the 12 months for each specific expense.

This is important so a business knows what it is spending on each expense, and the business can implement a budget to control the spending.

This is important so the business knows how much stock has been purchased and how much stock was sold, especially for purchases (Cost Of Sales). These individual expense figures can assist the business, so when looking at the Purchases total figure the business can see whether the cost of sales (Purchases) figure is reasonable in relation to the Sales figure.

If a business does not record each expense correctly, the figures will not reflect the true financial position of a business

For Example, Insurance is recorded as R80 000,00 per year instead of R30 000,00.  these incorrect figures will be captured on the business Tax Return and the business will be under the impression that insurance is one of the major expenses when in fact it might not be.

Accuracy is the most important when the business owner wants a financial overview of his business

The business owner uses these figures to make important business decisions that could affect staff employment and purchase better equipment.

SARS (South African Revenue Services)

Income Tax – Business – A registered business pays Income Tax on the profit derived in one financial year

Income Tax – Individual – Income Tax is paid based on annual income/remuneration, less deductions ie medical aid, retirement annuity, travel allowance, etc, etc.

PAYE – This is a monthly tax deducted from the salary of an employee and the amount of PAYE is determined by your gross income.

UIF – This is an unemployment Insurance Fund that is deducted from the employee’s salary, 1% of gross salary is paid by the Employee, and 1% of gross salary is paid by Employer, and the Department of Labour gets 2% of the gross salary.

SDL – Skills Development Levy- This levy was imposed to encourage learning and development, and the amount that the Employer pays is 1% of total monthly gross employee salaries.

The employer needs to register for SDL once the annual payroll is over R500 000,00 per annum.

The PAYE and UIF have to be paid over to SARS by the 7th of every month by using SARS e-filing which is electronic submission. Payments can also be made using e-filing, the payment instruction is sent to the bank, then the Employer logs into the bank and releases the payment.

VAT – To be registered with VAT, the business’s annual turnover must be over 1 million (VAT is then compulsory).

VAT – Voluntary registration is usually done when a business needs a VAT number to apply for tenders or contracts. Turnover has to be over R50 000-00 per annum

WCA

The Workman’s compensation fund act was passed in 1914, and it covers permanent, casual, trainees & apprentices who are injured or contract the disease in the course of their work and lose income as a result.

U-FILING

Employers can register with Ufiling and submit the employee’s monthly UIF declarations electronically, Employees can be added or removed

This is more effective than emailing the UI-19 forms and then not knowing if the forms were successfully processed by the Department of Labour.

U-filing ensures that the information submitted to the Department of Labour is recorded and up to date.

IRP5’s 

All employers are required to submit all their employee’s annual gross salary amounts, the PAYE & UIF  deducted from their salary

This is done on an IRP5 and gets submitted to SARS every 6 months.

March-August to be submitted by 31 Oct – Bi-Annual Submission.

March – Feb to be submitted by 31 May- Total 12 Month submission.

IRP5s can be done on Easy file (SARS Program) or Efiling.

Contact us at:

Cell: 082 054 0009

Email: cowanbks@telkomsa.net

OR

Click on the “Contact Us” button at the top of the page.