At BMS we know that running your business is a full-time exercise and that you don’t always have the time or want to worry about your monthly accounting. We take of that for you, so that you can optimise your business growth.
We prepare your monthly accounts from various source documents such as customer invoices, supplier invoices and bank statements and provide you with a set of monthly management accounts. Your information is captured in Sage Pastel Partner. Once all source documents have been captured, we will furnish you with a full set of financial reports.
We believe that every client is different and therefore their needs are different and that’s why we tailor make a solution for each of our clients.
Contact us for a tailor-made solution for your business.
Once a year and/or at the clients request we compile a set of Annual Financial Statements, which is a report created annually that quantifiably describes the financial viability of any company. This includes a statement of income, statement of changes in net worth and a balance sheet. It also often includes a cash flow statement.
The Annual Financial Statements are prepared by our professional team of accountants and where determined by the public interest score (PIS) we retain the services of registered Auditors, that are registered members of South African Institute of Professional Accountants (SAIPA) as prescribed in the Companies Act.
Annual Financial Statements is a legal requirement and must comply with prescribed standards in accordance with the International Financial Reporting Standards (IFRS) or IFRS for SME’s. This is a worldwide reporting tool that enables third parties such as Banks and SARS to determine how well a business has performed over a period.
Financial statements are also a tool that the business owner can use to measure business performance. As a business owner you want to know if your business is making a profit and is solvent. All major banks and independent lenders would require Annual Financial Statements when they consider funding in the form of either an overdraft or a business loan which can be used to either expand your business or as short-term working capital.
All Annual Financial Statements are prepared on DraftWorx which complies with all legal and statutory requirements as laid out by SARS and the Companies Act.
Managing staff is also one of the challenges that business owners are faced with.as well as keeping record of timesheets, leave taken and salaries. This can take up a tremendous amount of time and that’s why we offer professional payroll services.
We use Sage One Payroll to calculate salaries or employee packages and to keep record of any leave taken. Sage One Payroll allows us to be able to provide you with your monthly EMP201 report as well as your bi-annual EMP501 reports. The system generates IRP5’s at the end of the tax year.
Clients receive pre-printed confidential salary advises once the monthly or weekly salaries have been captured.
Pre-printed confidential salary advises are delivered to the client once a month when we collect or deliver the source documents. A day prior to the salary payday, the client will receive emailed salary advises that can be sent to staff with a protected password option.
Since 1 May 2011, the Companies and Intellectual Property Registration Office (CIPRO) ceased to exist and was replaced by the Companies and Intellectual Property Commission (CIPC). The New Companies Act came into being at the same time, changing the way business owners register their companies.
The Act stipulates that no new close corporations (CC) can be registered, but those registered prior to 1 May can continue to operate as CCs.
The Companies Act provides for two categories of companies, namely non-profit and profit companies. Each of the different business entities under these categories has specific requirements in terms of the documentation that is required.
- Non-profit companies: A company incorporated for public benefit or another object relating to one or more cultural or social activities, or communal or group interests. The income and property are not distributable to its incorporators, members, directors, officers or persons related to any of them.
- Profit companies: Profit companies are categorised as companies without restrictions on the transferability of their shares and that do not prohibit offers to the public (larger public companies), and companies that do contain restrictions on the transferability of their shares and that prohibit offers to the public (smaller private companies). They may take one of four different forms: a personal liability company, a state-owned company, a public company and a private company.
- Personal liability companies: The directors and past directors are jointly liable with the company for any debts and liabilities arising during their periods in office. The company name ends with the word ‘incorporated’.
- State-owned companies: This is a company defined as a ‘state-owned enterprise’ or a company owned by a municipality. The names of a state-owned company must end with the expression ‘SOE Ltd’
- Public companies: The definition of a public company is largely unchanged. The only difference is that a public company now only requires one member for incorporation compared to seven members in the past.
- Private companies: While comparable to private companies under the old Act, these are similar to previous close corporations. Some of the changes made to private companies include fewer disclosure and transparency requirements, no longer being limited to 50 shareholders, and a board that must comprise at least one director. The name of a private company must end with the expression ‘Proprietary Limited’ or ‘(Pty) Ltd’. Should you require assistance with registering a new company, we can assist you with this. For more information in this regard please email us on email@example.com.
BMS also provides the following services:
SARS Registration Services
- VAT Registration
- Import/Export Customs Registration
- Tax Registration Confirmation
- Tax Clearance Certificates
- UIF/SDL/PAYE Registration
- Individual Income Tax Registration
- PBO (Tax Exemption)
- Clearing Agent Registration
- VAT de-registration (excluding returns)
- UIF/PAYE de-registration
- Public Officer Appointment
- Body Corporate Income Tax Registration
- UIF (DOL) registration
- UIF (DOL) de-registration
- Letter of good standing/ROE
- Workmans Compensation/COIDA (10 days)
- Annual Returns (CIPC) excludes CIPC penalty fees
Contact us on firstname.lastname@example.org for an obligation free quotation.