Small Business Accounting
Monthly Bookkeeping Service
1st Contact’s small business accounting offering
includes monthly bookkeeping services that take care of all your bookkeeping needs.
The service includes the processing of all relevant financial information, including
bank statements, invoices, expenses and other income into an accounting package
such as Quick Books or Pastel.
We will tailor the service according to your unique needs, ensuring the most effective
bookkeeping system for your business.
Management & Cash-flow Reporting
1st Contact’s cash-flow accounting service makes
cash-flow management a breeze for small business owners.
The service includes annual, quarterly or monthly management statements like Profit and Loss, Balance Sheets
and Cash Flow Reports. These reports can be used for internal decision making as
well as additional information for money lending institutions when applying for
a loan.
Annual Financial Statements
Do you need help preparing annual financial statements? Let 1st
Contact’s accounting service help you take care of business.
By law, any Close Corporation or (PTY) Ltd is required to produce Annual Financial
Statements under the Companies Act. You will also need signed Annual Financial
Statements before you can submit your annual income tax return with SARS. 1st Contact’s
small business accounting service will sort, process and prepare the Annual Financial
Statements for your business, ensuring you are SARS compliant.
What is a Financial Statement?
In a nutshell, a Financial Statement is a yearly report with regards to your Close
Corporation or (PTY) Ltd company, which outlines the yearly activities of your small
business, including profit and loss, members’ contributions, cash flows and
asset holdings. By law, Close Corporations need to have their Annual Financial Statements
signed off by an Accounting Officer. Look no further than a qualified 1st
Contact SA Tax Accounting Officer to verify your statements.
VAT Calculation
The VAT calculation is an important aspect of accounting for small businesses. 1st Contact can assist you with calculating your VAT and submitting
your VAT returns to SARS.
As a VAT (value-added-tax) vendor, you are required to declare to SARS, the difference
between the VAT that you have incurred and the VAT you have charged your customers.
This calculation needs to be done as a part of the monthly accounting process. Your
1st Contact SA Tax consultant can process the bookkeeping
behind the VAT, do the calculations and make submissions on your behalf.
Outsourced Payroll Service
Managing payroll is an odious task that takes up precious time better spent elsewhere
in your business. Our outsourced payroll accounting service from 1st
Contact is the solution.
Many small businesses are fully capable of handling their own basic bookkeeping,
but lack the resources required for payroll administration.
If your small business needs assistance with the payroll function, 1st
Contact has the solution for you. Our payroll solution is a high-quality dedicated
outsourced payroll offering, tailored to your needs.
We offer a bespoke payroll service, including pay slips and processing of payments
to individuals, as well as the deduction and calculation of charges to SARS such
as PAYE, UIF and SDL.
We produce the pay slips with all the statutory deductions and other items, in accordance
with your contracts and applicable statutory labour requirements. We also make all
the relevant monthly and annual submissions to SARS and the department of labour
on your behalf, including PAYE, UIF and SDL. Our payroll service is quick, reliable
and accurate.
Contact us today to see how we can provide the payroll
accounting service you need.