Whether you are starting a new business or managing a growing start-up, it is important to have an accounting system that can give you an accurate overview of your financial position. If you need financial statements, you need the ability to have these readily available to present to management teams, shareholders and investors. This is why more and more businesses are starting to outsource their financial services to reliable accounting teams in South Africa that can handle these and other functions on their behalf.
Although it might sometimes be more cost effective to capture your transactions on your own, it is not an affordable long term solution, especially if your business is growing. You will have to hire additional personnel and along with this comes more office space, salaries and equipment like software and workstations. This is why you should consider working with an accounting professional to ensure that your growing accounting needs are handled effectively. Bookkeepers can enter transactions and other expenses into your accounting system and this can be done on a weekly or monthly basis. These professionals can also help you with the initial set-up of your accounting software, help you with reconciliations of your bank statements and more.
Professional accountants are qualified to handle the everyday aspects of your business, which is why you are in good hands when it comes to outsourcing your accounting services. They can help you prepare any financial report and update your records when needed, to present to your management team or shareholders at important meetings. Another benefit of having an accounting team on your side is that you can get professional assistance when it comes to handling your employees and their pay sheets. You need to make sure that their information is entered correctly into your payroll system and make sure that all deductions like income tax, UIF and medical aid contributions are deducted accurately.
Having access to accurate reports is absolutely essential, especially if you are managing a business. You need to know how profitable your business is, where you can improve your systems and what your expenses are. This is also important when you meet with investors or shareholders, so you should always make sure that you have an accounting system that is up-to-date and accurate at all times. Not only will it keep your systems running smoothly, but you will always know exactly where you stand in terms of growth. It is most definitely a good idea to work with a professional accounting team so that you have professional accountants managing your business transactions and payroll processes on a continuous basis. This means you can focus on other areas of your business.
OfficeOnCall specialises in accounting services and we can help you to stay on track and have an up-to-date accounting system. We work with customers around the world and we have offices in Cape Town and Johannesburg. We are ready to assist you with your accounting needs and look forward to hearing from you.