CLOUD ACCOUNTING

Annual statutory audit vs. statutory independent review?

The Companies Act, 2008 (Act 71 of 2008), which became effective on 1 May 2011, permits companies in South Africa (within certain parameters) to completely replace the annual statutory audit with a statutory independent review. We compile annual statutory financials according ISRE 2400 when engaged in an independent review for our clients and fully comply with section 30 (2) (b) (ii) (bb) of the new Companies Act of 2008.

Our team of accountants will conduct professional financial accounting services for your company and provide you with the consolidated annual financial statements you need.  Typical users of financial statements include company directors and shareholders, financial institutions (banks) and the South African Revenue Services.

Our accounting services are conducted by qualified accountants

Our qualified accountants will ensure that your financials are prepared in the prescribed manner and in terms of the relevant accounting practices.

Team ODEA manages small and medium entities’ bookkeeping services that facilitate the smooth and successful function of your business. Our automated processes increase effectiveness and lower your costs, therefore permitting you to invest more in other value-added components of the business.

Our main bookkeeping business services include:

•   Cash flow forecasts

•   Monthly management accounts

•   Annual financial statements

•   Processing of accounting records

•   Maintenance of the General ledger

•   Preparation and interpretation of management statements on a periodic basis

•   Analytical review of the financial status of the entity to provide management information

•   Implementation of computerised accounting software and systems

ODEA provides you with a complete payroll service. Administering your payroll can be time consuming and becomes all the more complex due to the increasing regulations with regards to employment legislation and taxation.

Our payroll services include:

• Capturing of employee data and salary information on the VIP  system

• Generation of payslips

• Calculations of 3rd party payments (PAYE / UIF / SDL / medical,  etc)

• Reconciliation of leave

• Issuing of IRP5 certificates

• Bi-annual reconciliations and submissions to SARS

• Full compliance to SARS requirements

• Completion of Workman Compensation returns

At ODEA our tax accountants are committed in keeping up to date with the constant changing tax environment in order to provide you with the best taxation advice possible.

Our tax accounting services include:

• Assistance in compliance to the requirements of the various  acts

• Specialised consultations

• Calculations and submission of corporate and trust taxes

• Individuals’ Income tax calculations and submission of returns

• Calculation of VAT and the preparation and submission of  returns

• Calculation of Employee Tax and the preparation and  submission of returns

• Registrations for Income Tax, VAT and Employee tax

• Dividends Withholding Tax

ODEA will assist you in all your company secretarial service requirements in an effective and efficient manner.

Our main secretarial services include:

• Registration of companies and close corporations

• Registration and administration of trusts

• Appointment of auditors and accounting officers

• Appointment and resignation of directors and trustees

• Transfer of shares in companies

• Allotment of additional shares

• Transfer of member’s interest in close corporations

• Change in year end of a Company or Close Corporation

• Special resolutions

• Administration and submission of Annual CIPC returns

As a firm of highly skilled Financial Accountants, we are in a position to provide you with a wide range of other specialised financial services.

Other professional and highly specialised financial services we are able to offer include:

• Trust structuring and administration

• Estate planning and administration

• Share valuations of private companies

• Implementation of an internal control system applicable to  your business

• Consulting on business structures

• Financial planning through partnership with independent  Sanlam brokers