Businesses should keep complete and organised records of their financial transactions, including invoices, receipts, bank statements, deposit records, payroll information, supporting tax documents and accounting records.

SARS requires relevant tax records and supporting documents to be retained for five years from the date a return is submitted in most cases. Records may need to be kept for longer if a return has not been submitted or if the business is involved in an audit, investigation, objection or appeal.

Good record keeping also makes it much easier to prepare financial statements, complete tax filings, answer SARS queries and understand how the business is performing.

At a minimum, business owners should understand their income statement, balance sheet and cash flow information.

The income statement shows revenue, expenses and profitability over a period. The balance sheet provides a snapshot of assets, liabilities and equity. Cash flow reporting shows how money is entering and leaving the business and can highlight pressure that may not be obvious from profit figures alone.

Management accounts, debtor and creditor reports, budgets and forecasts can also provide useful information depending on the size and complexity of the business.

For many businesses, monthly financial reporting provides a practical rhythm. It allows owners and managers to track performance, monitor cash flow, identify unexpected costs and compare actual results against budgets or forecasts while there is still time to respond.

Some businesses may need to review certain figures weekly or even daily, particularly cash flow, debtor collections or sales performance. The right frequency depends on the size of the business, its cash cycle and the information management needs to make decisions.

Common accounting problems include leaving bookkeeping until the end of the month or year, failing to reconcile bank accounts properly, mixing personal and business expenses, keeping incomplete supporting documents, misclassifying transactions and relying on outdated financial information.

Payroll and tax errors can also arise when records are incomplete or deadlines are missed. Regular bookkeeping, reconciliations and financial reviews make it easier to identify these issues before they affect reporting, compliance or cash flow.

Accurate accounting shows where money is coming from, where it is going and which obligations are approaching. That makes it easier to identify overdue customers, rising expenses, upcoming tax payments and periods when cash may become strained.

Up-to-date financial records also allow businesses to compare actual cash movement with budgets and forecasts. This gives management time to adjust spending, follow up on debtors or plan for future commitments instead of reacting after a shortfall has already occurred.

Before financial year end, businesses should make sure their bookkeeping is up to date and that bank accounts, debtors, creditors, payroll records and other balance sheet accounts have been reconciled.

It is also useful to review outstanding invoices, unpaid supplier balances, fixed assets, stock where applicable, supporting documents and any unusual transactions that may need attention. Having these records organised before year end can make the preparation of annual financial statements and tax information significantly smoother.

Companies should also make sure they understand any CIPC filing and financial statement requirements that apply to them. The exact requirements depend on factors such as the type of company and its Public Interest Score.

Outsourcing can make sense when accounting is taking too much time away from running the business, financial information is consistently late, internal staff are struggling with the workload or the business needs access to skills it does not have in-house.

It can also be useful for growing businesses that need reliable bookkeeping, payroll, reporting and compliance support but are not ready to build a full internal finance department. The Accounting Team was established around this model and provides qualified accounting support to small and medium-sized South African businesses.

Yes, we provide a broad range of accounting support, including bookkeeping, payroll, financial management, reporting and tax-related services. Each client is also assigned a dedicated account manager who oversees the day-to-day financial processes.

The exact scope depends on what your business needs. Some businesses outsource most of their accounting function, while others use our services alongside an existing internal finance team.

Yes. Businesses can move their accounting function to The Accounting Team if they decide to change providers.

The handover will normally involve transferring accounting records, access to relevant systems, supporting documents and information needed to understand the current financial position of the business. The aim is to establish a clear starting point so ongoing bookkeeping, reporting and compliance work can continue without unnecessary disruption.

Yes, we work with small to medium-sized businesses that need reliable accounting support without the cost or complexity of building a full in-house finance team.

You’ll work with a qualified accounting professional and a dedicated account manager, giving you consistent support across the day-to-day financial side of your business.

Yes. We’re based in Sunninghill, Johannesburg, but we work with businesses across South Africa using cloud-based accounting systems.

You can access your financial information remotely and stay in direct contact with your dedicated account manager, so your location does not limit the support we can provide.