We offer a full range
of accounting &
bookkeeping services.

We offer monthly accounting and bookkeeping services, accounting records,

books to balance sheet, cash management etc.

Accounting

 Smit & Sons Finance Accountants is a successful accounting and tax preparation service in Cape Town, South Africa owned and run by Sandra Smit. The firm offers Management accounting, Tax accounting, Pastel Books set-up and training for small business clients and sole proprietors. Smit and Sons can offer clients Bookkeeping and Accounting services with the oversight of a CPA at a price they can afford. This will allow business owners to not only save money over in-house accounting and ensure their compliance with tax laws, but to make valuable and sound management decisions.

This service includes the following:
Monthly Bookkeeping (Pty) Ltd

Individuals, Close corporations, Companies, Trusts and Sole Proprietors

Accounting records

Capturing of source documents – Suppliers Invoices, Debit Notes, Customers Invoices, Credit Notes, Stock, Inventory and Bank Statement Reconciliations, Loan Accounts and all General Ledger Accounts

Accounts Payable

Suppliers

Accounts Receivable

Customers

Books to Balance Sheet

Trail Balance included

Cash Management - Cash Flow - Budgets

We can set up an simple, manageable cash flow spreadsheet, which you can use to make daily and monthly “cash in” and “cash out” decisions. This will help you control spending and always keep your bank manager happy.

Setting up of filing systems for your business

We can give you advice on how to maintain an easy filing system to ensure a stress free audit and accessibility for years to come.

Drafting and Preparation of Reports on Internal Controls

Debtors and Creditors Age Analysis, Inventory Valuation, Income Statements etc

Assist in Budgeting

Yearly and Quarterly Projections thereof

Fixed Asset Register

Keep record of old and new assets, Do depreciation of Assets

Drafting and Preparation of Management Reports, Interim and annual Financial Statements

Ensuring accurate financial reports you can use to make sound financial decisions

Services as an Accounting Officer in respect of Close Corporation Act, No.69 of 1984

We register ourselves as your accounting officer and ensure all queries from different institutions are dealt with on a professional manner.

Appointment of a Public Officer

An Public Officer will be appointed to help you deal with queries.

Individuals and E-Filing

Individuals that earns over R60 000 per year needs to register with SARS and their TAX filings needs to be done timorously. With the extreme penalties and Interests SARS have enforces, no person can afford to not make due on the “friendly requests” to file their taxes. We make this an easy process and will make sure your Taxes a filed correctly and on time.

Filing your turnover on a yearly basis with CIPC

CIPC has a yearly annual turnover filing that is vital to be done. If left unattended, your CC or PTY can be de-registered. This can have catastrophic consequences. We make sure your Annual Turnover figures are filed on time. If your company are in a process of de-registration, please contact us immediately so we can stop the process. If you do not know if your business is “safe” and if the annual filings was done, we can get the info for you and get you piece of mind.

Bookkeeping & Tips

  Business owners have the option to subcontract their complete bookkeeping function to us, or to let us handle only certain areas of their books or to let us fine-tune the accounts/financial information they produce themselves. We do all data capturing, in your office or ours. We can help you set up a filing system – making an audit a walk in the park. Data Capturing of, Suppliers and Customers, Sending Statements, Stock List Control etc.

Accurate record keeping and bookkeeping is the groundwork for accounting and proper reporting. The better you keep your books, the more consequential and relevant the information and reports you will receive.

This service includes the following:
Cashbook

Capturing of cashbooks and doing the bank reconciliations

Debtors
  • Capturing of cashbooks and doing the bank reconciliations
  • Capturing of invoices
  • Reconciling debtor accounts
  • Producing debtor age analysis
  • Preparing monthly statements
  • We strongly suggest procedures that will decrease the risk of non paying clients
Creditors
  • Capture of supplier invoices
  • Reconcile your supplier ledger to supplier statements
  • Producing remittance advices.
  • We strongly suggest procedures that will reduce the risk of overpaying suppliers
General Ledger
  • Setting up the general ledger accounts for meaningful and relevant information
  • We uphold your general ledger accounts and reconcile all accounts
Payroll
  • Weekly Wage Payslips
  • Monthly Salary payslips
  • Monthly EMP201 returns
  • Generate the IRP5’s and do the 2 half yearly IRP5 reconciliations
VAT
  • Do all your VAT returns and reconcile the Vat control account
  • We will also inform you if your supplier invoices do not comply with the Vat Act and handle any audits from SARS
  • We specialise in providing accounting services, tax returns, payroll, bookkeeping, tax planning and tax advice, to all businesses including Sole Traders, Partnerships, Close Corporations and Individual Taxpayers
  • We offer the best at affordable rates. We provide excellent service to all our clients in ensuring every effort is made to get the job done correctly and timeously

Tax

 The tax situation is shifting all the time. To keep up with all these changes can be time consuming and costly.

SARS are setting there focal point on auditing and not administrative work. Did you notice that the capturing of VAT, TAX, PAYE, UIF, Income TAX and other return are now the responsibility of the business owner/employees? The SARS E-filing system was created for the TAX Payer. The possibility that your business will be audited in the near future by SARS is much higher than in the past. Getting the necessary TAX advice is very important.

Certain areas in your financial statements are immediately attracting the awareness of SARS. These are identifiable and we can help you to recognize the problem areas and make sure you comply to the law so that you can correct these areas. You necessitate to make sure that your business will survive a tax audit. We can assist you in this by steering you in the right direction or by handling your tax affairs all together.

This service includes the following:
VAT Characteristics
The tax applies generally to transactions related to goods and services. It is proportional to the price charged for the goods and services. It is charged at each stage of the production and distribution process. The taxable person (vendor) may deduct the tax paid during the preceding stages, that is the burden of the tax is on the final consumer. VAT is only charged on taxable supplies made by a vendor. Taxable supplies include supplies for which VAT is charged at either the standard rate or zero rate, but does not include: Salaries and Wages Hobbies or any private recreational pursuits (not conducted in the form of a business) Occasional private sale of personal or domestic items Exempt supplies Visit SARS website Get in touch with us, so we can assist you
Who needs to Register for VAT
The tax applies generally to transactions related to goods and services. It is proportional to the price charged for the goods and services. It is charged at each stage of the production and distribution process. The taxable person (vendor) may deduct the tax paid during the preceding stages, that is the burden of the tax is on the final consumer. VAT is only charged on taxable supplies made by a vendor. Taxable supplies include supplies for which VAT is charged at either the standard rate or zero rate, but does not include: Salaries and Wages Hobbies or any private recreational pursuits (not conducted in the form of a business) Occasional private sale of personal or domestic items Exempt supplies Visit SARS website Get in touch with us, so we can assist you
Personal Tax Returns

We help you sort out your personal tax issues. Show you how to set up a simple spreadsheet to make filing your TAX easy. Need a TAX Directive, we do it for you. Yearly TAX Filing on E-Filing

Company Tax Returns

Need a TAX clearance certificate? Don’t let TAX become a nightmare, we can help you get your personal or company tax under controll

Trust Tax Returns

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Provisional Tax Returns

Company, Trust and Individuals

UIF Returns

Do your workers pay towards this fund? Not registered yet? We can do it for you!

VAT Returns

Your business is growing and you need to register for VAT. To become a VAT vendor you have to qualify. We know how to help you and we deal with the frustrations. VAT is payable every second month

PAYE & SDL Returns

PAYE needs to be filed twice yearly as from 2010. Need someone to reconcile and file it for you, we have the knowledge. Remember PAYE needs to be paid on the 7th of each month. SDL (Skills development levies) – Help your business grow and develop your staff. You can claim back from this fund to help pay for training.

Workman Compensation Returns

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Business Registrations

Your Idea is great and you want to start ASAP. But, before you do, make sure that you know the advantages and disadvantages of the different structures whether as a sole proprietor, partnership, close corporation, trust or private company. Make sure you know how income tax laws will affect each business structure. Tax rates vary for the different structures and special tax allowance and rates are available to certain business structures.

Registrations of Business
  • Registration of new Businesses
  • Registration for Provisional Tax (as tax payer with SARS)
  • Registration for Vat
  • Registration for PAYE/SDL/UIF
  • Registration for Workman compensation
  • Appointing a Public Officer
  • Members Certificates
  • Any other Registration/Deregistration on request
Starting your Business
Your Idea is great and you want to start ASAP. But, before you do, make sure that you know the advantages and disadvantages of the different structures whether as a sole proprietor, partnership, close corporation, trust or private company. Make sure you know how income tax laws will affect each business structure. Tax rates vary for the different structures and special tax allowance and rates are available to certain business structures.
All Statutory Registrations
We do all statutory registrations – Income Tax, Vat, PAYE, WCA, UIF and SDL. We charge an affordable flat fee to do all these registrations. We can do these separately and when its convenient. Feel free to contact us for any help.

New Business Service

Your success is very important to us. We do not want to loose clients therefore we give you the very best and will help you succeed. We want you to be accounting smart and grow a strong business.

We will advise you on the best business structure to use. We look at your specific requirements, legal matters and Tax Laws before deciding if you will qualify as a small business operation with the tax benefits it gives you. We advise you on the con’s and the pro’s and what to avoid completely. Prepare and assist with association agreements between members of a business. This is a very important document that will prevent an enormous amount of financial and emotional problems down the road. Determining your start-up capital needs Setting up monthly cash flow requirements. To know how to manage your cash flow is very imperative for any new business. Policies and procedures are vital for example you need billing and collection procedures to ensure you receive the money in the bank as quickly as possible. The necessary systems will save you a lot of time and effort. Help you choose computer and accounting software that will best suite your business We can assist you in preparing Budgets, Cash flow Forecasts and Loan Application for Bank. We will help you to get your business off to a rock-solid start. Let us help you to start smart. Please contact us if we can be of assistance to you

Payroll

SARS are shifting their focus and expect more work from the employer. The reconciliation process of the IRP5’s is proof of this. You, as the company, have the accountability to ensure that the information on the IRP5 is correct. More and more businesses are outsourcing their payroll functions.

Payroll Outsource Functions
  • Processing of Monthly and Weekly payroll
  • Calculating allowances, deductions and other company contributions
  • Producing and printing of payslips
  • Processing and printing of all monthly & variance reports
  • Generating and Printing IRP5’s and IT3 (a) certificates. (Twice yearly)
Benefits of Oursourcing your Payroll
  • Remove time consuming payroll data capturing
  • Take the stress of IRP5’s out of your hands
  • Full compliance to current tax legislation
  • Minimize fraud risks
  • Professionalism and efficiency will minimize payroll queries
  • Prevent SARS late penalties
  • Solutions for all companies
  • Guaranteed confidentiality