Bookkeeping and accounting are integral components of any business. Bookkeeping services will ensure that reliable and accurate books are kept for your company, enabling you to make informed decisions promptly in order to minimise risks and maximise profits. An effective accounting system can have a significant impact on a company’s productivity as well as its profitability.
When preparing Annual Financial Statements, South African private limited companies fall under three categories depending on their Memorandum of Incorporation and Public Interest Score: statutory audit, independent review or compilation. The Annual Financial Statements must be completed within six months of the year-end.
South Africa does not allow for taxation on a group or consolidated basis. Each company in a group of companies is a taxpayer in its own right.
Sovereign can either offer in-house bookkeeping and accounting services or can recommend a range of accountancy firms that we work with closely.