Accounting services in South Africa

South Africa is recognised as having a sound and robust economic framework, and rigidly monitored accounting standards are expected to be adhered to. The South Africa Accounting Standards Board (ASB) is responsible for designing and maintaining accounting standards in South Africa, while the South African National Treasury is responsible for the implementation thereof.

At TMF South Africa we have a number of registered professionals and Chartered Accountants on staff to assist your business with your accounting needs. We provide full accounting and taxation services for various companies and trusts. The services include, but are not limited to:

  • Design and implementation of internal accounting controls: this ensures that the company is operating efficiently, that the financial reporting is effective and that the accounting is compliant with all applicable regulations
  • Preparation of monthly management reports: management accounts should be concise, yet contain all the information your board will need in order to make well-informed decisions
  • Maintenance of daily, monthly and annual accounting records and preparation of audit files: we compile and store all sources of information which will be used in the preparation and auditing of financial statements
  • Preparation of all types of tax returns, income tax registrations and compliance: we ensure your business is fully compliant with all SARS regulations regarding Corporate Income Tax and the relevant tax returns
  • Drafting of annual financial statements in accordance with SA GAAP, IFRS for SMEs: there are a number of standards, principles and procedures to which all accountants should adhere in order to remain compliant with regulations set out by the ASB. The most recognised standards are those outlined under Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standard (IFRS). At TMF South Africa we are specialists in both of these standards of financial reporting, and remain internationally compliant
  • VAT registration and compliance: all businesses with an income or an expected income exceeding R1 million are required to register for VAT. Value Added Tax is set at 14% in South Africa and is added to the value of goods or services received from a supplier. The VAT payable is calculated by working out the difference between the amount of VAT paid to suppliers for goods and services and the amount of VAT received from customers/clients of your business. The difference is either claimed from or paid to the Receiver of Revenue which is paid in set VAT cycles.

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