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Wessels & Associates is an Auditing, Accounting and Tax Practice based in Pretoria. Our offices are
situated in Pretoria North East. Our clients are based in all areas of Pretoria and Pretoria North.
We are members of the South African Institute of Chartered Accountants (SAICA) and the
International Regulatory Board of Auditors (IRBA).
Accounting / Bookkeeping
Accounting and bookkeeping entails processing of bank statement transactions into an accounting
system. Processing is done regularly to ensure accounting records are always up to date to produce
accurate financial reports.We follow accounting standards prescribed for South Africa- IFRS for Small
and Medium size entities (IFRS for SMEs).
Management Reporting
Wessels & Associates Accountants can provide you with accounting reports to enable you to analyse
your business performance on a regular basis. Reporting can be done based on your business needs.
In a project environment for instance, the accounting system can be set up to report on the profit
per project.
o Income statement
An Income Statement is a report that shows your Income from Sales, less your expenses, to
show if your business is making a profit.
Month to month comparisons can be made to budgets and to other months to determine why
your income andexpenses areincreasing.
o Budgets
We can assist you with compiling a budget and comparing it with the actual accounting records.
This will help you identify over expenditure and corrective action can be taken.
o Balance Sheet
A Balance Sheetis a summary of your Assets and Liabilitiesat any point in time. Financial
Institutions are interested in this report to determine yourliquidity, solvency and overall financial
position.
Wessels & Associates can assist you with setting up and maintaining an Asset Register.
AnFixed Asset Register keeps record of all yourcompanies’ assets, where they are located, when
they were purchased, at what cost and their current book values.
As qualified chartered accountants we can calculate depreciation, impairments and book values.
Financial Statements should be supplied to SARS and CIPC on an annual basis. Banks also require
Financial Statements that are compiled by a qualified accountant. As Registered Auditors,this
willgive the Annual Financial Statements the credibility required by the institutions.
SagePastel Accounting Software and Xero Accounting Software are mainly used in our practice.
We can also assist with convertingyourcurrent system whether manual or on excel over to Pastel or
Xero Accounting.
Statutory Returns
We can submit the following statutory returns via e-filing or other portals on your behalf:
We are Registered Auditors with the IRBA (International Regulatory Board of Auditors) and
thereforallowed to conduct statutory audits and other audit engagements.
As there are different types of engagements your business needs to first determine what kind of
engagement it requires. Certain small and medium size companies, for example, might only need a
Compilation Engagement or an Independent Review rather than a full statutory audit.
The type of engagement required by each businessis prescribed by the Companies Act of 2008 and
depends on the result of the Public Interest Score (PIS) calculated.
We can calculate your PIS to determine what kind of engagement you need.
Even if we are not appointed as your auditors, we can also assist you with getting audit ready and
liaise with your own appointed auditors to support you during an audit.
Audit readiness entails for instance preparing prior to the audit, reconciliations such as Bank
reconciliations, VAT reconciliations to Turnover, Payroll reconciliations. Preparing a fixed asset
register and depreciation calculations and year end journals.
The communication gap between your accounting staff and theexternal audit team can create
unnecessary delays and misunderstandings.
Having aqualified accountant and CA(SA)on youraccounting team will assist both parties (you and
the auditor) through a painless and efficient audit process.
Internal controls
We can design and help with implementing controls and systems in your accounting department.
Appropriate internal controls can prevent and detect errors and fraud.
Controls such as reconciliations, approval documentation, and segregation of duties, checks and
balances will support complete and accurate accounting records that can be relied on.
Training in bookkeeping, accounting and general office administration are available should you need
to up-skill your employees. This will in the long term build capacity for your business and provide
your employees with growth and personal development.
Our Fees
We provide initial free consultation to determine your business accounting and financial reporting
needs.
Our fees are based on a combination of the required hours and level of skills needed which is driven
by the size of your business and an estimated number of transactions.
We will be happy to provide you with a detailed quotation of our package for your business.