Accounting Special Report August 2012
It’s not just your health and safety officer who needs to pay attention when there’s a medical expense or emergency in the office. Picture this…
Wed, 2012-08-15
We value your privacy
Special Report August 2012
Discover how to:
· Improve your cash flow and eliminate simple accounting mistakes
· Analyse your financial statements and identify errors
· Be 100% up-to-date on new and updated accounting and reporting standards
· Eliminate fraud in your company…
Dear reader,
Dealing with company finances and accounts is one of the most important functions in your company. Fixed assets, capital depreciation, cash flows, bookkeeping entries, annual financial statements, reconciliations, administrative accounting, tax and Vat are just a small part of your daily job.
If you make one small mistake, it could cost your company thousands or expose you to a SARS audit.
Your job isn’t an easy one. Ultimately you have to be constantly informed on the latest developments in tax, Vat and new accounting and reporting standards.
The Practical Accountancy Loose Leaf is a unique, practical guide that'll give you advice, solutions, control checklists and tips to make your job easier. And I can guarantee that at least one of the tips or checklists WILL save your company money.
Look at how the Practical Accountancy Loose Leaf has helped our readers
I go through the tips and letters a lot. It's very useful for our business. As I am doing 8 sets of books every month – each a different type of business, it comes in very handy! M. Jooste
Thanks for the publication. The content is most helpful, relevant and well presented. The email with pertinent tax information and Q&A is also excellent. Z. Hobson
I am a new subscriber and this is my “bible”. I work with it every day. MM Hattingh
An informative, practical and up-to-date reference that is easy to read and concise. Indispensable for the accountant in public practice! A. Vermaak
6 Reasons why you should try the Practical Accountancy Loose Leaf
1. This 443-page loose-leaf binder contains a comprehensive collection of important checklists, easy to understand examples and step-by-step instructions;
2. Updates sent regularly will ensure you’re always 100% legally up-to-date (priced at R2.97 per page);
3. Receive a daily email answering pertinent questions and covering key changes in tax, Vat and accounting;
4. Benefit from simple, easy to use advice that will cost less than two hours of your auditor’s time;
5. Use the Accounting Helpdesk if you have a query and our consultant will send you an answer within 72 hours; and
6. You can try the Practical Accountancy Loose Leaf for a 14-day trial period – no money upfront.
Start your 14 day trial period now!
The Practical Accounting Loose Leaf is your one-stop solution to accounting problems.
Here’s a small sample of the advice and tips you’ll find inside:
Accounting records
· You must back your records up and make sure they’re kept securely. Find out exactly what risks you need to be aware of and what to do to prevent them.
Accounting reports
· Reduce your workload and work smarter to save time. Find out how to use one set of data to create two reports.
· Step-by-step guide to reduce data duplication – using one set of data for both management and financial accounting reports.
Audit preparation
· Use these checklists and 21 sample schedules to prepare for an audit and reduce your audit fees.
Internal controls
· Implement these internal controls in your creditors, debtors, fixed assets, internet banking, inventory, payroll and production and reduce your risk of fraud.
Capital investments
· Discover which methods you can use to evaluate your capital investments, with advice from the experts about how to apply each method, and which method is the best.
Disclosures
· Use these checklists to make sure the disclosures in your financial statements meet audit and reporting standards:
1. Checklist: What you need to disclose for PPE
2. Checklist: What you need to disclose for inventories
3. Checklist: What you need to disclose for cash and trade receivables
4. Checklist: What you need to disclose for trade payables and loan payable
5. Checklist: What you need to disclose for provisions
6. Disclosures in your income statement
7. Checklist: What you need to disclose for revenue
8. Checklist: Common items you will need to show separately
Employee benefits and costs
· Avoid errors when you account for employee-related expenses. From pension fund contributions to medical aid contributions, find out how to avoid SARS tax penalties and ensure you’re always in control of your company’s finances.
Financial statement analysis
· How to analyse your financial statements, using ratios, to identify red flag problem area before it’s too late.
· How to analyse the profitability of your business.
· How to measure the return on your investment.
· How to measure your risk.
Funding for your business
· Are you looking for financing for your business? Make sure you always qualify by finding out what potential debt funders look at in your financial statements to determine if you can repay the debt or generate returns on the investment.
Inventory
· Prevent your inventory being sold below its actual cost by ensuring you value it correctly.
· Use these checklists and the step-by-step process to correctly attribute a cost to your inventory and save your company money:
· Checklist: Include the following costs in your inventory valuation
· Checklist: Don’t include these items in the cost of your inventory
Job description: Financial manager
· Use this sample job description for your financial manager to clarify who he reports to, the skill-set needed to perform the job and his key responsibilities and work activities.
Leases: Operating lease versus a finance lease
· Understand the consequences of a operating and finance lease and structure the agreement to make the right decision for your company and save yourself time, money and effort.
Monthly accounts: complete checklist
· 27 items to check on the balance sheet every month
· Checklist: Items you must check on a monthly basis
· Checklist: How to maximise your cash flow
Revenue
· How to recognise it correctly and avoid increases in taxes and audit fees
· Questionnaire: What type of revenue applies to your business?
· What should you do with revenue from interest?
· What should you do with revenue from dividend income?
· What should you do with revenue from royalties?
Risk assessment: Management questionnaire
· Use this management risk assessment questionnaire to identify financial risk areas before they cost your business money.
Source documents
· 8 source document templates to amend and use in your business.
Year-end adjustments and reversals
· How to do year-end adjustments and reversals
· What adjustments should you pass?
· Accruals for fixed monthly expenses
· Checklist: Journals where you may need to do year-end adjustments and reversals
· Checklist: How to make sure you have enough evidence for your auditors
· Checklist: Journals that you need to estimate
Updated information directory
· Accounting glossary
· Accounting records - retention periods
· List of capital allowances
· SARS tax tables for 2011/2012
· Wear and tear write off periods
· Exchange rate data
· Prime overdraft rates
Use it for 14 days without paying a cent.
I’m convinced that the Practical Accounting Loose Leaf will make your job easier and save you time and money that I want to send it to you to review for a 14-day trial period. Simply complete the order form now and I’ll make sure it’s delivered to your office within a week.
Use all the samples, checklists and advice for 14 days. After the 14 days if you feel that it didn’t make your job easier, simply return it to us and we’ll forget about the bill. If you decide to keep it then simply pay the invoice sent with the book for R795 (excl Vat).
Order today to get this bonus CD and book!
If I get your order today I’ll also send you these two bonus gifts:
25 checklists to assess and reduce your PAYE, SDL and UIF tax risks
This booklet will help the accountant manage and reduce the risks associated with PAYE, SDL and UIF specifically. There are 25 checklists that cover these different risk areas.
Accounting Toolkit CD
This CD ROM comes with at least 40 forms, schedules, templates and checklists for accounting, to save you time and money.
I look forward to hearing from you.
Michelle Govender
Managing Editor, Practical Accountancy Loose Leaf
Special Report August 2012
Discover how to:
· Improve your cash flow and eliminate simple accounting mistakes
· Analyse your financial statements and identify errors
· Be 100% up-to-date on new and updated accounting and reporting standards
· Eliminate fraud in your company…
Dear reader,
Dealing with company finances and accounts is one of the most important functions in your company. Fixed assets, capital depreciation, cash flows, bookkeeping entries, annual financial statements, reconciliations, administrative accounting, tax and Vat are just a small part of your daily job.
If you make one small mistake, it could cost your company thousands or expose you to a SARS audit.
Your job isn’t an easy one. Ultimately you have to be constantly informed on the latest developments in tax, Vat and new accounting and reporting standards.
The Practical Accountancy Loose Leaf is a unique, practical guide that'll give you advice, solutions, control checklists and tips to make your job easier. And I can guarantee that at least one of the tips or checklists WILL save your company money.
Look at how the Practical Accountancy Loose Leaf has helped our readers
I go through the tips and letters a lot. It's very useful for our business. As I am doing 8 sets of books every month – each a different type of business, it comes in very handy! M. Jooste
Thanks for the publication. The content is most helpful, relevant and well presented. The email with pertinent tax information and Q&A is also excellent. Z. Hobson
I am a new subscriber and this is my “bible”. I work with it every day. MM Hattingh
An informative, practical and up-to-date reference that is easy to read and concise. Indispensable for the accountant in public practice! A. Vermaak
6 Reasons why you should try the Practical Accountancy Loose Leaf
1. This 443-page loose-leaf binder contains a comprehensive collection of important checklists, easy to understand examples and step-by-step instructions;
2. Updates sent regularly will ensure you’re always 100% legally up-to-date (priced at R2.97 per page);
3. Receive a daily email answering pertinent questions and covering key changes in tax, Vat and accounting;
4. Benefit from simple, easy to use advice that will cost less than two hours of your auditor’s time;
5. Use the Accounting Helpdesk if you have a query and our consultant will send you an answer within 72 hours; and
6. You can try the Practical Accountancy Loose Leaf for a 14-day trial period – no money upfront.
Start your 14 day trial period now!
The Practical Accounting Loose Leaf is your one-stop solution to accounting problems.
Here’s a small sample of the advice and tips you’ll find inside:
Accounting records
· You must back your records up and make sure they’re kept securely. Find out exactly what risks you need to be aware of and what to do to prevent them.
Accounting reports
· Reduce your workload and work smarter to save time. Find out how to use one set of data to create two reports.
· Step-by-step guide to reduce data duplication – using one set of data for both management and financial accounting reports.
Audit preparation
· Use these checklists and 21 sample schedules to prepare for an audit and reduce your audit fees.
Internal controls
· Implement these internal controls in your creditors, debtors, fixed assets, internet banking, inventory, payroll and production and reduce your risk of fraud.
Capital investments
· Discover which methods you can use to evaluate your capital investments, with advice from the experts about how to apply each method, and which method is the best.
Disclosures
· Use these checklists to make sure the disclosures in your financial statements meet audit and reporting standards:
1. Checklist: What you need to disclose for PPE
2. Checklist: What you need to disclose for inventories
3. Checklist: What you need to disclose for cash and trade receivables
4. Checklist: What you need to disclose for trade payables and loan payable
5. Checklist: What you need to disclose for provisions
6. Disclosures in your income statement
7. Checklist: What you need to disclose for revenue
8. Checklist: Common items you will need to show separately
Employee benefits and costs
· Avoid errors when you account for employee-related expenses. From pension fund contributions to medical aid contributions, find out how to avoid SARS tax penalties and ensure you’re always in control of your company’s finances.
Financial statement analysis
· How to analyse your financial statements, using ratios, to identify red flag problem area before it’s too late.
· How to analyse the profitability of your business.
· How to measure the return on your investment.
· How to measure your risk.
Funding for your business
· Are you looking for financing for your business? Make sure you always qualify by finding out what potential debt funders look at in your financial statements to determine if you can repay the debt or generate returns on the investment.
Inventory
· Prevent your inventory being sold below its actual cost by ensuring you value it correctly.
· Use these checklists and the step-by-step process to correctly attribute a cost to your inventory and save your company money:
· Checklist: Include the following costs in your inventory valuation
· Checklist: Don’t include these items in the cost of your inventory
Job description: Financial manager
· Use this sample job description for your financial manager to clarify who he reports to, the skill-set needed to perform the job and his key responsibilities and work activities.
Leases: Operating lease versus a finance lease
· Understand the consequences of a operating and finance lease and structure the agreement to make the right decision for your company and save yourself time, money and effort.
Monthly accounts: complete checklist
· 27 items to check on the balance sheet every month
· Checklist: Items you must check on a monthly basis
· Checklist: How to maximise your cash flow
Revenue
· How to recognise it correctly and avoid increases in taxes and audit fees
· Questionnaire: What type of revenue applies to your business?
· What should you do with revenue from interest?
· What should you do with revenue from dividend income?
· What should you do with revenue from royalties?
Risk assessment: Management questionnaire
· Use this management risk assessment questionnaire to identify financial risk areas before they cost your business money.
Source documents
· 8 source document templates to amend and use in your business.
Year-end adjustments and reversals
· How to do year-end adjustments and reversals
· What adjustments should you pass?
· Accruals for fixed monthly expenses
· Checklist: Journals where you may need to do year-end adjustments and reversals
· Checklist: How to make sure you have enough evidence for your auditors
· Checklist: Journals that you need to estimate
Updated information directory
· Accounting glossary
· Accounting records - retention periods
· List of capital allowances
· SARS tax tables for 2011/2012
· Wear and tear write off periods
· Exchange rate data
· Prime overdraft rates
Use it for 14 days without paying a cent.
I’m convinced that the Practical Accounting Loose Leaf will make your job easier and save you time and money that I want to send it to you to review for a 14-day trial period. Simply complete the order form now and I’ll make sure it’s delivered to your office within a week.
Use all the samples, checklists and advice for 14 days. After the 14 days if you feel that it didn’t make your job easier, simply return it to us and we’ll forget about the bill. If you decide to keep it then simply pay the invoice sent with the book for R795 (excl Vat).
Order today to get this bonus CD and book!
If I get your order today I’ll also send you these two bonus gifts:
25 checklists to assess and reduce your PAYE, SDL and UIF tax risks
This booklet will help the accountant manage and reduce the risks associated with PAYE, SDL and UIF specifically. There are 25 checklists that cover these different risk areas.
Accounting Toolkit CD
This CD ROM comes with at least 40 forms, schedules, templates and checklists for accounting, to save you time and money.
I look forward to hearing from you.
Michelle Govender
Managing Editor, Practical Accountancy Loose Leaf
We value your privacy