Here is some more information about us:
At De Hooge and Associates, we believe in a personalised professional service and a disciplined approach to accounting.
Many small business owners prefer to do their own bookkeeping and we absolutely encourage entrepreneurs to learn basic accounting. It is imperative that an owner of a business understands what is happening with their cash flow. It is more imperative that an owner can concentrate on their business and not be distracted from their core business activities, as this will lead to lack of cash flow with lower returns on their capital, and no control over the activities of the business .
Accounting and bookkeeping are not only about entering data mechanically. It also involves the correct classification of transactions, most of the time involving transactions which have a tax implication. If these conditions aren’t met then accounting data won’t be accurate, and making decisions based on that data may negatively affect your business operations.
Incorrect accounting records can cost you more in tax, VAT and distort your bottom lines profits. Accurate bookkeeping prevents this situation from arising. Accuracy determines that at any time in
your business, informed decisions can be made for any situation that an owner wants to make, be it to expand, consolidate or for financing requirements.
We are up to date with the latest accounting standards The International Financial Reporting Standards (IFRS) are common accounting and reporting rules that defines how business transactions should be recorded and reported, and what information a company should disclose in its financial statements.
You will obtain access to our professional network to help solve any accounting problems.
Summary of reasons for a professional accountant to be a part of your business:
- Prepare your financial statements quickly and accurately.
- Provide information to enable the control of cash in the business.
- Provide management information to base imperative and normal business decisions on.
- Contribute promptly to assessing the financial situation of the business at any time.
- Keep a good track of the costs of staff and their performance.
- Measure the business performance against the projections in the business plan, or simply measuring the business from month to month
- Highlight quickly areas where problems could arise and enable remedies to be put in place.
- Fulfil tax obligations.
- Assist you in calculating how much tax you have to pay.
- Assist in providing information required by your bankers.
- Help in detecting fraud within the business itself.
- Provide valuable information and details for the future sale of your business.
- Increase the chances of the business operating and achieving success.
- Analysis of internal controls in a business
Business failure could more often than not be attributed to poor management – in particular:
- Lack of financial skills
- Lack of management skills
- Lack of internal controls
- Liability of taxes, penalties and interest arising from underpayment of VAT and PAYE
- Penalties and interest to SARS on unpaid taxes or underestimates of provisional taxes
- Criminal conviction for non-compliance
- SARS audits of income tax submissions
- SARS audits of VAT and Payroll submissions
- CCMA disputes arising from non-compliance with labour legislation
- Substantially higher accounting expenditure as a result of initial poor and insufficient financial recording
- Declined loan applications due to the lack of convincing financial information
- Unable to sell the business due to the lack of credible financial information
- Losses through stock shrinkage
- Exposure to fraud
- Lack of an appropriate financial reporting system, and/or lack of monthly management accounts, which is crucial for your business. Getting financials statements and monthly management accounts late is no longer appropriate in today’s fast paced business environment.
Business owners want to know where they stand with their business. This helps with the following strategies:
- Cash flow;
- Decision to buy assets;
- Timeous information to obtain finance;
- All taxes kept up to date;
- No interest and penalties for late submission of all statutory returns;
- Regular professional financial advice
Good accounting is crucial. All the business cycles (sales/stock/purchasing etc), depend on good accounting and strong internal controls. Over and above entrepreneurship, good management, finance is the back bone for an owner to know at any time of the year, how the business is performing financially. In difficult economic times, the accuracy of accounting and financial reporting on a monthly basis, can contribute to the continued existence of an entity. In this day of extreme statutory regulation, businesses simply cannot afford not to keep financial records up to date.
The following services are offered:
- Monthly Bookkeeping and accounting
- Monthly management accounts (measure business performance)
- Registrations, preparation, completion and submission of statutory returns: VAT, PAYE, UIF, SDL (EMP201), IRP5, EMP501 bi-annual reconciliation, Workmen’s Compensation, MEIBC returns; CIPC annual duty
- Registrations of companies
- Income Tax – Companies and individuals
- All SARS queries
- Monthly Payroll administration and services
- Accounting Officer duties
- Independent review engagements
- Company and Close Corporation secretarial services
- Business and financial plans, budgeting and cash flow projections
- Business financial analysis, report and consultation
- Set-up accounting systems and internal controls
- Preparation of working paper files audit
- Statutory secretarial services
- Workman’s Compensation services
- MEIBC services – Engineering industries
- Import and export registrations
- Letters of Good standing
- Tax Clearances.
Fees in respect of professional services are based on time spent at competitive hourly rates which vary depending on the nature and complexity of the services required.
The following factors are taken into account when determining the final hourly rate:
- The complexity and volume of the work to be undertaken
- Specialised knowledge, research and responsibility involved
- After hours work at the request the client, or which is necessary because of the nature of the work involved.
- Staff employed
Hourly rates increase annually on the 1st March.
The service and fee provided will be agreed with the client before any work is commenced. All fees are billed at month-end.
I found that by billing the accounting and service fees on a monthly basis, for any accounting or service requirements that a client may want, it facilitates with a client’s cash flow and prevents once off fees being payable at the end of the year or at any time during the year.
Under certain circumstances and at the sole discretion of the company, a minimum advance against anticipated fees may be required prior to commencement or continuance of assignments.
It is common practice amongst accountants working independently not to offer credit terms to clients.
Charges are levied separately for:
- Travelling expenses currently charged at R4.00 per kilometre
- Consultation/meetings with the client’s auditor or accounting officer
- Consultation/meetings with the client’s for any additional service
- Consultation/meetings with specialised professional related to your business.