Bookkeeping is the action of recording or documenting financial transactions, whereas accounting is responsible for collecting that data, summarising, interpreting, analysing and reporting on it. Bookkeeping is essentially the first step towards accounting and a lot of business owners confuse the two. Bookkeeping will help you record all the financial transactions, so that the accountant can prepare financial statements to provide management, to make important business decisions.

PMMG offers both services in Xero Accounting Software.

This is to see if your books are up to date. Outstanding history will have to be accounted for to get your books up to date. This process takes time and therefore it is always better to appoint an accountant sooner rather than later. Our Pay as you Transact accounting package is tailor-made for startup companies that have small budgets for accounting.

Just click on the ‘Sign me up’ button under the ‘Pay as you Transact’ accounting option. This will take you to our ‘Services Checkout’ page. Select the credits option that you would like and ‘Submit’.

The annual return filed with CIPC (Companies and Intellectual Property Commission) is information relevant to your business. It is to make sure that CIPC still has all the latest information regarding your business and acts as a renewal. These returns must be filed within 30 days of the anniversary of its incorporation, and a failure to do so can lead to the deregistration of your business. The SARS annual return focuses on the taxable income that a company has generated over a specific financial year. SARS annual returns must be submitted within 12 months after its financial year ends.

Unless you are an Accountant by trade, you probably do not have the expertise or skill to produce the financial statements required by law. Incorrect financial statements could negatively affect the business, it will be disallowed and the business will be forced to get these statements done by a professional anyway, wasting a lot of time and money. Statements, required by law to be submitted, include SARS tax return, CIPC annual return and VAT returns, to name a few. It is highly recommended to appoint a professional accountant well in advance of the first annual returns that are due.

PMMG has a SAIBA designation and our accountant is up to date with current accounting procedures, PMMG signs off the Financial Statements for loan applications, handles SARS queries and more. PMMG uses Xero cloud accounting software that enables us to process all transactions accordingly; our financial reporting (self-help option available) enables the business owner to be up to date with his/her business and learns to pick up any risk that could appear. Accounting and admin services take a lot of time, and by outsourcing these services, you have more time for your operations in your business.