Why Choose MKV Accountants?

In addition, we provide business advisory services which include among others: • Cost control, Business rescue services, Full bookkeeping function i.e. payroll, debtors and creditors control, accounts reconciliation and more, We understand your needs, Fast and reliable, Excellent client relations, Commissioner of oath (free) Most of all, we are highly trained professional accountants with SAIPA accreditation. Most of all, we are highly trained professional accountants with SAIPA accreditation.

Can MKV Accountants be trusted?

While we are aware that there are many unscrupulous businesses out there that don’t deliver what they’ve promised, we are SAIPA accredited and in good standing, our professional body holds us accountable and expects nothing but the best from us.

Do you also conduct audits?

No, professional accountants are not registered auditors. We conduct independent reviews on financial statements.

What is the difference between an independent review and audit? Independent review

An independent review is the latest addition to the Companies Act that provides limited assurance. An accounting professional may review a business’s financial statements via particular enquiries with the aim of simply determining that no financial errors or miscalculations have occurred. This type of financial review requires less rigorous investigation, and the costs inevitably are less than expected for an audit.

How do I know whether I require an independent review or audit? Compiled Financial Statements

All companies need to have compiled financial statements, regardless of its size or type of ownership. Financial statements can be compiled internally or externally, but if an audit or independent review is not needed, the financial statements should be compiled externally by an independent accountant. Financial statements should be compiled following certain accounting standards, such as the International Financial Reporting Standards (IFRS). A compilation report, issued by the compiler, gives no assurance as to the accuracy of the financial statements.

Reviewed Financial Statements

When reviewing financial statements, the accountant will carry out analytical procedures and inquiries – no tests of detailed transactions or documents are required. The scope of a review engagement is much more limited than an audit, and, as such, the level of assurance gained is lower as well. A review report will typically state that nothing came to the attention of the reviewers to make them believe that the financial statements are not fairly presented. Review engagements are performed in accordance with ISRE 2400 (Revised) – Engagements to Review Financial Statements.

Audited Financial Statements

During an audit, more in-depth procedures are performed, including analytical and verification procedures. Verification procedures typically include the physical inspection of accounting records, supporting documents (e.g., invoices), and assets (e.g., inventory). Auditors need to gain knowledge about the background of the business and an understanding of internal controls followed within the company. An audit is the highest form of assurance and the opinion in the audit report will typically state that the auditors are satisfied that the financial statements are fairly presented. An audit is performed in accordance with the International Standards on Auditing, and only qualified auditors may carry out this level of assurance.

Do I need to register as a VAT vendor?

It is mandatory for any business to register for VAT if the income earned in any consecutive twelvemonth period exceeded or is likely to exceed R1 million. Any business may choose to register voluntarily if the income earned, in the past twelve-month period, exceeded R50 000 i.e. voluntary registration. For voluntary registration, it is a requirement that the company keeps accurate accounting records A small business that is registered as a micro business under the Sixth Schedule of the Income Tax Act may also register for VAT and may elect to submit returns and payments every four months, ending on the last day of June, October and February.

What are the benefits of outsourcing consultancy requirement?

Benefits offered by outsourcing consultancy requirements

As a business owner, you always try to do what is best for your business. You try to find ways in which you can boost productivity, sales, staff morale, etc. One of the best and most efficient ways to improve certain business requirements is to outsource. By outsourcing your business’ consultancy requirements, to an established firm like MKV Accountants, you will be adding value to your business whilst also allowing yourself more time to focus on other business requirements.

Additional benefits of making use of an outsourced consultancy solution, include:

Temporary solution to fill staff gaps

Benefits offered by outsourcing consultancy requirements

As a business owner, you always try to do what is best for your business. You try to find ways in which you can boost productivity, sales, staff morale, etc. One of the best and most efficient ways to improve certain business requirements is to outsource. By outsourcing your business’ consultancy requirements, to an established firm like MKV Accountants, you will be adding value to your business whilst also allowing yourself more time to focus on other business requirements.

Additional benefits of making use of an outsourced consultancy solution, include:

Help to manage changes within the business

No matter the reason for the change within your business, you want to make sure that things transition smoothly so that your staff and business is affected as little as possible. MKV Accountants consulting services are useful in such instances. You can rely on our team to act as arbitrators, and to offer advice and guidance, to help your business achieve a competitive advantage.

Lower staffing costs

An in-house consultancy team can be expensive and finding the right individuals, with relevant experience and qualifications, can be difficult. By outsourcing your business’ consultancy requirements, you would not have the additional stress about in-house staff not doing their work or leaving your company. When outsourcing your requirements to a team like MKV Accounting, you will be paying a fixed fee to receive our professional services and advice in return.

Professional development & up-to-date practices

Business systems are changing continuously and staying up to date with the latest software and technology, as well as legislative changes, is not only time consuming, but can also be expensive. When outsourcing your consultancy requirements, you can be sure that your company will stay compliant and that only the best practices will be applied to provide your business with the best service solutions.

Outsourcing

Increasingly, the best long-term strategy is to concentrate on what your business is really about, what you’re best at and to ask outside experts to deal with the routine, mundane but essential tasks such as accounting, taxation and payroll for you. Not only does outsourcing make good business sense but it is frequently less costly than having permanent in-house resources. Outsourcing also allows you to adjust your costs as your business goes up and down, rather than being burdened with high fixed costs in the bad times as well as the good.