Accounting and Taxation Services

We offer  a comprehensive range of services no matter the scale of your corporate or private business.

As a growing modern firm, we provide audit, accounting and consulting services. We are committed to:

  • Providing value for money services
  • Promoting accountability

Take advantage of our team and you and your company  will save you thousand of Rands and will allow you and your team to focus in your business. Some of the features of the services we provide are:

  • Zero Overhead
  • Over 50% on savings from your current bookkeeping accounting cost.
  • Zero investment in technology required when you start using our bookkeeping services.
  • We guarantee 100% satisfaction for the quality delivered.

Accounting, Taxation, Auditing and Business services

Outsourced bookkeeping services included:

  • General Ledger
  • Bank Statements/Credit Card Reconciliation
  • Accounts Payable
  • Accounts Receivable
  • Inventory
  • Fixed Assets
  • Accounting Setup
  • Profit & Loss Statement
  • Balance Sheets
  • Financial Statement & Reports
  • Books Cleanup
  • Monthly, Quarterly, Year End Reviews

We provide the completed task to our clients, always in time  every time. Accurate and organized records of your business will ensure better decision making on part of Management in day to day business.

Tax Preparation

Preparing your own income tax return can be a task that leaves you with more questions than answers.

Whether we like it or not today tax laws are complicated – that filing a relatively simple return can lead to confusion. It’s just too easy to overlook deductions and credits to which you are entitled. Even if you are using a computer software programme – there is no substitute for the assistance of an experienced financial professional.

We will do the following for you:

  • Your tax return will be checked and rechecked – identifying potential problems the SARS may look at more closely and reviewing the math to limit SARS contacts.
  • Your tax return can be filed electronically so you will get a refund back quicker.
  • We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.

Small Business Accounting

As a small business owner you have more important things to do than to keep your own books.  We take care of your books for you, so you can get back to the job of running your business and generating profits!

We will therefore keep you compliant with accounting standards and generally accepted accounting practices (GAAP).

Each month or quarter we will  do the following things for you:

  • Reconcile your bank account
  • Generate an income statement
  • Generate a balance sheet
  • Clean up your general ledger

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having MD Financial Services reconcile your account each month allows you to:

  • Identify lost checks, lost deposits and unauthorized EFT transactions.
  • Detect and prevent additional and or unjustified bank charges and ensures transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing. You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
  • Manage your cash more effectively because proper management of funds not only saves money, it makes money for you.
  • Protect yourself by:
    • Timeously reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged cheques presented to your bank and paid by that bank, you can therefore relieve your business of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  • You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all funds, accounts, cheques and disbursed funds are properly accounted for.

Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to:

  • Track revenues and expenses so that you can determine the operating performance of your business.
  • Determine what areas of your business are over-budget or under-budget.
  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.

A balance sheet assists you to:

  • Quickly get a handle on the financial strength and capabilities of your business.
  • Identify and analyse trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
  • Determine if your business is in a position to expand.
  • Determine if your business can easily handle the normal financial receding and flows of revenues and expenses?
  • Determine if you need to take immediate steps to bolster cash reserves?
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage?
  • Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger

The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape.