Category: Accountants

5 Times You Should Talk To An Accountant

Posted on by Angel

Many people are hesitant to hire an accountant because they just aren’t sure that they need one, or they are afraid that they will go to the accountant and then feel like they aren’t “good enough” or they don’t have enough money to actually use that accountant. The truth is that people need accountants more than they realize, and almost everyone should have an accountant on call. Even if you do not have a regular relationship with that person, there are times when you are going to need him or her on your side.

Here are just a few cases when you should talk to an accountant: 

You Are Considering Real Estate – Buying Or Selling

Buying or selling real estate, no matter where it is, is a serious decision. If you are in the market to make some purchases, whether it is a first home, a second home, a home for your children, a commercial property, or a rental property, you may want to talk to an accountant first. He or she will help you to make decisions based on your income and savings that can help you to fund your next venture.

Even better, an accountant can minimize your taxes on the purchase or sale of the property.

You Have To Do Your Taxes

If you are doing your taxes either for yourself or for your business, it may be in your best interest to have a professional help you. Whether you file with the wrong information, use the incorrect form, or just don’t know how to claim something, an accountant can help to sort out all of the details.

Most people who try to handle their taxes on their own end up doing something wrong – whether they ever find out or not. Even sitting with an accountant for a few minutes can really help you. Currently, SARS is looking in every corner for taxes to be collected. SARS is requesting supporting documents more and more. Your accountant would be up to date on how to submit all the relevant documents in the prescribed formats.

You Are Making A Large Donation

If you are considering making a large donation in the upcoming months or even years, you may want to talk to an accountant. He or she will be able to guide you through the process that will be mutually beneficial – the recipient will get the donation and you may even be able to claim it on your taxes.

Making a large donation is not as simple as one thinks – so it is better to cover all of your bases if possible.

You Want To Retire

This should seem obvious to many people, but if you want to retire, you should talk to an accountant. They will be able to help you understand your financial situation and see if it is even a reality. Even better, they will be able to help you plan for the future so that you can be comfortable throughout your retirement.

You Have Children

If you have children, you probably want to put aside some money for them. If you are thinking about setting up a will or even just making it so that you have money in savings should something go wrong, you may want to talk to an accountant.

Talk To An Accounting Firm in Pretoria

Many people aren’t comfortable talking to an accountant because matters of money can be so personal. However, it is a necessary part of life for so many people – especially if you want to pass on money, retire, or just have enough to be comfortable for the rest of your life. If you have a business, children, or loved ones that you care about, there are times when you are going to need an accountant on your side. You will be able to save them a lot of stress and confusion when the time comes for you to do something serious.

It is never too early to start thinking about your future, even if you don’t have a great deal of money in your bank account. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed, help you start a business, or do something totally unexpected.

To get started, schedule an appointment today.

3 Things South African Accountants Do That You May Not Know

3 Things South African Accountants Do That You May Not Know

Posted on by Angel

Many people don’t realize that accountants do more in a day than just sit and look at numbers. In fact, the traditional role of an accountant is becoming less and less of what they do and becoming more complex and, in some cases, creative. Accountants have an important role in the finance and business industries across the world. People know that it is important to have an accountant, whether it is for their personal uses or for their businesses, but they do not realize what an accountant does. In short, it is a lot – they have to juggle many things and wear many hats. That is why it is important to find a reputable South African accountant who will become a partner.

In general, accountants look at the financial records of a person or a business, ensure that those records are accurate, and then prepare reports on those accounts. Some of their other activities include: preparing taxes, finding investments, and helping plan for the future.

Accountants Provide Far-Reaching Advice

Accountants can act as analysts. After looking at financial data, they can help business leaders make decisions about expansion, hiring, scaling, or consolidation. There are many smaller details that accountants can provide insight on as well, like which kinds of supplies to order, payroll, or even just advising on products. Advising on business operations can help you to explore trends, financial commitments, and even what to expect moving into the future.

An accountant can also look at existing financial data to try to resolve certain discrepancies and irregularities that can sometimes occur. These recommendations can help businesses to be more efficient while providing specific recommendations for specific financial problems.

Accountants Help With Financial Report Preparation

For some accountants, one of the most exciting things to do is help to prepare financial statements. These may be monthly reports, quarterly reports, or annual reports, as needed. The information provided in these reports is compiled and analyzed, providing important insights and information. The preparation of these reports may be used to make business decisions, approach funders, or even plan for the future. They can also be used for the support and management of budgetary forecast activities.

These types of reports help financial directors make decisions and quantify what they do. A practiced hand gets the information correct and ensures compliance.

Accountants In South Africa Ensure Compliance

An accountant is responsible and organized, something that not all people and businesses are – and it can be difficult to stay on top of regulations if you aren’t organized. An accountant is responsible for knowing what all financial reporting deadlines are and ensuring that they are met, both internally and externally. For example, there may be semi-annual or annual reports that need to have specific deadlines and specific information. If that information is not readily available, it can be almost impossible to meet those deadlines. Accountants help to keep everything organized throughout the year to ensure that when the time comes, businesses and individuals are compliant.

While hiring a leading accountant in South Africa won’t magically make someone more organized, it can help them to have at least the numbers organized. It will also help accountants to do all of the things that they do on a normal basis. Accountants also look at the record keeping of your companies tax returns, financial statements and other secretarial records, like your share register and company registration records. They keep backups of this in hardcopy and softcopy making sure that your life is organized

Need An Accountant in South Africa? Contact Us Today

IC Quantum Accountants is registered with the South African Institute of Professional Accountants (SAIPA) as both an accounting practice and an Accredited Training Centre (ACT) for accounting trainees. At IC Quantum Accountants Hub (Pty) Ltd, we are committed to building long-term relationships with our clients by providing excellent client service and embracing high ethical standards.

If you need an accountant in South Africa for any services, personal or business, give us a call today and we can schedule an appointment with you – +27 87 980 0000/+27 81 403 5948. You can also fill out the form below and we will contact you.