Compilation Of Annual Financial Statements For Micro Businesses
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Financial Statements are a key tool businesses use to plan, structure, invest and grow. They provide high-quality, understandable and globally accepted financial reports for the position and performance of a business.
Per the South African Companies Act, all companies are required to produce Annual Financial Statements (AFS) each year within 6 months after the end of their financial year.
Small to Medium-sized entities often require financial statements:
- As part of the application for financing and overdraft facilities
- If an investment opportunity presents itself the financial statements will form part of the due diligence process
- Simply for owner’s use
- Compliance
Remote AFS will collect your financial information and compile the financial statements for micro businesses in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities ( IFRS for SME’s) framework.
South African Section 90 Companies requires independently compiled financial statements where auditors are disqualified from preparing financial statements.
We have positioned ourselves as the provider of choice through the development of a seamless reporting process and assisting in practical application of reporting framework, with experience from medium to listed-entity financial statements.
We are also able to convert the financial statements in XBRL format for submission to the Companies and Intellectual Properties Commission (CIPC).
Affordable price plans
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Pricing plans
General Information: Directors' Responsibilities: Directors' Report: Independent Reviewer Report: Statement of Financial Position: Statement of Comp. Income: Statement of Changes in Equity: Statement of Cash Flows: Accounting Policies: Notes: Detailed Income Statement: Delivery time: -
Pricing plans
Basic
R5,580.00
Maximum annual turnover is R5 million. Maximum of 10 employees.
General InformationDirectors' ResponsibilitiesDirectors' ReportIndependent Reviewer ReportStatement of Financial PositionStatement of Comp. IncomeStatement of Changes in EquityStatement of Cash FlowsAccounting PoliciesNotesDetailed Income StatementDelivery time 1 Day -
Pricing plans
Standard
R8,499.00
Maximum annual turnover is R10 million. Maximum of 10 employees.
General InformationDirectors' ResponsibilitiesDirectors' ReportIndependent Reviewer ReportStatement of Financial PositionStatement of Comp. IncomeStatement of Changes in EquityStatement of Cash FlowsAccounting PoliciesNotesDetailed Income StatementDelivery time 2 Days -
Pricing plans
Premium
R12,890.00
Maximum annual turnover is R20 million. Maximum of 10 employees.
General InformationDirectors' ResponsibilitiesDirectors' ReportIndependent Reviewer ReportStatement of Financial PositionStatement of Comp. IncomeStatement of Changes in EquityStatement of Cash FlowsAccounting PoliciesNotesDetailed Income StatementDelivery time 2 Days
Additional services
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XBRL Report
iXBRL is a global digital reporting standard for exchanging business information for financial reporting.
As of 1st July 2018, the CIPC (Companies and Intellectual Property Commission) has made it mandatory for qualifying entities in South Africa to submit their Annual Financial Statements (AFS) in an iXBRL (Inline eXtensible Business Reporting Language) format.
The CIPC is also encouraging all entities in South Africa to realize the benefits of iXBRL reporting to improve the quality of their Annual Financial Statements (AFS) through CIPC’s comprehensive business validation rules.
R2,500.00
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Income Tax Computation
R1,300.00
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Annual Return Submission
Companies must file within 30 business days AFTER the anniversary date of its incorporation while close corporations must file within the anniversary MONTH of its incorporation up until the month thereafter (effectively 2 months). It is important to note that CIPC does not allow access to file the returns before the due date.
All Companies that require an audit must also submit their audited financial statements. The rest of the companies have to submit a financial accountability statement ( CoR 30.2).
The amount of money a company has to pay to CIPC for its annual returns depends on what type of company it is e.g: CC or (Pty) Ltd (new or old Act) and what the turnover is. The turnover is calculated on the last financial year (not calendar year) so that the CIPC can compare it with SARS for accuracy.
R590.00
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Change in registered address
The registered address or office of a company is very important, as it is the address at which any legal documents will be served on the company. Companies are required by law to ensure that this information is up to date, and may be liable for a fine or prosecution if it is found that the information is not up to date.
R350.00
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CIPC Director Changes
Director changes are required to be lodged with CIPC to ensure that their records are up to date.
Shareholder changes are the responsibility of the Directors and are NOT required to be lodged with CIPC.
We offer both services and can do them simultaneously.
The Directors run the company and Shareholders own the company.
R550.00
Fequently asked questions
What are Financial Statements?
Financial Statements are a key tool business owners use to plan, structure, invest and grow. They provide high-quality, understandable and globally accepted financial reports for the position and performance of your business.
When should Financial Statements be prepared?
Per the South African Companies Act, all companies are required to produce Annual Financial Statements (AFS) each year within 6 months after the end of their financial year.
Why are Financial Statements required?
Small to Medium-sized entities often require Financial Statements (a) as part of the application for financing and overdraft facilities, (b) if an investment opportunity presents itself, the Financial Statements will form part of the due diligence process, (c) compliance with tax and CIPC statutory submission requirements or (d) simply for owner’s use.
What you get when you place an order?
Our professional Chartered Accountants at Remote AFS™ will (a) collect your financial information, (b) compile your Financial Statements using the IFRS for SMEs framework, (c) convert your Financial Statements to XBRL format for submission to the CIPC.
What assurance do you give provide?
(a) Experience gained from more than 15 years consultation at the big audit firms, such as PwC and SNG and servicing clients ranging from private to multinational corporations; (b) 100% on-time delivery; and (c) Unlimited revisions until you are satisfied.