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Managers: Audit your auditor!

by , 05 May 2014
Do you only see numbers and tables when your bookkeeper gives you your financial statements for the year to review?

Or do you see vital tools that tell you exactly how your business is doing?

If all you're seeing is a jumble of numbers you need to read on!

74% of fraud is committed by employees within the organisationWhite collar crimes account for many profit losses and statistics show that the people in your company are the ones stealing from you. One of the best ways to prevent white collar crime from ruining your business is to KNOW EXACTLY what your financial statements mean.

If you don't know how to interpret your company's financial statements and you trust your bookkeeper for an honest reflection then you are AT RISK.

 Learn how to interpret financial statements… and audit your auditor! 

Most accounting products are aimed at CAs and written in difficult jargon. The Accountancy Loose Leaf is different in that it's written in simple language, makes use of practical examples and aimed at financial managers, business owners and office managers. It will help you to

   interpret information into practical information that'll allow you to understand the health and viability of your business.
   audit your auditor – you needn't be at the mercy of your auditor
   save on audit fees and audit stress
   maintain your cash flow and identify problem areas in your business
   prepare accurate management reports to ensure you're able to accurately assess the health of your business
   protect your business from risk of negligence and fraud
   be up-to-date with the latest legislation and how it affects your business
   know which accounting standards apply to your business and ensure none of your accounting practises fall short
   set proper performance targets for you accounts department that'll ensure you aren't wasting money of ineffective staff

And much, much more!
Simply go here for a full report on how to gain access to a system that'll show you how to interpret financial data and be 100% aware of the financial health of your business!

Six reasons why you should try the Practical Accountancy Loose Leaf

  • Access to the Accounting Helpdesk. This service answers your personal need-to-know, urgent accounting queries, with a turnaround time of no longer than 72 hours.

  • 25 Checklists to assess and reduce your PAYE, SDL and UIF tax risks: This booklet will help the accountant manage and reduce the risks associated with PAYE, SDL and UIF specifically. There are 25 checklists that cover these different risk areas.

  • Accounting Toolkit CD. This CD comes with at least 40 forms, schedules, templates and checklists for accounting, to save you time and money.

  • Members-Only Website Access. Exclusive access to all past Practical Accountancy Loose Leaf updates in case you've mislaid your hard copy. Simply log-on to membership.fspbusiness.co.za with the username and password that'll be sent to you.

  • Lifetime Subscription to our daily Tax Bulletin e-letter. The bulletin gives you the latest Accounting, Tax and Vat news, information, tips and tools to make sure that your business stays healthy – and you avoid SARS fines.

  • 12 Month legal update subscription. You'll automatically receive timely updates, additions and reports from the publisher.

The Practical Accounting Loose Leaf is your one-stop solution to accounting problems
Here's a small sample of the advice and tips you'll find inside:

Accounting records
You must back your records up and make sure they're kept securely. Find out exactly what risks you need to be aware of and what to do to do prevent them.

Accounting reports

Reduce your workload and work smarter to save time. Find out how to use one set of data to create two reports
Step-by-step guide to reduce data duplication – using one set of data for both management and financial accounting reports

Audit preparation
Use these checklists and 21 sample schedules to prepare for an audit and reduce your audit fees.

Internal controls
Implement these internal controls in your creditors, debtors, fixed assets, Internet banking, inventory, payroll and production and reduce your risk of fraud.

Capital investments
Discover which methods you can use to evaluate your capital investments, with advice from the experts about how to apply each method, and which method is the best.

Disclosures
Use this checklist to make sure the disclosures in your financial statements meet audit and reporting standards
Checklist: What you need to disclose for PPE
Checklist: What you need to disclose for inventories
Checklist: What you need to disclose for cash and trade receivables
Checklist: What you need to disclose for trade payables and loan payable
Checklist: What you need to disclose for provisions
Disclosures in your income statement
Checklist: What you need to disclose for revenue
Checklist: Common items you will need to show separately
  Checklist: Include the following costs in your inventory valuation
Checklist: Don't include these items in the cost of your inventory

Employee benefits and costs
Avoid errors when you account for employee-related expenses. From pension fund contributions to medical aid contributions – find out how to avoid SARS tax penalties and ensure that you're always in control of your company's finances.

Financial statement analysis
How to analyse your financial statements, using ratios, to identify red flag problem area before it's too late.
How to analyse the profitability of your business
How to measure the return on your investment
How to measure your risk

Funding for your business
Are you looking for financing for your business? Make sure you always qualify by finding out what potential debt funders look at in your financial statements to determine if you can repay the debt or generate returns on the investment.
Inventory. Prevent your inventory being sold below its actual cost by ensuring you value it correctly. Use these checklists and the step-by-step process to correctly attribute a cost to your inventory and save your company money.
 Checklist: Include the following costs in your inventory valuation
 Checklist: Don't include these items in the cost of your inventory

Job description: Financial Manager
Use this sample job description for your Financial Manager to clarify who he reports to, the skill-set needed to perform the job and his key responsibilities and work activities.

Leases: Operating lease versus a finance lease
Understand the consequences of a operating and finance lease and structure the agreement to make the right decision for your company and save yourself time, money and effort.

Monthly accounts: complete checklist
27 items to check on the balance sheet every month.
Checklist: Items you must check on a monthly basis
Checklist: How to maximise your cash flow

Revenue
How to recognise it correctly and avoid increases in taxes and audit fees
Questionnaire: What type of revenue applies to your business?
What should you do with revenue from interest?
What should you do with revenue from dividend income?
What should you do with revenue from royalties?

Risk assessment: Management questionnaire
Use this management risk assessment questionnaire to identify financial risk areas before they cost your business money.

Source documents
Eight source document templates to amend and use in your business.

Year-end adjustments and reversals
How to do year-end adjustments and reversals
What adjustments should you pass?
Accruals for fixed monthly expenses
Checklist: Journals where you may need to do year-end adjustments and reversals
Checklist: How to make sure you have enough evidence for your auditors
Checklist: Journals that you need to estimate

Updated Information directory
Accounting glossary
Accounting records - retention periods
List of capital allowances
SARS Tax tables for 2014/2015
Wear-and-tear write off periods
Exchange rate data
Prime overdraft rates

Nine reasons why you should order the Practical Accountancy Loose Leaf and take advantage of our 90-day money-back guarantee

1) You'll be 100% up-to-date on new and updated accounting and reporting standards!

Use the Practical Accountancy Loose Leaf to find out what the latest accounting and reporting standards are to avoid situations that invalidate your company records. Every topic in the loose leaf is discussed in detail and supported by several examples showing you how to cope with even the most difficult accounting scenarios.

2) We will keep you informed and 100% up-to-date

The Practical Accountancy Loose Leaf is constantly monitored and updated. You will receive an annual legal update subscription. You will find the latest information you need to know as a person who is responsible for accounting in your company: discussion of the latest amendments, new indexes and also the issues that have never been discussed before. You can be sure that – thanks to this Loose Leaf – you won't be surprised by any law amendment. All in the most cost-effective and easy way possible!

3) Should any doubts arise you can always ask an expert!

If you subscribe to the Practical Accountancy Loose Leaf you can always consult our experts. Simply email us your question and we'll send you an answer within 72 hours.


 

 

4) You can rely on the opinions and tips given by our Accounting experts

Our authors are top-class accounting experts. Each piece of information is verified by an independent consultant so you can rely 100% on the quality of the advice given.

5) You can consult an Accounting expert every day – 24 hours a day

You can make use of accounting expertise every time you need it. It is always at your disposal – simply lying on your desk. Don't look for a solution yourself or risk making an expensive error, when you can use the Practical Accountancy Loose Leaf instead. You can read about how a particular problem is seen by the experts. You can turn their knowledge and experience to your benefit as often as you want or need.

6) FREE unlimited subscription to our daily Tax Bulletin e-letter.

Every day we will email you the Tax Bulletin. This email newsletter is part of your Loose Leaf and will keep you informed with up-to-date information on any amendments to Vat and Tax regulations that may impact on your work.

7) 90 Day money-back guarantee

Order and pay for your copy of the Practical Accountancy Loose Leaf and check for yourself how useful it is and if you're not happy, simply return it within 90 days for a full refund!

  8) Receive your free booklet… 25 Checklists to assess and reduce your PAYE, SDL and UIF tax risks

This booklet will help the accountant manage and reduce the risks associated with PAYE, SDL and UIF specifically. There are 25 checklists that cover these different risk areas.

9) Accounting Toolkit CD
This CD ROM comes with at least 40 forms, schedules, templates and checklists for accounting, to save you time and money.
 

90-Day money-back guarantee
By ordering your copy of Practical Accountancy Loose Leaf Service today:


  You'll learn how to meet all your of Accounting obligations with minimum effort

The Loose Leaf contains practical advice in a step-by-step format to help avoid penalties

 

You can count on the advice in the Loose Leaf, as it's 100% legal

All information is referenced to the law and checked by external accounting experts/consultants.

 

You'll receive the loose leaf binder with 500 pages of practical information and in each section you will receive:

 

Practical advice in an easy-to-follow format 

Step-by-step instructions
Checklists to make sure you haven't forgotten anything
Proven sample formulations for contracts, letters and forms
Many immediately understandable examples  


Included in your package: 


FREE gift: When you order Practical Accountancy Loose Leaf Service, you will receive "25 Checklists to assess and reduce your PAYE, SDL and UIF tax risks"  

In this booklet you'll find:
Solutions to help manage and reduce the risks associated with PAYE, SDL and UIF specifically. There are 25 checklists that covers these different risk areas.

FREE gift: When you order Practical Accountancy Loose Leaf Service, you will receive "Accounting Toolkit CD"

In this CD you'll find:

This CD ROM comes with at least 30 forms, schedules, templates and checklists for accounting, to save you time and money.

 Who should subscribe to the Practical Accountancy Loose Leaf?

  •     Accountants;
  •     Bookkeepers;
  •     Financial managers;
  •     Directors;
  •     Company owners; and
  •     Anyone who deals with accounting issues.

Kind regards,

Philip Rosenberg

Managing Editor: Practical Accountancy Loose Leaf

P.S. Learn how to improve your cash flow, eliminate simple accounting mistakes,analyse your financial statements and identify errors. 90 days later decide whether you want to keep the team working,  for you... or not. You have no risk. I personally guarantee it.



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