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You want what's best for your company, so use these major tips on keeping its accounting records!

by , 02 April 2015
Today we're going to give you some guidance on the topic of complying with Companies Act's requirements for accounting records. There are some responsibilities that you must follow as the employer or as the director of the company in this perspective.

Read on to find out what these are...

Your accounting records must follow some strict rules


First of all, don't forget that when you compile the financial statements, or you're a director of the company, you'll be under a lot of pressure. It's your responsibility to make sure your accounting records are:

• Complete;
• Accurate; and
• And without material errors.
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You must also keep your daily transaction accounting records for a minimum of seven years or longer if specified, to make sure you comply with the Companies Act and the Tax Adminstration Act (TAA). You can do this electronically. You don't need to hand in any hard copies at all.

As for the director's duties, know that you must keep your daily transaction accounting records for a minimum of seven years to make sure you comply with the Companies Act and the TAA.(http://www.sars.gov.za/Legal/TaxAdmin/Pages/default.aspx)

This also means that you must prepare financial statements within six months of year-end.

And remember, if you want what's best for you and your company, make sure your accounting records are easily accessible. This will help you prepare your financial statements.

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