Admit it. Every time you have to prepare your financial statements you get that sinking feeling. A sense of unease.
It's to be expected, given the importance of such a task.
If your trial balance has errors, your financial statements will also be incorrect;
You use your balance sheet to declare your taxes to SARS annually – so it must be correct;
Your financial statements give a picture of the economic activity of your company; and
Your company won't be compliant with the laws and regulations in South Africa, if you don't prepare your income statement and balance sheet, and do them correctly!
But don't despair. We'll help you tackle the problems in drawing up an income statement and balance sheet with this one tool.
This tool will:
that may arise in compiling a balance sheet;
Help you avoid accounting errors
that can cause serious financial problems;
Give you certainty in applying the legislation
and regulations in force;
Provide a solid base of information
to prepare the trial balance;
Help you correctly interpret and apply the legal requirements
Show you all the components you need to draw up
an income statement
Give you practical examples and models
for solving certain types of problems that occur frequently in preparing financial statements;
Show you eight lesser-known errors
that occur when preparing your trial balance and how to overcome them;
Help to eliminate the risk of errors
Help you avoid penalties and fines from SARS.
All About Financial Statements: Your complete guide to compiling 100% legally compliant income statements and balance sheets gives you the essential information you need to prepare and cross-check your company's accounting records.
The final result – you'll have a trial balance, income statement and balance sheet prepared professionally, fairly quickly and with minimum energy!