Your Financial Yearbook
Annual Financial Statements (AFS) are the official record of your company's financial performance. Under the Companies Act of 2008, every company must prepare them within 6 months of year-end. We ensure yours are done right.
- Mandatory for all active Companies (Pty Ltd) in South Africa
- Prepared by qualified accountants according to IFRS for SMEs
- Essential for SARS (ITR14) and CIPC (Annual Returns) submissions
- Required by banks for overdrafts, bonds, and asset finance
- Includes Independent Review or Accounting Officer Report where required
Understanding AFS Requirements
One size does not fit all. Your requirements depend on your size and public interest.
Compilation
For most SMEs.
If your PI Score is below 100, we simply "compile" your statements based on your records. No audit or independent review is required, making it faster and more affordable.
Independent Review
For larger businesses.
If your PI Score is between 100-350, or if your MOI requires it, a qualified independent reviewer must perform "limited assurance" procedures to verify the statements.
Audit
For complex entities.
If your PI Score is >350, or you hold assets for the public, a full statutory audit is mandatory. We provide audit-readiness support to help you survive this process.
The Year-End Process
From Trial Balance to Signed Report.
Trial Balance Review
We review your year-to-date bookkeeping to ensure the 'Trial Balance' is accurate and balanced before drafting statements.
Drafting & Adjustments
We process year-end journals (depreciation, provisions, tax adjustments) and draft the full set of statements.
Review & Sign-Off
You (the Directors) review the draft with our team. Once approved, you sign the Directors' Report and Balance Sheet.
Submission
We use the signed AFS to populate your ITR14 tax return and submit the Financial Accountability Supplement to CIPC.
Why You Need This
The Established Business
Needs a clean set of AFS for their annual banking review to keep credit lines open.
The Tender Applicant
Needs signed, audited (or independently reviewed) statements to submit with a government tender bid.
The Compliant Startup
Even with low turnover, needs a 'compilation' engagement to satisfy SARS and shareholders.
How We Work
We believe good accounting starts with structure and consistency. Our approach is designed to give business owners clarity without unnecessary complexity.