Frequently Asked Questions
Welcome to our Frequently Asked Questions (FAQ) page. Here, we address common inquiries about our accounting & tax services, company policies, and client support.
1. Is accounting software license fee included in my monthly charge?
Yes, all prices include the Xero license fee!
We recommend and prefer Xero Accounting for various reasons, but we can also work with other accounting software packages.
2. Do we have to travel to your offices?
No, it is not necessary, we can handle everything digitally and over the internet. Meetings can be done virtually, and documents can be downloaded to drop box or emailed. Xero also comes with an unique function (software included for free in all Xero packages) called Hubdoc, from where you can upload scanned images, electronic documents and snap shots or photos of documents, directly to your accounting software..
3. Do I need to send my bank statements to you?
No, it is not necessary, if you use Xero it can be uploaded and updated directly from your bank. This is very convenient and also saves time. It can also be imported into the accounting software manually, using the required formats like ofx, csv etc.
4. Do I need to send you other relevant information and documents?
Yes, we will need all purchase and expense invoices, tax invoices, supplier statements, credit card statements and other relevant documents used for business purposes (expense claims from business, finance and lease, hire purchase agreements etc.). This is especially important if you are registered for VAT.
All these documents can however be captured by Hubdoc – a feature of Xero accounting allowing you to digitally capture and allocate documents.
5. Do I need to send you my sales invoices?
No your sales invoices are generated by the software, so everything we need will be there, unless some part of your control system is generated manually or by other custom software (delivery note or sales order, till slips etc.).
6. What does the monthly report pack includes?
Your monthly or bi-monthly report pack will include at least the following, depending on your requirements:
Balance sheet on report date.
Profit and loss statement (can be tailored to your needs).
Analytical report (Status of business).
7. Can I convert my existing software to Xero accounting?
Yes we can assist converting your current accounting software to Xero free of charge from Sage/Pastel or Quick books. You will have all the data in Xero from the last financial year and the current financial year to date. Converting inventory items (physical stock) and older financial years come at an additional cost. Converting from other software is also possible but will be at an extra charge.
8. Do I pay extra for yearly (annual) Financial Statements?
No, cost for Compilation of Annual Financial Statements is included in the monthly charge! Compilation for Companies are done according to IFRS for SME’s and we include a Compilation report in terms of ISRS 4410 (Revised).
9. Can you do detailed financial analysis (Key Performance Indicators) for our business?
Yes, we can do a detailed KPI analysis for you every month, at an fixed monthly fee, including monthly discussion!