Our Services

We pride ourselves to deliver our various services with:

numbered1 Our Services Professionalism numbered2 Our Services Integrity numbered3 Our Services Reliability

Financial Shared Services Centre (FSSC)

All big business are moving towards creating shared services within their own organization to reduce overheads in areas like Finance, HR and IT. We have developed a FSSC specifically for the SMME to Medium market thus creating a competitive edge from a Finance perspective and have pro-active information to make informed business decisions. With our efficient process we cut down on cost, time and money. We aim to save your business up to 25% of your current accounting and tax bill.

What is a Shared Service Centre?

Shared services are the consolidation of business operations that are used by multiple parts of the same organization. Shared services are cost-efficient because they centralize back-office operations that are used by multiple divisions of the same company (or different companies) and eliminate redundancy. The goal of a shared services delivery model is to allow each business division to focus its limited resources on activities that support the division’s business goals. Technology has often been the driver for shared services within an organization because it can be expensive to purchase, maintain and train employees to use. Back in the 1920s, for example, an Underwood typewriter cost $100 and typists were highly trained employees. Instead of having each business division within the company hire its own typists, a centralized department for typists was seen as being more cost-efficient and the typing pool was born. Today, a typing pool would be called a shared service center (SSC).

Diagram depicting SAS FSSC Model

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What makes us different from the normal accountant at the corner?

Strategic Accounting Solutions creates a platform for SMME’s to have the following:

  • Online real-time information
  • Data is captured daily
  • Real time decision making on sales and proposed sales (including procurement of goods and services through a purchase order process), including cost centre/job/activity accounting
  • Ability to compare historical information to current in a real time environment

The following comparison shows the differences between our modeled approaches compared to the normal accountant at the corner for the quotation/invoice/receipt cycle.

Example for the Quotation/Invoice/Receipts Cycle

Quotation/Invoicing/Receipt Activity SAS Model with FSSC Normal Accountant Model
SMME does credit vetting of potential client. The FSSC can assist with this through one of its partners. The normal accountant is not part of this process
An approved (new) client of the SMME is created (with all details including VAT) on the accounting system. With the online accounting system this will be real time. The normal accountant is not part of this process
SMME can load price lists onto accounting system to stream line the quotation process. CSV file uploaded to online accounting system (SMME can also perform this function) The normal accountant is not part of this process
Day 1: SMME creates quotation Day 1: Bank CSV file is send to FSSC to capture With the online accounting system this will be real time. Bank CSV file uploaded and bank reconciled The normal accountant is not part of this process
Day 2: SMME’s client accepts the quotation. SMME creates Tax Invoice. Day 1: Bank CSV file is send to FSSC to capture With the online accounting system this will be real time. Bank CSV file uploaded and bank reconciled The normal accountant is not part of this process at Day 2. The accountant receives the printed tax invoices to re-capture on their accounting system after Day 31.
Day 15: Interim Customer Statements a run (if required) Interim Customer Statements are run (if required) This cannot be done as the bank statement is only received on Day 33 (when available)
Day 3 – Day 31: Bank CSV file is send to FSSC to capture Bank CSV file uploaded and bank reconciled Normal Accountant receives the bank statement on Day 33 for processing along with all customers’ tax invoices.
Day 31: Month-end Customer Statements are run Month-end Customer Statements are run This cannot be done as the bank statement is only received on Day 33

For the procure/payment/record cycle the above process hold true (including purchase orders) and cost centre/job/activity accounting. (General Ledger and Fixed Asset Accounting occurs daily or weekly depending on requirements). Hence the reconciliation process is done daily. Therefore comparing from the time information is available for the SMME to utilize in order to make decisions is available immediate from the time the transaction occurred. Information available (including management accounts) from the normal accountant is only between Day 45 to Day 60 from the time the transaction occurred. Thus the power is handed to the SMME to move his business forward proactively as opposed to re-actively. Specific requirements To reap the benefits a multiple shared service centers sets specific requirements to the resource allocation process. A service level agreement (SLA) is created to manage expectations. Standardized processes Another critical issue in shared service centers is the way processes are standardized. At the end of the day shared service centers have to contribute to the competitiveness and the (financial) performance of clients. As competition shifts to innovation of business models and in relation to this there is a higher dynamics in the composite customer value proposition to be performed, changes in the customer value proposition need to be translated timely and effectively in (back office) processes. Diagram below depicts the components/processes for the FSSC GRAPHS5 Our Services Best Practices for a Shared Service Center

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CENTRE OF EXCELLENCE (COE)

  • Accounting
Within the FSSC the following activities occur:

  • Preparation of monthly management accounts (this will assist in business decision making).
  • Assist with Workmen’s compensation, VAT returns, UIF, PAYE, Pension contributions.
  • Preparation of Annual Financial Statements for submission to SARS.
  • Assist with preparation of annual tax return to SARS.
  • Assist with provisional payments to SARS.
  • Assist with complex issues relating to IFRS and IAS.
  • Assist with comparative information.
  • Assist with SDL and claims from the fund.
  • Assist with fixed asset register (FAR) with specific requirements of SA GAAP.
  • Assist with debtors and creditor reconciliations.
  • Assist with setup and preparation for accounting packages.
  • Assist with training of staff with complex issues regarding IFRS and IAS. Also assist with training of PASTEL and optimization of the accounting process (i.e. filing, queries, etc.) The aim of this is the promote knowledge and increase efficiency towards to the accounting process.
  • CIPC Registration: We can assist with all CIPC registration and amendments. This includes directors/members changes, new registrations and change of details. Our turnaround time is efficient and effective. We can save time and money.
  • Taxation
Strategic Accounting Solutions is a registered tax practitioner with the South African Revenue Services (SARS website: www.sars.gov.za). We perform both personal (IT 12) and company taxation (IT 14). Taxation Services include:

  • Preparation and review of tax returns.
  • Tax Planning, consulting and compliance.
  • Income Tax, Value Added Tax (VAT), Capital gains tax (CGT), Payroll taxes including the skills development levy (SDL), Unemployment Insurance Fund (UIF) and workmen’s compensation.
  • Liaising with SARS.
  • International Financial Reporting Standards(IFRS)
The founding member of Strategic Accounting Solutions obtained his Master’s Degree in IFRS from the University of Johannesburg in 2009. With 11 years’ experience as a Chartered Accountant we are able to perform the following advisory services relating to IFRS (International Financial Reporting Standards):

  • Perform a review of Annual Financial Statements (AFS) with reference to the new IFRS releases.
  • Implementation of new IFRS standards (including updates).
  • Review of complex transaction and advice on the accounting impact of IFRS.
  • Perform training in respect of IFRS.

 

Virtual Financial Director (VFD):

Virtual Financial Director (VFD) is a layer within the FSSC specifically focused at companies larger than the SMME that requires a financial director. Hence, there is no need to employ a financial director in a fulltime capacity but rather outsource that function. VFD is service environment developed by Strategic Accounting Solutions to establish sound financial controls and processing. From this base – procurement, operations, supply chain and marketing best practices can be implemented to support the core business. GRAPHS3 Our Services VFD is a flexible, customizable solution developed and implemented according to the needs and requirements of the business. VFD is supported by a flexible management system, enabling transparent reporting from reporting against customers and vendors. This integrated ERP system would thus help manage the key aspects of:

  • Procurement Spend
  • Inventories
  • Modules that handle all Interaction with suppliers
  • Order Tracking

The information that will be made available via the ERP system’s relational database will assist in measuring the Key Performance Indicators (KPI’s). VFD value proposition: GRAPHS4 Our Services Strategic Accounting Solutions reviews the entire finance function in 360 degrees. With this approach we are able to identify gaps and we are able to bridge those gaps and implement strategies to ensure the business strives optimally. GRAPHS2 Our Services

Auditing

Various auditors exists: External Auditors, Internal Auditors, Government Auditors, Forensic Auditors, Special Purpose Auditors. The characteristic common to these various audit activities is simply: INDEPENDENCE. An audit is an attempt to enhance or add credibility to a statement, figures or an event. The need to auditors (both external and internal) arose out of the natural development of owner-managed businesses into entities which were owned by people who did not manage the business. The solution was to appoint an independent person to evaluate the reports of the managers and to provide an opinion on their truth, correctness or fair presentation. The need for the external auditor was established and entrenched.

BEE Certificates

A BEE certificate will give you a competitive edge and ensure you comply with the Preferential Procurement policies of corporates and the public sector which require that their suppliers be BEE certified. It will enable you to tender for Government projects and allows your corporate clients to earn Preferential Procurement points on their BEE Scorecard. Our BEE certificates are aimed at Exempt Micro Enterprises. An Exempt Micro Enterprise is any enterprise with an annual total revenue of less than R5 million. A recently incorporated entity that has been in operation for less than one year (Start up enterprise) would qualify as an Exempted Micro Enterprise (EME). In terms of the BEE Code of Conduct, EME’s automatically have a BBBEE procurement recognition of 100% and are deemed to have B-BBEE Status of “Level 4 Contributor”. If an EME is more than 50% black owned, its rating is increased to that of a “Level 3 Contributor” having a BBBEE procurement recognition of 110%.

Management Reporting

The Management Reporting system is a set of reports that provide the information necessary to make business decisions about running the store. The Management Reports inform you about the sales and margin, about merchandising issues, about inventory, and about deals. Management Reporting Overview: A significant output of management reporting systems, but by no means their sole output, is a recasting of the firm’s overall financial results into profit and loss statements arrayed by, for example:

  •   Organization (such as division, business unit or department)
  • Geographic Region
  • Product
  • Client Segment
  • Individual Client