Question 1

What are financial statements?

Accepted Answer

Financial statements include your income statement, balance sheet, cashflow statement, and supporting notes.
They show your company’s financial performance and position.

Question 2

Who needs financial statements?

Accepted Answer

All companies, including small businesses, NPCs, trusts, and close corporations.

Question 3

Why are financial statements important?

Accepted Answer

They help with:
 • SARS compliance
 • Funding applications
 • Tenders
 • CIPC filings
 • Business decision-making
 • Investor relations

Question 4

What is included in financial statements?

Accepted Answer

• Income statement
 • Balance sheet
 • Cashflow statement
 • Notes to the financials
 • Accounting policies

Comprehensive statements meet legal standards.

Question 5

What frameworks do you use?

Accepted Answer

We prepare financials using IFRS for SMEs or the full IFRS framework, depending on company requirements.

Question 6

Do you prepare financials for dormant companies?

Accepted Answer

Yes — dormant financials still require accurate records.

Question 7

How often should financial statements be prepared?

Accepted Answer

Annually — at the company’s financial year-end.

Question 8

Do financial statements affect tax?

Accepted Answer

Yes — they determine taxable income for companies.

Question 9

Do you prepare management financials?

Accepted Answer

Yes — monthly or quarterly management statements can also be prepared.

Question 10

Can financial statements be backdated?

Accepted Answer

Yes — for compliance clean-ups or previous years.

Question 11

Do you need bank statements?

Accepted Answer

Yes — along with invoices, receipts, payroll data, and other accounting records.

Question 12

Can errors in financial statements be corrected?

Accepted Answer

Yes — revised statements may be issued if necessary.

Question 13

What is a public interest score (PIS)?

Accepted Answer

A scoring system that determines whether a company needs audited or independently reviewed financial statements.

Question 14

Do you assist with audit preparation?

Accepted Answer

Yes — we prepare audit-ready files and supporting documents.

Question 15

What if documents are missing?

Accepted Answer

We assist with reconstructing financial information where possible.

Question 16

Do you assist with SARS financial reviews?

Accepted Answer

Yes — we prepare supporting schedules for SARS audits.

Question 17

Can financial statements help with funding?

Accepted Answer

Yes — banks and investors require accurate financials to assess the company.

Question 18

Do financial statements affect CIPC annual returns?

Accepted Answer

Yes — certain companies must upload financials during annual return filing.

Question 19

Can you prepare group or consolidated financials?

Accepted Answer

Yes — for companies with subsidiaries.

Question 20

How long does the financial statements process take?

Accepted Answer

Typically 5 – 20 working days, depending on complexity and record availability.

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