Accounting

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The nature of the accounting services that we provide to clients varies widely and include:

• Compilation engagements, in which accounting expertise is used to collect, classify and summarize financial information. Although the resulting financial reports are not audited, users of the compiled financial information derive some benefit as a result of the accountants’ involvement because the service has been performed with professional competence and due care.
• Our audit clients require us to perform accounting services from time to time, usually as a precursor to conducting their annual audit. This service is separate and apart from any audit work and is charged accordingly.
• We perform various accounting services. These services include, but are not limited to:-
• Preparation of bank reconciliations
• Preparation of audit schedules
• Preparation of reconciliations of sub-ledgers to general ledger accounts
• Updating computerized accounting records
• Processing information on a routine basis, thus producing timely monthly financial statements
• Preparation of payroll records and the requisite statutory returns
• Preparation of General Consumption Tax returns
• Outsourcing of Finance and Accounting functions for small and large companies. We have provided senior consultants on secondment to Financial Controller, Chief Accountant among others responsibilities.

In our present changing environment, Bakertilly also offers the important service of making client accounts IFRS compliant. The changes, which came into effect in July 2002, are now compulsory and all companies need to adhere to these new reporting standards.