Essential Insights Package
At Mlangeni and Associates, our Essential Insights Package is designed to give business owners peace of mind through reliable bookkeeping, accurate taxation compliance, and professional financial statement preparation — all tailored for growing businesses that demand insight and integrity.
- Bookkeeping Services
Our bookkeeping function is designed to help you maintain accurate, up-to-date financial records.
This service includes the following components:
• Capture and classification of all business transactions (sales, expenses, receipts, and
payments).
• Monthly reconciliation of bank accounts, credit cards, and other financial
instruments.
• Categorization of income and expenses according to your chart of accounts.
• Processing of supplier invoices and customer receipts where applicable.
• VAT categorization (where applicable, for VAT-registered entities).
• Preparation and maintenance of essential supporting schedules required for financial
reporting and year-end reviews
• Key schedules include:
- Fixed Asset Register
- Depreciation Schedules
- Accounts Receivable and Payable Listings
- Loan and Investment Schedules
- VAT Reconciliations (where applicable)
• These reports are generated directly from the accounting system to give a snapshot of
your financial position.
• Standard Reports Included:
- Income Statement (Profit & Loss Report)
- Balance Sheet
- Trial Balance
- General Ledger Summary
- Taxation Services
Our taxation services ensure full compliance with South African Revenue Service (SARS) obligations
while optimising your tax position through accurate and timely submissions.
The services under this component include:
• Calculation of estimated taxable income based on historical data or projected earnings
• Preparation of the IRP6 provisional tax return
• Submission of first (due end of August) and second (due end of February)
provisional tax returns
•Tax computations reflecting expected liability for the relevant tax year
• Guidance on voluntary top-up payments to avoid interest and penalties
• Preparation and submission of the ITR14 (company income tax return)
• Detailed tax computation prepared to reconcile accounting profit to taxable income
• Assessment of allowable deductions, tax losses carried forward, capital allowances,
and SARS compliance requirements
• Review of SARS assessments and follow-up where necessary
• Filing in accordance with Companies Act and Income Tax Act provisions
• Preparation and submission of VAT201 returns
• Accurate VAT computations based on processed transactions and supporting
documentation
• Reconciliation of input VAT and output VAT
• Identification and correction of any discrepancies
• Monitoring of VAT periods and ensuring timely submission to SARS to avoid
penalties and interest
- Financial Statement Preparation
We prepare your Annual Financial Statements in accordance with applicable reporting frameworks
(e.g., IFRS for SMMEs), ensuring compliance, accuracy, and readiness for stakeholder review,
including SARS, funders, and auditors where applicable.
This service includes:
• Mapping of the final trial balance to appropriate financial statement line items
• Ensures correct classification of accounts in line with reporting standards
• Review of balances for unusual variances or errors before final statement generation
• Full general ledger export and analysis to support financial disclosures
• Identification and adjustment of any mispostings or duplicate entries
• Ensures ledger integrity for year-end reporting
• Preparation of tailored accounting policies based on the nature and size of the
business
• Policies are aligned with IFRS for SMMEs (or other applicable framework)
• Ensures financial statements comply with disclosure and presentation requirements
• Preparation of detailed notes supporting the line items on the financial statements
• Includes disclosures on related parties, contingent liabilities, taxation, and fixed assets
• Enhances transparency and audit readiness
