Tendering usually refers to the process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline. The term also refers to the process whereby shareholders submit their shares or securities in response to a takeover offer.
Tenders For Accounting Services In South Africa
There are huge increase in requests for accounting services for tenders in South Africa. When applying for a tender or a contract at a potential corporate client you will most probably need the following documents.
Tax clearance certificate:
This document you receive from SARS if you and your company are 100% compliant of submitting statutory returns and made payments in full. The tax clearance will include all taxes that the entity are registered for and can include the following:
– Income tax
– Pay as you earn (PAYE)
– Unemployment insurance fund (UIF)
– Skills development levy (SDL)
– Value added tax (VAT)
This certificate is valid for 12 months from date of issue.
BEE certificate:
The BEE certificate or BEE affidavit will increase your changes at a corporate or government institution. The higher the level of BEE rating, the better your changes of receiving a tender approval. A business with a turnover of less that R 10 million per annum only require a sworn affidavit.
WCA:
The WCA or Workman’s Compensation is an insurance for employee injuries on duty. The cost of insurance are based on the industry the business are operating in. The higher the risk of the industry the higher the percentage that will be multiplied to the gross salaries and wages of the business for a specific 12 month period.
Once the return has been submitted for the year and payment made in full, you will be issued with a letter of good standing from the WCA that will be valid for 1 year.
CIDB:
The CIDB is for companies wanting the tender in the construction industry. They have 7 grading or ratings. Initially a company will receive a grade 1 rating and will be able to increase this in time. The ratings or grading are based upon the turnover, asset value and contract values of the business.
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We are currently members of the Institute of Accounting & Commerce & South African Institute of Tax Practitioners. (The principle director JN Basson are registered with the Institute of Accounting and Commerce with practice number AO652993.)
What are typical accounting services In South Africa?
Common accounting services include tax preparation and consultation, tracking expenses and revenues, and so much more. Accounting is about producing accurate financial records and maintaining efficient recordkeeping practices.
What is full service accounting In South Africa?
A full-service accounting firm offers a comprehensive suite of services that covers various aspects of your business, backed by combined years of expertise and full domain knowledge between all employees in the company. Let’s look at the critical areas of tax-efficient investment management and financial planning.
What can a CPA do that an accountant cant In South Africa?
Documents financial transactions. Audits financial documents. Request disbursements and verifies documentation in preparation for a payment. Provides overview of the financial status of an organization by synthesizing statements of profit and loss, balance sheets, and other miscellaneous documents.
Can you be an accountant without CPA In South Africa?
Just because you don’t get an accounting degree or a CPA license doesn’t mean being an accountant is simple there is much to learn. You will need to get educated no matter which route you take, but there are ways to make it less overwhelming. But, there are also extremely good accountants without a CPA.