Maintaining Clean Accounting Records

Ensuring up-to-date accounting records not only facilitates a smoother tax filing process but also empowers you to identify financial red flags promptly.

Why Maintaining Proper Accounting Records is Important

Financial health and compliance

Stabilized accounting

Minimizing theft and bad debts

Attracting investors

Mitigating accounting mess

If you’ve ever had messy accounting records, you’d understand why ensuring they remain organized is imperative. Inaccurate data affects both operations and compliance alike. Ongoing accounting maintenance involves conducting regular reconciliations to ensure that financial statements match transaction records. 

Keeping accurate books ensures:

  • Informed decision-making: A clear and up-to-date view of finances enables top-level management to make swift decisions, saving time and money.
  • Financial accuracy: Maintaining accurate records minimizes the risk of errors to ensure credible financial data.
  • Regulatory compliance: Keeping records up-to-date helps will help to avoid legal issues and penalties.

Missing just one transaction in your books can have a ripple effect on the financial health of your business. This not only puts your cash flow at stake, but could tarnish your reputation.

We have years of experience with major accounting clean-ups. Our monthly reconciliation and accounting maintenance services minimize the risk of inaccurate accounting records. We help you establish processes to safeguard against accounting issues. This gives you access to a collaborative ecosystem that supports the evolution of your financial processes. 

We can assist you with: 

  1. Identifying accounting inconsistencies
  2. Monthly reconciliations and accounting clean-ups
  3. Accurate record-keeping for tax filing and audits
  4. Data automation 
Fusion CPA is an outstanding resource for outsourced financial service needs. Whether it's bookkeeping, reporting, clean-up, compliance, tax planning or strategic business planning, Fusion CPA has always been a tremendous resource for me and my clients.

With a fully CPA-certified team and years of expertise in optimizing accounting software while guiding CPAs toward strategic roles, our specialists are dedicated to streamlining your finances to realize your vision with strategic precision.

We stand out as one of the few accounting firms committed to nurturing aspiring CPAs, providing them with the vital skills and insights needed to succeed as strategic controllers in their respective fields through our online controller courses.

Accounting Record Retention Requirements

In terms of the Companies Act, no 71 of 2008 and Companies Regulations 2011, companies should keep documentation relating to the books and accounts of their business as well as annual financial statements, for 7 years. These requirements differ under the Close Corporations Act, no 69 of 1984, and the Income Tax Act, no 58 of 1962 (Section 73 A & B), which the accounting division of every business needs to keep track of for your business structure.

With reliable accounting software integrations, your business can keep its records clean and consistent throughout. Accounting clean-up services can weed out a number of accounting errors, but ongoing accounting maintenance is required to keep accounting records accurate and up-to-date.

Choosing the right software is essential to managing your business finances effectively. With our tailored software solutions, you can integrate all income and expense data to gain a comprehensive view of your financial health. This will not only empower you to make informed decisions, but alongside your CPA, enables you to maintain clean and compliant records.

With reliable accounting software, your business can implement a number of checks and automation to weed out any errors that can occur with manual bookkeeping. 

That’s why we recommend these software options:

Our Services Can Scale With Your Business

At Fusion CPA, we offer a host of outsourced accounting services. Whether you need accounting, bookkeeping, or controller services, we can provide you with the perfect solution. Our accounting experts have years of experience and expertise across different industries.