Close Your Financial Year End In Style With BNM Elite

Brian Kazungu,  08/02/2022

Financial Year End generally refers to the end of a company’s 12-month trading period where it is required to produce a set of financial reports which show how it has performed business-wise.

If your business is registered in South Africa, you will find that the Financial Year end date for your company is written on your company’s CIPC registration document called the COR 14.3.

Although a registered business can have a financial year end on any month of the year, in South Africa this period mostly runs from March to February.

This simply means that the financial year end of most business in South Africa is in February and at the end of this month (March), companies must prepare their financial statements.

As such, if the business is trading, at the end of its financial year, it must be able to at least produce an Income Statement, Balance Sheet, Cashflow Statement, Retained Income Statement and Retained Earnings Statement.

The above reports can collectively be referred to as a set of Financial Statements.

At BNM Elite, as your preferred Accounting, Taxation, Bookkeeping and Quantity Surveying partners, we know that because of various reasons, you may not be able to understand, prepare and file your company’s financial report at the end of the financial year.

As such, whether it is because you do not have a dedicated Accounting Department to help you prepare these reports or you do not have a person qualified enough to prepare and file these reports for you, BNM Elite will always come to your rescue when need arises.

Our Motto is:  We Analyse, We Standardise, We Restore Confidence.

Without doing financial checks and analysis of your business especially through the preparation of Financial Statements, it will be difficult for you to see if your business is performing well or not.

More-so, it would be difficult to attract investors to the business whose financial status is not clear and that is why we strive to help keep your books in good order every time and especially at the end of your Financial Year.

According to the Companies and Intellectual Property Commission (CIPC), all public and state-owned companies must file a copy of the latest approved Audited Financial Statements on the date of filling annual returns.

Such audited financial statements for both public and state-owned companies must be done according to the Financial Reporting Standards.

However, private enterprises including SMEs must also submit their Financial Reports with the only exception being that these may not necessarily have to be audited as compared to public and state-owned companies.

One of the richest people in Africa, Strive Masiyiwa, the founder and executive chairman of the international technology group Econet Global once said the following:

If I ask you “What is your Profit Margin? You must be able to flash back in an instant. What is your Growth Rate? Revenue? Volume? What percentage of your Operating Cost is salaries? Can you sustain a conversation on your business that is based purely on Numbers”?

As consultants, we know that many businesspeople have a serious challenge when it comes to these questions, but we believe that if you contact us at BNM Elite, we will help you to understand and improve your financial situation.

We will also be able to give you the right Management Accounting assistance which helps you to make the best-informed decisions that can transform your business towards growth, profit, and expansion.

Contact us today and let us Analyse, Standardise and Restore the market’s Confidence in your business.

Regards

BNM Management

071 747 1092

011 083 7301

[email protected]

www.bnmelite.co.za