Key Duties And Responsibilities – Key Performance Indicators
- Supervise and initiate the processing of client information receipts, sales invoices, and purchase invoices.
- Perform bank reconciliations.
- Process and reconcile Petty Cash and cash control accounts.
- Maintain a fixed asset register.
- Prepare general journals – e.g. depreciation, provisions, interest, salaries, stock, etc.
- Process journal entries e.g. new instalment sale agreements, interest on borrowings, provisions, accruals of income and expenses, bad debts, etc.
- Distinguish between finance and operating leases.
- Handle foreign exchange transactions.
- Reconcile debtors and creditors statements.
- Ensure correct accounting treatment on disposal of assets (property, plant & equipment) and investments, including the calculation of taxation on capital gains/losses.
- Analyse the resulting trial balance for mistakes/deviations and discuss the results with the client.
- Conduct analytical review of AFS – GP%, Inventory days, Creditors days, Debtors days.
- Ability to record books from insufficient records.
Produce a draft set of financials according to generally accepted accounting practice and a working paper file according to the standards per the training file for sole proprietors, close corporations, trusts, partnerships, small business corporations, farmers, and Body Corporates.
- Prepare the notes to financial statements.
- Formulate accounting policies.
- Identify provisions and contingent liabilities.
- Calculate the tax liability for sole proprietors, individuals, close corporations, trusts, small business corporations, farmers, Body corporates, and partnerships.
- Calculate the taxation on lump sum payments by retirement.
- Conduct tax planning – e.g. fringe benefits and allowances.
- Manage tax avoidance / non-resident tax issues.
- Handle secondary tax on companies.
- Perform vouching tests during an audit of (Pty) Ltd and Body Corporates to verify completeness, existence, accuracy, valuation, ownership, and presentation.
- Calculate PAYE/UIF/SDL levies and VAT.
- Complete statutory returns e.g. UIF/SDL/PAYE/VAT.
- Liase with clients regarding payment of the above returns.
- Reconcile input/output VAT to annual financial statements and monthly trial balances.
- Compile and discuss monthly management accounts with the client.
- Complete tax returns for individuals, close corporations, trusts, and body corporates.
- Record and identify shortcomings in internal controls.
- Identify risks and calculate materiality.
- Conduct statutory checks – member’s certificates, founding statements, association agreements, etc.
- Perform pre-engagement procedures.
- Manage acquisition of member’s interest/shareholding.
- Review the monthly files of junior to intermediate accountants.
- Complete and review Management representation letters.
- Qualify the report of an Accounting Officer.
Other Duties
- Understand the concept and characteristics of close corporations, private companies, sole proprietors, trusts, and clubs.
- Assess the advantages and disadvantages of the above entities.
- Manage loans to members of the above entities.
- Understand the powers of members to bind the above entities.
- Recognize the personal liability of members to CC/company and others.
- Maintain accounting records as required.
- Understand the duties and rights of an accounting officer.
- Provide assistance to junior and intermediate accountants.
- Perform any other duties/work/client tasks that are of a more complex nature.
- Provide and develop training for junior and intermediate accountants.
- Perform basic administrative duties as needed on a day-to-day basis.
- Review the working papers of junior to intermediate accountants.
- Able to audit Body Corporates and perform Independent Reviews.
Software
- Set up accounting systems for clients.
- Ensure suitable hardware and software are in place.
- Train client staff in using the software (Pastel).
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