Accounting jobs in South Africa fit inside two distinct categories. The first are accountants who work for companies and organizations and the second category is accountants who act for accounting firms and government agencies. Discussed below are the many duties of an accountant and the many positions available.
Private Companies and Corporations
Larger companies and corporations will have book-keepers and accountants who are responsible for specific duties. In smaller companies, these duties may be combined.
Payroll – Payroll clerks calculate and issue pay cheques. In doing so, payroll clerks have to determine plain wages. A salaried employee is given a monthly salary frequently with a mid-month advance. The end of per mensem cheque allows for the advance, calculates income taxes to be withheld, factors in hireling share of benefits such as retirement plans and health plans, and determines vacation pay. The pay cheque represents the net amount the laborer will receive after all deductions have been factored in.
For hourly employees, payroll clerks have an extra step. They must calculate the hours worked at their hourly wage to determine their gross pay for the given period.
AR / AP – A major part of company accounting is AR / AP – Accounts Receivable / Accounts Payable. In many organizations these two duties are separate. Accounts receivable refers to sales and billing. It is the accounting clerk’s job to ensure that sales invoices are recorded, invoices are sent gone and payments received are documented. This is a vital part to any business – to ensure payment for products and services received.
AP – Accounts Payable refers to receiving invoices from companies for products ampersand services received. It is important to record and document these payables as it is critical for list control which is necessary for controlling costs.
G/L – General Ledger – The General Ledger is a listing of every detail and every facet of a business’s activities. It has two parts – the Income Statement and the Stasis Sheet. The Income Statement is a testimony of revenues and costs during a set period, e.g. the per mensem of March. It provides information about the profitability of the company. Reconciling income and expenses provides statement of net income (net loss).
The Balance Sheet is a listing of assets and liabilities. Worth refer to property – such as vehicles and buildings – that the society owns. Liabilities refer to personalty that the company owes money on. Reconciling assets respecting liabilities provides net value. When net value is compared over several periods, one can see if the business is gaining (or losing) in value.
Accounting Firms ampersand Government Agencies
Accounting firms moreover government agencies employ become an accountant for two main purposes – taxes and audits.
Tax Preparation – An bookkeeping firm reviews all business dealings, examines the net take and determines taxes payable by the company. Companies prefer accounting firms to prepare their custom returns thus it is a specialized field, besides the tertiary party preparation insulates concerning audits.
Government agencies manipulate accountants. Their objective is to review tax returns to ensure the government receives its appropriate share of taxes owed.
Auditors – Audits are a disputation review of a company’s books. This means that all the entries into the G/L are examined and the income statement and balance sheet are correct. Accounting firms are often asked to perform accounting reviews (a lesser form of audit) as a regular procedure else if there seems to be some irregularity in reporting.
There is great variety between the various Accounting jobs in South Africa.