Running a small business can be exciting, but managing finances? That’s a whole different story. Olivia from Profit and Books shares how professional bookkeeping services can simplify your life and help your business thrive. Whether it’s tracking expenses, processing payroll, or filing taxes, here’s everything you need to know about bookkeeping services in South Africa.
What Do Bookkeeping Services Cover?
Bookkeeping isn’t just about crunching numbers. It’s about keeping your business organised and ensuring your financial records are accurate. Here’s what a professional bookkeeper can handle for you:
- Daily Transactions and Reports
A bookkeeper will track every transaction—money coming in and going out—and reconcile these with your bank statements. At the end of each month, you’ll receive a clear financial report showing where your money is going.
Olivia explains, “The basic service includes capturing daily transactions, reconciling bank statements, and providing monthly reports to help business owners stay on top of their finances.” - Payroll Services
If you have employees, a bookkeeper can take care of salaries, UIF (Unemployment Insurance Fund), PAYE (Pay As You Earn), and SDL (Skills Development Levy) submissions.
“For businesses with a workforce, payroll services ensure employees are paid correctly and on time, while also keeping you compliant with SARS regulations,” says Olivia. - Managing Payments and Invoices
- Accounts receivable: Your bookkeeper can keep track of who owes you money and send reminders for payments.
- Accounts payable: They’ll manage your bills, making sure you pay suppliers on time.
According to Olivia, “It’s crucial to monitor outstanding invoices and payments. A good bookkeeper ensures cash flow stays steady by managing accounts receivable and payable.”
- Tax Preparation
Taxes don’t have to be stressful. A bookkeeper helps prepare VAT, provisional taxes, and income tax returns, ensuring you stay compliant with SARS.
“Tax preparation is a premium service,” Olivia says. “It requires expertise, but it saves you the hassle of navigating tax laws yourself.” - Other Administrative Tasks
From CIPC (Companies and Intellectual Property Commission) updates to BEE (Broad-Based Black Economic Empowerment) certificates and UIF registrations, your bookkeeper can handle the paperwork.
“Services like obtaining a letter of good standing or updating beneficial ownership details can be part of the package,” Olivia explains.
How Much Do Bookkeeping Services Cost in South Africa?
Bookkeeping fees depend on the size of your business and the services you need. Here’s what to expect:
- Basic bookkeeping: R6,000 to R9,000 per month (tracking transactions, reconciliations, and reports).
- Payroll services: R3,000 to R5,000 per month, depending on how many employees you have.
- Accounts management: R2,000 to R4,000 per month per service (accounts receivable or payable).
- Tax preparation: Starting at R9,000 per month, or R600–R700 per hour for specialised tax work.
- Additional services (CIPC, UIF, etc.): From R2,000 per task.
Olivia advises, “You’re paying for expertise. Don’t undervalue the importance of having your books managed professionally—it’s an investment in your business’s success.”
Why Should You Hire a Bookkeeper?
Having a bookkeeper means you can focus on growing your business while they handle the financial details. Benefits include:
- Saving Time: Less admin for you.
- Staying Compliant: Avoid penalties from SARS.
- Clear Financial Health: Know exactly how your business is performing.
As Olivia puts it, “A good bookkeeper is more than just an expense—they’re a partner in your business’s growth.”
Hiring a professional bookkeeper is one of the smartest decisions you can make for your business. Whether you need help with payroll, tax returns, or managing invoices, a bookkeeper ensures your finances are in order, giving you the freedom to focus on what you do best—running your business.