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The Essential Supporting Documents to keep for Your Business

Updated: Oct 31, 2023

Running a successful business in South Africa requires meticulous record-keeping. These essential supporting documents will not only keep you compliant with local regulations but also provide a clear financial snapshot for your accountant:

1. Financial Statements:

- Income Statement (Profit and Loss)

- Balance Sheet

2. Tax Documents:

- VAT (Value Added Tax) invoices and receipts

- Tax Clearance Certificates

- PAYE (Pay-As-You-Earn) records

3. Business Registration and Licenses:

- CIPC (Companies and Intellectual Property Commission) registration documents

- Municipal business licenses and permits

4. Invoices and Receipts:

- Sales and service invoices

- Purchase receipts and invoices

5. Banking Records:

- Bank statements (business and savings accounts)

- Loan and overdraft agreements

6. Payroll Records:

- Employee contracts and agreements

- Payslips and PAYE records

- UIF (Unemployment Insurance Fund) records

7. Asset and Depreciation Records:

- Inventory lists

- Fixed asset register

- Depreciation schedules

8. Contracts and Agreements:

- Supplier contracts

- Client agreements

- Rental agreements

9. Expense Reports:

- Travel and entertainment expenses

- Office supplies and equipment purchases

10. Company Minutes and Resolutions:

- Board meeting minutes

- Shareholder resolutions

11. Insurance Policies:

- Business insurance policies (e.g., liability, property, etc.)

12. Compliance Documents:

- B-BBEE (Broad-Based Black Economic Empowerment) certificates

- COID (Workmens compensation) compliance records

13. Records of Imports and Exports:

- Customs documentation

- Import/export permits

14. Records of Debt and Equity:

- Loan agreements

- Shareholder certificates

15. Records of Donations and Sponsorships:

- Documentation for charitable donations or sponsorships

Remember, keeping both physical copies and digital backups of these documents is important.

For assistance contact us to ensure that you're meeting the specific regulatory requirements and any additional documents relevant to your particular business.

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