Bookkeeping and accounting Services, all your start up procedures, compliance with relevant statutory bodies.
Management consulting, Internal audits.
Our Vision living a culture of excellence, individuality and success!!
Objectives
Empowered Staff
Profitability
Branding
Independence
Service Excellence
Core Values
Commitment
Quality
Integrity
Accountability
Teamwork F PHIRI Financial Consultants is a professional firm providing accounting, auditing, business consultancy, forensic and tax advisory services
Our commitment is to identify, meet and exceed our clients’ expectations by providing a cost effective, efficient and holistic service.
We provide a personal service by being readily available to our clients and responding to their needs within a reasonable time. We establish strong, lasting relationships based on service delivery, exceptional quality and our reputation for adding value.
We provide expert and impartial advice and maintain the highest standards of professional conduct and expertise.
Today’s modern business environment demands that organisations increasingly think and act across national borders if they are to access new markets and achieve their growth potential. High net worth individuals concerned with the creation and preservation of their wealth need this professional service at their disposal at short notice. Both corporate and private clients require accountants and business consultants who offer the service, expertise and content vital to success. .
Local excellence
F PHIRI Financial Consultants offers you first-hand and detailed knowledge of local regulations, culture and customs. This gives you a real competitive advantage in that market place. Further, by working closely with Professional bodies like The Institute of Certified Bookkeepers (ICB),
The South Africa Institute of Tax Practioners (SAIT), Chartered Institute of Management Accountant ( CIMA) , just mention few, you take advantage of our contacts and local reputation. If your business interests transcend international boundaries, we can access the global network to obtain an efficient, appropriate and price sensitive opinion for you.
Our commitment to service excellence is embodied in our ‘Client Care Charter’. This identifies the standards of client care which you can expect, and it provides reassurance that you will receive a first class service. Choosing F PHIRI Financial Consultants to act on your behalf will increase your learning curve and reduce your level of risk in entering new markets or expanding in existing ones. One to one contact with us provides you with local excellence and access to global expertise.
Access to worldwide resources
You may be entering the international business environment for the first time. Or you may be looking to expand your existing international operation. Whatever your requirements, F PHIRI Financial Consultants can provide the accounting and consulting services you need.
You may be looking to create an international business or to expand existing operations.
F PHIRI Financial Consultants and its affiliates can assist with the following:
Entrepreneurial Business Services
Accounting and related services
o Business start-up
o Financial planning and advice
o Payroll services and advice
Audit & Assurance
Business Coaching
Taxation Services
Enterprise Risk Management Solutions
Management Consultancy
Company Secretarial Services
Trusteeships
Corporate Governance & Internal Audit
Corporate Finance, Mergers and Acquisitions
Information Technology Services
BEE Consulting
Business Rescue
F PHIRI Financial Consultants Client Care Charter
Our approach
We will:
aim to meet your expectations and then exceed them
agree, with you a plan and a budget for each work assignment you place with us
monitor progress, so that we can discuss and agree with you any departure from our plan and/or budget as soon as possible
access for you the expertise of other F PHIRI Financial Consultants resources, or International member firms, where this is needed
Communication
To ensure that you receive an efficient level of service from us, we will:
respond to any telephone call from you within one working day and reply to your correspondence (whether received by post, fax or e-mail) within three working days of receipt
handle all your enquiries courteously and confidently
see to it that you have direct access during working hours to the member of our staff managing your work assignment
communicate with you in a clear and concise manner
respect your need for confidentiality
Adding value
To ensure that we provide you with added value, we will:
keep you informed about the progress of your work assignment
discuss with you, where appropriate, new ideas for your business
Quality assurance
Because we believe quality service matters, we will:
review your work assignment before it is completed so that we can make sure that we have done all that we said we would do
on completing your work assignment, review our performance and carry out an appraisal of the members of our staff who have been working with you
Cost effective service
We will:
provide you with a value for money, cost effective and efficient service
SERVICES WE PROVIDE
Accounting and related services
The services we provide
Bookkeeping and Management Accounting Solutions provides you with the option to outsource some or all aspects of your accounting requirements. One of our directors would be pleased to contact you to explain the services in detail. You remain in control of your business and choose which of the following services you require.
Range of Accounting Services to choose from includes:
Accounts preparation;
Management Information;
Bank Reconciliations;
Debtors (Sales) Ledger;
General Ledger;
Budgeting and Cash flow;
Electronic Transmission of Information;
Payroll Administration;
Creditors Ledger;
Graphical Analysis of information;
VAT Returns and VAT Audits; and
PAYE, UIF, SDL and other statutory returns.
Why a Bookkeeping Service may be of interest to you?
We offer comprehensive manual or computerised bookkeeping systems maintained by trained accounting staff. This local service could be performed either in your offices or ours. Outsourcing allows you to allocate more management time to run your business and increase profits rather than on this mundane albeit skilled and necessary function.
Why a Management Accounting Service may be of interest to you?
A director or consultant will review your financial information and provide relevant reports to help you run your business. This information may be provided by our local bookkeeping service or form records you maintain yourself. The cost of this expertise would be a small fraction of the true cost of employing somebody of equal experience.
Audit and Assurance
What is an audit?
An audit is a statutory requirement which comprises the independent, external evaluation of the entities' accounting system and testing of transactions to form an objective opinion, on the fair presentation of financial information.
F PHIRI Financial Consultants provides an audit service compliant with the South African Auditing Standards and/or International Audit Standards.
Professional Excellence
Our service is driven by our core values being:
commitment to service delivery;
integrity always conforming to high ethical standards;
teamwork achieved through using multi-disciplined and diverse teams;
accountability to our stakeholders; and
Quality achieved through compliance with professional standards and active management participation.
Audit Strategy and Approach
The F PHIRI Financial Consultants audit approach is a risk based approach which includes a detailed risk assessment with the objective of identifying high risk areas. The high risk areas identified directs audit effort which in turn lends itself to a cost-effective audit. The features of our approach are:
developing an understanding of the entities activities and the environment in which it operates;
performing a thorough risk assessment;
customising audit plans;
critically reviewing the control environment; and
Communicating at each stage of the audit process with all relevant parties.
Services provided
F PHIRI Financial Consultants has extensive experience and we are confident that with our vast private and public sector involvement we will be able to serve your needs. Private sector clients range from small, owner-managed businesses to large enterprises.
F PHIRI Financial Consultants offers the following services, tailored to meet your needs:
Statutory, Private and Public Sectors;
Forensic investigations;
Performance auditing;
Information Technology/Computer audit;
Special investigations; and
Technical advice and interpretations.
Business Coaching
F PHIRI Financial Consultants Services – Business Coaching
Do you run your business or does your business run/control you?
Have your business been in “baby phases” for a long time?
Would you like to increase your profits over the next 12 months?
Would you like to attain and attract great people?
Are you working longer hours and getting paid less than your employees?
If you answered “yes” to one of the above questions....Congratulations. You’ve taken an important step in moving your business forward and getting more out of your business and out of your life.
Here are the 4 Reasons why you need an Action COACH
You’ll learn the easiest and fastest ways to making your “small” business “BIG”.
You’ll learn the easiest and fastest ways to get your business making a lot of more cash...We call it Business Chassis and your Business needs it NOW!
You’ll get to see your dreams, hopes, goals and desires actually become a reality.
You’ll learn the power of our simple strategies for sales, marketing, profits, teambuilding and systems that over time will give you more time away from the business.
Taxation Services
Income Tax in South Africa
The South African Revenue Services is responsible for the administration of the following taxes:
VAT;
PAYE;
SDL;
UIF; and
Income Tax.
Each of these taxes has to be submitted and paid in a specific time period.
It is each tax payer’s responsibility to submit the applicable tax forms on time to the South African Revenue Services. We can assist you in submitting your returns on time, as well as to structure your tax affairs in the most efficient manner allowable.
We also provide an exceptional service in Alternate Dispute Resolution with the South African Revenue Service, in negotiating with the SARS and in settlement matters.
Why pay for the completion of your Income Tax return?
Since the South African Revenue Services implemented the NITS system, it has become more important to complete the tax return correctly the first time to avoid unnecessary objections and to ensure that you receive your refund as quickly as possible.
The NITS system took away the human discretion and now automatically calculates penalties and interest on under payment of income tax.
We have the skills, experience and knowledge to complete and submit your tax return correctly the first time, which will avoid delays and ensure correct assessments. We deal with the South African Revenue Services on a daily basis, and keep abreast with the changes in Income Tax.
We keep you in touch with the South African Revenue Services, which means more free time for yourself to do the things you do best.
It is in your best interest to get professionals to complete and submit your income tax returns.
Taxation Services include:
Completion and submission of Income Tax returns;
Calculation of tax liability;
Calculation and submission of Provisional tax;
Application for extension for submission of Income Tax Returns;
Tax Clearance Certificates for Tenders and Foreign Investment;
Tax Directives;
Salary Structuring;
Income Tax Registration;
Exemption certificate for Employee Tax;
Application for exemption from Income Tax;
Checking Income Tax assessments;
Arranging deferred payments; and
Objections.
Enterprise Risk Management Solutions
At F PHIRI Financial Consultants, we recognise that risk is the driver of organisational activity. Corporate Governance is the organisations strategic response to risk. There is no magic matrix or perfect crystal ball.
When it works well, risk management is a vital force for corporate governance. Unfortunately, it does not always work out as planned.
Success in understanding and managing a risk environment requires the following elements:
A means to thoroughly understand the business process;
A framework and language for discussing risk among managers and auditors;
A process to open up the imagination about significant risk potential;
The Board of Directors / Members should have a structure to enable them to effectively manage the risks facing the organization;
This structure must enable the Board of Directors / Members to practice Risk Management;
The Board of Directors / Members must report on the effectiveness of the internal control system (Financial Management). This covers risks such as fraud, dishonesty and adherence to systems/procedures;
The Board of Directors / Members must identify the principle risks and uncertainties facing agoing concern; and
Audit committees which are independent, must be established as an essential safeguard.
Going concern has an important meaning in accounting terms and includes financial controls, compliance with laws and regulation, exposure to contingent liabilities, guarantees, product liability and environmental damage. It also covers the insurance arrangements.
We will help you to develop a corporate culture in which there will be an awareness of the adverse effects risk exposures may have on the organization. This awareness will result in the introduction of deliberate measures to minimise the potential effect of such exposures on the organisation.
Management Consultancy
The Management Consulting unit of F PHIRI Financial consultant focuses on providing consulting services to both the private and public sectors. Some of the key disciplines our consultants possess in order to meet the client's demands and aspirations, are the establishment, building and maintaining of effective relationship management, change management, business development, procurement management, capacity building, project and programme management, legal and forensic services. In pursuit of service excellence, our services are driven by the client's needs with a view towards building long-term partnerships.
Some of our services include the following:
Project and Procurement Management
We provide a consulting service rendering project and procurement management expertise to various sectors.
Our project management expertise is in the areas of Strategy Formulation and Design, Organisational Analysis and Enhancement, Business Process Re-engineering and Systems Integration.
We assist in both the private and public sectors in the provisioning of a complete and comprehensive procurement service. This includes the compilation of terms of reference, preparation of budgets, sourcing of technical expertise, evaluation of proposals and negotiation of contracts.
Asset Management
We provide a complete and reliable service in the management of assets. This service includes the compilation of an Asset Register, identifying of the assets and their value, tracking of assets and reporting of asset environment of our client.
Skills Development
We offer our services and skills in the field of Capacity Building and Skills Transfer. These services and skills include project management, curriculum development and design, workshop facilitation, drafting and implementation of Workplace Skills Plans and Executive Coaching.
Human Capital Optimisation
We provide a comprehensive Human Resource service to our clients. This service amongst others include the evaluation of staff, determining the skills set needed by incumbents, Performance management, Coaching and Mentoring, Human Resource planning and re-alignment and Business Process Outsourcing.
Donor Fund Management
There are numerous organisations which undertake projects in South Africa by means of donating funds. We have successfully conducted many assignments for various donor funding organisations and government organizations and we therefore hold a wealth of experience in this sector.
Legal Services / Industrial Relations Consulting
We provide consulting and advisory services to our clients across a wide spectrum of legal spheres.
Company Secretarial Services
The Registrar of Companies is centrally situated in Pretoria. There is only one Registrars Office and all company work nationwide is lodged and registered here.
Why use F PHIRI Financial consultant to register your company?
Our nationwide coverage can provide you with this service no matter where you are in the country;
We are in good standing with the Registrar of Companies’ office;
We are able to advise you regarding the choices about your business and the names that you choose for your business;
We will provide you with the best quality service at all times; and
You are our priority!
What we can do for you
A general outline of what we do:
Registration of Companies;
Registration of Trust;
Appointment of Auditors;
Appointment of Accounting Officers;
Appointment of New Directors;
Appointment of New Members;
Appointment of Trustees;
Transfer of Shares;
Allotment of Shares;
Change in year end of a Company or Close Corporation; and
Special Resolutions.
Trusteeships
Key Features to our Trustee Service
Appropriate:
Trustee appointment is the appropriate way to manage pension schemes, as confirmed in the Pensions Board’s Trusteeship Review report.
The type and level of service required can be tailored to your specific scheme. This may include how frequently trustee meetings are held, how often investments are reviewed or when the administration is reported on.
Flexibility in terms of who the primary contacts are for the scheme, such as the employer representative (MD, Financial Controller or HR Department), the benefit consultant or the administrator.
Proper Management of the Scheme
Initial review of the scheme documentation and updates made where required
Annual trustee meetings organised and documented correctly
Annual administration report completed so the level of service can be monitored
Review Investment Management Agreements and ensure that a Statement of Investment Policy and Principles is in place where appropriate.
Liaise with the scheme administrator to ensure compliance with all aspect of the Pensions Act. Particularly with respect to Benefit Statements, Statements of Reasonable Projection and completion of Trustee Annual Reports.
Efficient:
Dedicated point of contact and streamlined administration service
Timely issue of reports, correspondence and statements
Systems in place to ensure documentation issued is accurate, up to date and meets all the disclosure requirements within the statutory timeframes
Best Practice
Continuous trustee training and attendance at industry seminars
High level contact and interaction with Revenue and the Pensions Board
Monitoring legislative changes, regulatory updates and professional guidelines
Considerable experience of our professional employees in pension scheme administration, management and trusteeship
Corporate Governance and Internal Audit
Management in many organisations, whether private, public, charitable or otherwise, are constantly faced with change which can be unpredictable. Sound systems of risk management and controls are now a prerequisite.
This coupled with a requirement for greater accountability as recommended by the King Report of Corporate Governance imposes a responsibility on management to satisfy stakeholders as to the continuing integrity of their organisation’s risk management and corporate governance processes.
Our Internal Audit group recognises the challenges that are currently facing anyone in management and are able to offer positive advice by:
Helping in the development of an ethos of sound and prudent management;
Knowing the requirements of the regulatory or funding bodies concerned;
Assist with the Risk Management Process;
Devising more appropriate and proven solutions by drawing on our extensive and varied experience;
Being an integral part of the Corporate Governance Process; and
Using staff trained in the relevant characteristics of the sector so that our client’s affairs can be dealt with efficiently.
The establishment of an internal audit function at National Government level has become a requirement by law as follows:
Public Entities. The Public Finance Management Act No. 29 of 1999 as amended requires that all Public Entities and Constitutional Institutions should have an Internal Audit function; and
Local Authorities. The Local Government Transition Act as amended by Act, No 97 of 1996 (soon to be replaced by the Municipalities Financial Managements Act) stipulates that every municipality shall establish and maintain a system of internal control and, as far as practicable, institute internal audit, including audit committees, as an independent audit appraisal function.
Corporate Finance, Mergers and Acquisitions
The increasingly complex and demanding financial environment requires the owners and managers of business to procure specialized advice and services from experts. F PHIRI Financial consultant’s experience in a wide range of industries and different business sizes puts it in an excellent position to provide a suite of tailor-made services.
Our approach is, irrespective of the assignment, to understand the history, background and strategy of each business. This enables us to ensure that the solution provided is in line with the strategic initiatives of the business. We have extensive experience in the provision of the following services:
1. Acquisitions, mergers and disposals – from initiation, through valuation to negotiation and ultimately closure;
2. Due diligence investigations;
3. Standalone business valuations;
4. Fair and Reasonable opinions;
5. Capital structuring;
6. Loan and equity capital raising;
7. Assistance with strategy development;
It is our aim to assist the executive management in making the best decision to ensure that the long term goals and objectives of the business are met. Our teams are committed through the provision of quality driven, proactive and personal approach to services. When interacting with our clients, certain key factors are taken into consideration, including JSE regulations, the requirements of the Financial Services Board and the terms and conditions of the Companies Act.
We have learnt from experience how much time, effort and skill is required to become properly acquainted with our client-partners' strategies and objectives and then to execute projects such as mergers, acquisitions, take-overs, and restructurings on their behalf. This creates a mutually beneficial partnership between F P HIRI Financial consultants and you, our client. On these activities, we expect to earn:
A general fee (akin to a retainer)
A project fee (whilst executing a project)
A project bonus (upon completion of a project)
Sharing risk with client-partners is central to our thinking- until a project is successfully completed; we recover only a portion of our costs and do not earn a profit. On completion of a project, the remainder of our costs is recovered. In addition, the negotiated project bonus, dependent on the level of our success, becomes payable.
For standalone business valuations, fair and reasonable opinions and assistance with strategy development, we charge a fee commiserate with the size and scope of the assignment.
Information Technology Services
To stay ahead, progressive companies are realising the inevitability of embracing e-business models. Not only does new technology present more cost effective and efficient ways of doing business, it dramatically changes the way business is conducted.
A strong IT strategy leads to improved business processes which can be directly translated into better performance and profitability. It is thus imperative that businesses invest significant time and resources in the development and implementation of an IT strategy.
Our e-business unit can help you to take advantage of these opportunities by advising on IT related issues.
These IT related issues include:
Streamlining accounting systems;
Co-ordinating the use of general office software;
Designing and implementing networks to maximise the use of existing hardware;
Providing solutions on data backup and integrity; and
Designing, developing and supporting Internet-based communications to make use of the new media in the marketing and communications strategies.
BEE Consulting
Prior to 1 February 2010, accreditation with the South African National Accreditation System (SANAS) was not a requirement for the conduction of B-BBEE verification services. F PHIRI Financial consultants as firm of professional service providers and auditors thus provided B-BBEE verification services to a number of entities.
A strategic decision was taken not to pursue SANAS accreditation as it appeared likely that Chartered Accountancy practices would be able to obtain accreditation through IRBA, of which F PHIRI Financial consultants is a member. This process has been greatly delayed; however F PHIRI Financial consultant has used this window period to focus on B-BBEE consultancy services.
Among the consulting services F PHIRI Financial consultant is providing its clients the conduct of B-BBEE verification readiness-assessments and B-BBEE strategy developments.
Business Rescue
A company may find itself in financial distress for a specific reason or it could be because of an exceptional chain of events, yet the possibility exists that it can still overcome the financial distress in time with cautious planning and careful actions from management.
A company is financially distressed if it appears to be reasonably unlikely that it will be able to pay all of its debts as they become due and payable within the immediately ensuing six months; or if the company is likely to be insolvent within the immediately ensuing six months.
The Companies Act No.71 of 2008 (hereafter “The Act”) aims to provide a measurement of “relief” to companies that is heading towards misfortune and only needs some time and skillful intervention to get back into business. This is referred to as “business rescue proceedings” and is directed by Chapter 6 of the Companies Act. Business rescue is defined as proceedings to rescue and rehabilitate a financially distressed company.
Business rescue proceedings may be initiated by either the company itself when the board of directors resolves that the company should voluntarily begin business rescue proceedings and is place under supervision, or it may be initiated by an affected person through application to the court for an order to place the company under supervision and to commence business rescue proceedings. Consequently to placing a company under business rescue, a business rescue practitioner must be appointed. F PHIRI Financial consultant has qualified business rescue practitioners and as such offers this service. Experience
Some of the clients who have benefitted from our service over the years include:
Client Name Nature of Entity Industry 1 Time Holdings Ltd Listed Aviation Africa Cellular Towers Ltd Listed Construction Air Care Cargo Management Private Aviation Airports Company of South Africa Public Airport management Amalgamated Beverages of South Africa (ABI) Listed Wholesale Aviation GSA Private Aviation Bank of Baroda Public Banking Blue Valley Golf and Country Club Private Hospitality Burgers Park Hotel Private Hospitality
Cable Finance Private Financial services CDRLive Limited Private Software Ceppwawu Investments Private Investments and financial services CII Hotel and Resorts Cape Town (Pty) Ltd Private Hospitality City of Cape Town Public Municipality Contract Plumbing and Sanitation Private Plumbing & Sanitation Department of Cooperative Governance and Traditional Affairs Public Government department Department of Public Works Public Government department Dinatla Investment Holdings Public Investments Ekurhuleni Metropolitan Municipality Public Municipality Eppixcomm Tech Private Telecommunication software Equity Aviation Investment Holdings Private Investments Equity Aviation Services Private Aviation ETDP SETA Public Regulatory Evergreen Shipping Agency Listed Shipping Evergreen Shipping SA Private Shipping Galileo Resources Listed Mining Gauteng Enterprise Propeller Public Financial services Gauteng Film Commission Public Entertainment Guardrisk Insurance Ltd Private Insurance Independent Electoral Commission (IEC) Public Regulatory International Trade Administration Commission of South Africa Public Regulatory Joburg Metrobus Public Transport Kibo Mining Listed Mining LA Crushers Private Construction Land Bank of South Africa Public Financial services Letsema Holdings Private Business consulting LGR Telecommunications Private Telecommunications
Lonerock Construction Holdings Private Construction Louis Pasteur Hospital Holdings Private Medical LTE Consulting Group Private Engineering Maghreb Minerals Listed Mining Melomed Hospital Group Private Medical MicroMEGA Holdings Limited Listed I.T, Manufacturing, Training Mitrajaya Development SA Private Property development Naledi Rail Engineering Private Engineering National Lotteries Board Public Regulatory National Research Foundation Public Research and Development NGA Construction Private Construction Oasis Group Holdings Private Asset Management Oasis Holdings Listed Financial services Ombudsman for Short Term Insurance Public Ombudsman Orion Pension Fund Public Pension fund Orion Real Estate Listed Construction Passenger Support Services Private Aviation Path Finder Medical Scheme Public Medical scheme Pecanwood Golf & Country Club Private Hospitality Polmed Medical Scheme Public Medical scheme Port Regulator of South Africa Public Maritime R&H Railway Consultants Private Engineering SA Post Office Pension Fund Private Pension fund Santova Logistics Listed Logistics Seakay Holdings Limited Listed Engineering/Construction South African Bureau of Standards (SABS) Public Regulatory South African Institute of Chartered Accountants (SAICA) Public Professional services South African Institute of Professional Accountants Public Professional services South African Pharmacy Council Public Regulatory
South African Police Services Public Government State Bank of India Public Financial services StratCorp Limited Listed Property development Investments Sunshine Housing Association Public Property development The Law Society of South Africa Public Legal Universal Coal and Energy Holdings South Africa Listed Mining University of Venda Public Education Uranus Group Private Investments Western Cape Government Public Government Woolworths Holdings Listed Retail
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