SERVICES

Coastal Accounting is a full-service, middle-market public accounting and consulting firm with a concise vision to offer stellar service, creativity and results for our clients.We provide the support and service detail that allows clients to sleep better at night knowing their financial information is thoroughly and accurately presented.

OUR SERVICES

View the comprehensive list of services that we offer at Coastal Accounting.

ACCOUNTING

After 30 years of supporting our clients, accounting services remain at the heart of what we do. Our partners specialise in many industries, providing clients with expert knowledge on the latest accounting standards, requirements and regulations. We believe that accounting partners should provide business value—not drain the bottom line. At Coastal Accounting, our accounting practice revolves around saving our clients money and unlocking potential opportunities. Most business owners prefer to focus on operations and the information they need to get ahead—not on formal financial statements and footnotes. We help these owners complete their financial reports and filings accurately, on a timely basis and with minimum disruption, so they can focus on growing their businesses. Specifically, we provide:

 

  • Periodic accounting services
  • Monthly management accounts and specifically designed management reports
  • Reviews of personal and business financial statements
  • Automation of accounting systems
  • Budget and forecast preparation
  • Accounting personnel development
  • Year end planning
  • Cash Flow projections
  • Ratio analysis and industry comparisons
  • Design and implementation of accounting systems and operating controls
  • Review of internal financial and operational controls

After 30 years of supporting our clients, accounting services remain at the heart of what we do.

TRUST AND ESTATE SERVICES

Protecting wealth and facilitating a smooth transfer of assets from donor to beneficiaries is often a primary goal of trust and estate planning. We have worked with multiple generations of clients to ensure that their wealth passes from one generation to the next with the smallest possible tax burden.

The estate duty laws can command a large share of one’s estate. Fortunately, many techniques and tools are available which can mitigate the effects of this tax. We have the knowledge as well as access to specialist consultants well-versed in those techniques, equipped to advise you and help preserve your assets from generation to generation.

Deciding what to do with your assets now and after you’re gone is vital to ensuring the well-being of the people and things you care about. At Coastal Accounting, our partners can help you through these important personal decisions and ensure that your wishes are carried out as you intended.

There’s much more to estate planning than the simple possession of a will. Making arrangements for your assets now and after you pass on often involves setting up trusts to support your children, sheltering your estate and finding estate duty saving opportunities through bequests to one’s spouse and public charities.

We believe that trusts should not just be considered for their tax benefits, but as a means to achieve a host of other objectives and concerns of the founder. There could be minor children involved? There could be more children from different marriages which attract complex family dynamics? There could be disabled, sick or elderly parents that a donor may want to specifically protect? These are just some of the objectives that can be achieved with a well prepared and executed document of trust.

Our trust and estate planning tools and services include the following:

  • Charitable trusts
  • Business succession and buy/sell agreements
  • Trust planning and formation
  • Accounting for trusts and estates
  • Consulting in the formation of trusts

There’s much more to estate planning than the simple possession of a will.

FAMILY BUSINESSES

The dynamics of a family-owned business have no parallel. Relevant issues run the gamut; from the basics of running and growing a successful business to the more specific problems of succession planning, dealing with siblings, developing an exit strategy, profit share entitlement and more. We have long recognised that these needs are unique. The dynamics are tricky, and the decision making is complex. Our clients hire and retain us for our in-depth advice and counsel. We help families make informed, smart decisions that will enable them to reach common business objectives. To do this, we move family members beyond their differences to plan for the organisation’s future.

 

We advise on structuring the company for growth and reinforcing its leadership team. Well before succession is imminent, we help plan for a seamless transfer of ownership, while creating family fairness. We focus on the specific needs of each family business. Our experience with other family-owned businesses  can specifically help when we recall and relate prior successfully run family businesses as well as failures. We have encountered many typical family problems before such as: siblings believing they are working harder than others and deserve more of the profits? Second generation family members being unhappy with the way the first generation are running the business? Family members seeing problems in a business but being afraid to address them with the hierarchy out of respect and fear. You name it and we have seen it, and being outsiders, can often talk about sensitive business topics without emotional attachment thereby achieving business goals in the process.

Our experience allows us to assist with:

  • Succession planning
  • Corporate structure
  • Transferring ownership
  • Buy/sell agreements
  • Valuation services
  • Estate planning and wealth preservation
  • Compensation strategies
  • Recruiting non-family management
  • Resolving conflict
  • Accounting and auditing
  • Tax planning and compliance
  • Profit enhancement programs

The dynamics of a family-owned business have no parallel. Relevant issues run the gamut; from the basics of running and growing a successful business to the more specific problems of succession planning, dealing with siblings, developing an exit strategy, profit share entitlement and more.

INTERNAL CONTROLS AT A BUSINESS

Internal controls are perhaps the single most important aspect of a business. It is right up there with having a sound business model and demand for one’s goods or services as probably the three most important requirements for a successful business.

At times you may need a trained outside professional to evaluate your company’s operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft.

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

What we do for you…

  • Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
  • Ensure transactions are authorised according to procedure: by a person delegated approval authority, for transactions consistent with policy and when funds are available.
  • Ensure records are routinely reviewed and reconciled, by someone other than the preparer, to determine that transactions have been properly processed.
  • Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
  • Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.
  • Document policies and procedures and make them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
  • Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.

Internal controls are perhaps the single most important aspect of a business. It is right up there with having a sound business model and demand for one’s goods or services as probably the three most important requirements for a successful business.

COMPUTER ACCOUNTING SOFTWARE

Choosing the best accounting software and knowing how to operate it correctly can make a huge difference in the success of your business. Coastal Accounting can provide your business with the tools to succeed. We’ll help your accounting office run smoothly and efficiently-helping to make your business more competitive and improving your bottom line.

As part of our accounting software services, we’ll help you select the right software and get it running. We even offer on-site training to get your accounting staff up to speed on operating the software. Your accounting office will soon be producing timely and accurate reports on operations, cash flow and finances – information that will equip you with the knowledge to make smart business decisions.

Choosing the best accounting software and knowing how to operate it correctly can make a huge difference in the success of your business.

PROPERTY MANAGEMENT

We have been managing certain clients’ property portfolios over the past decade and have now actively decided to pursue growth in this area. Our property management division has grown steadily over the years to allow us to better manage your property investments. We currently manage a range of holiday and commercial properties and offer property owners the option of us managing the property. We work with leading estate agents to secure a tenant and thereafter, we work with a team of dedicated maintenance professionals to ensure that your property is properly maintained. Our property and portfolio management team is able to manage properties and portfolios both small and large. The property management division is headed Imraan Lockhat. We have the flexibility and knowledge to tailor or adapt any of our property management services to give our clients the personalised attention they require including regular photos indicating the condition of their property; fully compliant legal leases; legal compliance with regards to follow up of outstanding rentals and log records for tenant queries.

 

Our services include:

  • Financial management
  • Collections
  • Payment of expenses
  • Administration Services
  • Insurance Services
  • Property Maintenance
  • Repairs
  • Legal issues

Maintaining and growing your investment property is our top priority. Trust us to look after your property as though it were our own. Please contact Imraan Lockhat to find out how our services can benefit you and your property.

We have been managing certain clients’ property portfolios over the past decade and have now actively decided to pursue growth in this area.

TAXATION SERVICES AND PLANNING

Most accounting firms can competently prepare a tax return. If you are looking for the lowest-cost provider to file your taxes, Coastal Accounting is probably not the right firm for you. Clients turn to us for consultative business and personal tax advice that helps them better plan for the future, manage costs, improve efficiency, and achieve greater profitability. We take a long-term view of the tax-planning process. Tax planning to achieve tax avoidance (eliminating tax altogether in certain instances) is perfectly legitimate. We do not simply look at your current tax filings. We ask in-depth questions about your business and personal plans to help you make better financial decisions today and in the future.

Partner Involvement

Our partners take an active role in all our accounts and engage with the principals of our clients’ businesses to learn from them and about them so that we are in a position to better advise them.

We take an evolving approach to tax planning and our partners are constantly looking for opportunities to save tax. Thinking about making a major capital purchase? Perhaps the equipment you plan to buy qualifies for a special tax deduction. Making the purchase in the current year may produce a more favourable deduction schedule. Our partners stay current with all new tax legislation, credits and rebates to help ensure that you take advantage of every opportunity available. Tax planning is a process, not an isolated event. Therefore, our partners conduct periodic tax planning meetings with each client. For some clients these meetings take place on a quarterly basis; for others, we meet annually. Sometimes, if the clients mandates us to do so, we perform the tax planning on your behalf with the need for a specific meeting. Our specific tax planning and compliance services include:

  • Corporate and individual asset acquisitions
  • Structuring real estate acquisitions
  • Evaluation of tax consequences for various investment vehicles
  • Capital Gains Tax (CGT) valuations, calculations and advice
  • Estate planning to counteract the effects of Estate Duty and CGT on death
  • Tax Payable on foreign income in accordance with International Double Taxation Agreements
  • Preparation, completion and submission of monthly PAYE and VAT
  • Preparation of annual income tax returns (IT14, IT12, IT12TR) for public and private companies, close corporations, trusts, individuals, co-operatives, partnerships and sole proprietors
  • Preparation and submission of tax returns due at an indeterminable date such as Dividends Tax Returns (STC), Donations Tax Returns
  • Preparation and submission of financially related returns such as annual Workmen’s Compensation Returns, Bi-annual PAYE reconciliation returns and Provisional Tax Returns
  • Individual income tax planning
  • Representation before SARS for tax audits; alternative dispute resolution (ADR) in tax audits where the taxpayer is disputing SARS contentions and representation to the SMO where SARS are not maintaining service levels
  • Preparation, completion and submission of Estate Accounts and Estate Duty
  • Ruling requests from SARS

Most accounting firms can competently prepare a tax return. If you are looking for the lowest-cost provider to file your taxes, Coastal Accounting is probably not the right firm for you.

BUSINESS CONSULTING

As trusted advisors for our clients, we are privy to the inner workings of their businesses and the issues they face. As an outgrowth of the advice we offer on accounting and tax issues, many clients have turned to us for more strategic advice about their businesses. From issues as broad as acquisition financing to succession planning, we can help you navigate the increasingly choppy waters of today’s business climate.

Our clients appreciate the creative, strategic thinking we bring to their challenges and value the honest counsel we provide. In many cases, only a service provider with a deep, trusted relationship with a client has the credibility to tell them they may be wrong or to suggest a difficult business choice.

Sometimes a new client engages us to provide a fresh, outside perspective on a special challenge. When we feel we have expertise to offer and can give the client advice of value, we will take on such an engagement. In many cases, these engagements lead to our earning the client’s trust and expanding our relationship with them. In other cases, we perform the consulting project, working with the client’s existing accounting firm. Some of the issues for which clients use our consulting services include:

  • Business process improvement
  • Financing
  • Business acquisitions
  • Accounting systems
  • Succession planning
  • Business startups
  • General business consulting

If your company is facing a strategic challenge and you’d like fresh insight, drop us a line. The best way to learn about the value we bring to clients is to speak with one of our experts.

As trusted advisors for our clients, we are privy to the inner workings of their businesses and the issues they face.

HIGH NET WORTH INDIVIDUALS

Our partners have worked with many individuals who have accumulated significant assets through corporate careers, entrepreneurship, or simply disciplined savings and thrift. These clients have a different set of needs than typical salary-earners, and we have built a practice that caters to this special group. High-net-worth clients seek our expertise in handling complex tax situations, evaluating business propositions and dealing with challenging family and inheritance issues—in addition to discretion and professionalism.

When asked by clients for investment advice, we know where our expertise ends and where another advisor is better suited. To fully serve our high-net-worth clientele, we have strategic relationships with sophisticated service providers in the wealth management, brokerage, private banking, legal, insurance and pension arenas. Specifically, our planning process incorporates—either directly or through other trusted advisors—the following areas:

  • Tax planning and compliance
  • Financial planning
  • Estate and trust planning
  • Insurance planning
  • Investment planning and monitoring
  • Succession planning
  • Charitable giving
  • Maximisation of wealth transfers

Our partners have worked with many individuals who have accumulated significant assets through corporate careers, entrepreneurship, or simply disciplined savings and thrift.

CASH FLOW MANAGEMENT

Good, strong cash flows are the lifeblood of any business.  Everything is better when your cash-in exceeds your cash-out.

A cash crisis can be emotionally devastating and it can even kill your business. If you’ve ever had to beg, borrow or steal to cover tomorrows payroll then you`ve experienced the unfortunate effects of poor cash flows.

Our cash management service allows you to…

  • know when, where, and how your cash needs will occur.
  • know what the best sources are for meeting your additional cash needs.
  • be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors.

The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business strategic needs.

We also prepare historical cash flow statements to help you gain an understanding about where all the money went.

Creating an accurate cash flow projection is just one of the many cash management services we provide. We also provide assistance with:

  • Cash collection acceleration techniques
  • Proven effective collection policies
  • Proven effective payment policies
  • Obtaining the maximum rate of return on your idle cash
  • Facilitating loan and finance applications

Good, strong cash flows are the lifeblood of any business.  Everything is better when your cash-in exceeds your cash-out.

BUSINESS VALUATION

If your business needs a professional valuation, you want to make sure you have someone who understands the complex issues involved in an accurate valuation. You want to know for sure what your business is worth. There may be inherent goodwill, specific growth opportunities, or contingent liabilities or assets that all impact on a valuation.

Closely held businesses, personal and family ownership interests and professional practices may require a valuation for any of the following:

  • Mergers and acquisitions
  • Purchase or sale of an ownership interest
  • Buy-sell agreements and succession planning
  • Sales, expansions or reductions, and borrowing
  • Divorce proceedings and pre-nuptial agreements
  • Employee stock ownership plans (ESOPs)
  • Gift and estate taxes
  • Distribution of estate and trust assets
  • Litigation involving damages and losses: lost wages and business interruptions; fraud, anti-trust or forensic investigations; accounting and tax matters; and intellectual property

We perform valuations using all the traditionally accepted methods including capitalisation of earnings based on PE ratio; Dividend Growth Model; Free Cash Flow Discounting Method and Intrinsic or NAV method in the case of loss making entities.

If your business needs a professional valuation, you want to make sure you have someone who understands the complex issues involved in an accurate valuation.

ESTATE EXECUTORS SERVICES

Being an executor of an estate can be a thankless, poorly compensated job that demands trust and integrity. We would be honoured to take the load off of your shoulders usually for no fee up front. We assist in the accounting disposition of assets, personal property, family consultations and real estate so that the estate can have cash to distribute to heirs. We do this in a very timely manner reducing the asset holding expenses considerably.

We’re there for you when you need us the most. The monies acquired from selling your assets are held safely in the estate of the deceased until probate is settled. This makes it so much easier to settle outstanding debts.

Every day you hold your inherited property the more it costs the heirs. These are some of the daily accruing costs:

  • legal fees
  • property taxes
  • mortgage payments
  • assessments
  • utility bills
  • home insurance
  • repair costs
  • property maintenance
  • theft or vandalism repair

Being an executor of an estate can be a thankless, poorly compensated job that demands trust and integrity. We would be honoured to take the load off of your shoulders usually for no fee up front.

COASTAL ACCOUNTING PARTNERS

Coastal Accounting and its partners, through Lockhat Incorporated, is also competent to refer the following services, should the need arise.

LOCKHAT INCORPORATED

AUDITING

Coastal Accounting, through our exclusive partnership with Lockhat Incorporated, provides Auditing and Assurance services which are fully compliant with International Standards of Auditing (ISA).

Furthermore, the partners of the firm are fully compliant with International Financial Reporting Standards (IFRS) and the Companies Act of South Africa (1973 and 2008).

Lockhat Incorporated specialises in the performance of audits for the following purposes:

  • Company, Trust and Close Corporation annual and interim audits
  • Attorneys Trust Account Audits
  • Estate Agent Trust Accounts
  • Public Sector Auditing
  • Forensic Investigations
  • Computer Assisted Auditing Techniques involving databases
  • NGO Audits and Non Profit organisations
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AUDITS - REVIEWS - COMPILATIONS

VALUE ADDED AUDITING

COMPUTER ASSISTED AUDITING TECHNIQUES

DUE DILIGENCE PROCEDURES

IT GENERAL CONTROL