ZZZ Accounting

16/01/2024

📢 Exciting News! 🚀

Dear ZZZ Accounting community,

We hope this message finds you well. We wanted to share some important updates regarding the future of our channel.

After careful consideration as evidenced by some moments of silence, the management team has decided to close ZZZ Accounting page. But fret not! This isn't the end – it's a new beginning!

We are thrilled to announce that we've partnered with some amazing individuals to form a brand new company, Organisational Design & Development. 🌟 This partnership brings a walk of the talk, as the organisation is operating within the legal framework with licensed financial technocrats as I always emphasized to forfeit . Apart the partnership brings fresh ideas, innovative content, and even more exciting opportunities for all of you!

As we embark on this new journey, we want to express our heartfelt gratitude for your continuous support. Your enthusiasm has been the driving force behind our decision to take this step.

Kindly visit:
https://www.facebook.com/100089339952025/posts/344582175196445/?app=fbl

And Stay tuned for more updates as we work on the exciting projects and content lined up for you. Our commitment to delivering quality and entertaining content remains stronger than ever.

Thank you for being part of our community, and we can't wait to share this incredible journey with you!

Best regards,
T. Chitsaka and the Organisational Design & Development Team

11/10/2023

It's been a while since I gave an industry update. Zimra will be launching it's new system designated to register and manage taxpayers. Here are the highlights if you are not a tax savvy person:

The new system will be linked to corporate banking database as well as central registry. Any cash inflows in the company bank account will reflect in zimra system, directors details can be verified with central registry so is the directors withdrawals or rather payouts and the system automatically calculates tax due. The same goes for PAYE. Any miscellaneous, mischievous behavior will be detected easily especially on tax heads such as V.A.T, Income tax, PAYEE. These mischievous acts are considered as tax evasion and are an offense tantamount to jail time, penalties and even garnishment of company.

Kindly get in touch to get expert advice on these matters. Read further here: https://www.zimra.co.zw/news/22-taxmans-corner/2263-new-tax-and-revenue-management-system-tarms #

As part of Zimbabwe Revenue Authority (ZIMRA) Business Processes Re-engineering, ZIMRA will be introducing  the Tax and Revenue Management System (TaRMS) which will go live on 12 October 2023.   This is  part of the organisation’s focus on simplifying business processes for the convenience of ...

26/01/2021

Let's keep in mind that the act governing companies in Zimbabwe is coming into effect 1st of February 2021. Thus the post serves as a reminder to re-register all companies to the companies and other business entities 24:31, which previously subscribed to the Act 24:03 by 31 January 2021.

Failure to re-register has consequences, de-registration of the company and all benefits that accrue to legally constructed company.

https://startupbiz.co.zw/all-zimbabwean-companies-to-re-register/

Kindly get in touch to update your company records with deeds and companies office.

According to the Companies and Other Business Entities Act (Chapter 24:31) for Zimbabwe, all companies will need to re-register among a cocktail of other changes that are meant to address some sho…

11/03/2020

Did you know that next year on 19 January 2021, your company registered under the companies act 24:03 will be disavowed. Your operation operations will become illegal.

Re-register with new act 24:31
Registration has also been made easier
Annual returns have also become mandatory and non-compliance results in removal of your company in the registry

Please get in touch as we assist you to carry out your business seamlessly

05/10/2019

Do you wish to consult...?

While contact us...!

25/08/2019

Hi there...!

Do you know that before IFRS 15 was introduced companies had to look for the below standards and interpretations in order to account for revenue as to when and how to recognise revenue?

IAS 18 Revenue

IAS 11 Construction Contacts

SIC 31 Revenue-Barter Transaction Involving Advertising Services

IFRIC 13 Customer Loyalty Programs

IFRIC 15 Agreement for the Construction of Real Estate

IFRIC 18 Transfers of Assets from Customers

However, thanks be given to IASB & FASB who worked together to came up with a new standard IFRS 15 ( Revenue from Contracts with Customers)

Its effective date of application is for the periods that are on and after 1 January 2018.

This means that other interpretations and standards have been superseded and no longer apply.

22/08/2019

Do you feel the incredible need to oversee everything that is being done by your staff down to the last tee?

Do you feel like your office would fall apart without you?

If that is the case, you are micromanaging and probably have the following diagnosis:

of Internal Controls Lacking
The integrity of financial Statements and managerial reports tend to be questioned, especially by business partners and stakeholders.
The Company's reputation suffers when it experience non-compliance with laws, regulations and other requirements. This may lead to legal action.

of Internal Controls Lacking
lack of lucrative business partnerships, reflect lack of direction and focus.
Waste, inefficient use of resources, poor management decisions.
Loss of records, high rates of product errors, carelessness and mistakes, generally demonstrates poor controls.


lack of ability to track performance against budgets, forecast and schedules.
Unauthorised access to financial data and customer records, including sensitive information, results in security breaches and compromised accounts.
Illegal transactions include theft, misappropriation of assets

#
Institute policies and procedures
Promoting accountability
Internal controls must be monitored and maintained

21/08/2019

The Zim's Company Act Chpt 24:03
Section 140: Keeping of books of account

mandates,
"(1 ) Every company shall cause to be kept in the English language proper books of account with respect to —
(a) all sums of money received and expended by the company and the matters in respect of which the
receipt and expenditure takes place;
(b) all sales and purchases of goods by the company;
(c) the assets and liabilities of the company.
(2 ) For the purposes of subsection (1), proper books of account shall not be deemed to be kept with respect to
the matters aforesaid if there are not kept such books as are necessary to give a true and fair view of the state of
the company’s affairs and to explain transactions.
(3 ) The books of account shall be kept at the registered office of the company and will enable to be prepared in accordance with this Act the company’s balance sheet, its profit and loss account or income and expenditure account, and any document annexed to any of those documents giving information which is required by this Act and is thereby
allowed to be so given.
(4 ) The books of account kept in terms of this section may be destroyed after eight years from the completion
of the transactions or operations to which they relate.
(5 ) If any director of a company fails to take all reasonable steps to secure compliance by the company with
the requirements of this section or has by his own wilful act been the cause of any default by the company thereunder he shall, in respect of each default and subject to section one hundred and forty-eight, be guilty of an offence and liable to a fine not exceeding level six"

Irregardless of the statutory mandate to keep books of accounts, attached is an image some benefits that accrue to your business,

Get in touch, its never too late!

20/08/2019

Hi😀
Are you struggling to maintain your accounts?
contact us, we let you focus on your major business operations.

13/06/2019

Accounting is not limited to technical correct "balancing" financial statements, but rather it is more concerned with gettin your business under control and steering it in the right direction in the future through financially informed decisions. LEAVE! the chimueyamwa way andjoin us in a journey of discovery.