Mhangwana Accountants (Kempton Park)
Mhangwana Commercial & Financial Accountants are celebrating 21 years of accounting service.
I've been involved with Mhangwana Commercial and Financial Accountants for a few months now and have seen their commitment to their profession as accountants in Kempton Park. They are thorough in their work and hardworking as well. They recently held a workshop for their clients and went to great trouble to explain their accounting and skills transfer to everyone present. Below is a summary of what transpired at the workshop.
A short video of Mpho Mhangwana in action.
The workshop kicked off just after 9:00 am. The MC was the first up and he not only got the audience laughing, after which he introduced the main speaker, Mpho Mhangwana.
First on the agenda was Audited Financial Statements, the Budgets. Mpho explained specific examples where special diligence needs to be exercised to stick to sound financial management principles.
He went into details about Procedures For Compliance To Acts. Mpho emphasized the importance of always ensuring that supporting documents are in in place for ALL transactions.
Professional Accountant’s Report
As the accountant, he said that he is there to guide and assist administrators. The following points were covered:
Appropriateness of account policies
- Material variances
- Financial records
- Material breaches
- Payments made to persons
- Non-compliance with PFMA
Time For Questions
Some of the delegates raised questions and Mpho was always ready with detailed answers and examples to ensure that everything was made clear and understood.
All monies received in the name of the school must be receipted and recorded according to procedures policies. One delegate mentioned that this involved a lot of work. He then went on to the subject of educators who demanded an increase in their transport money.
Mpho stressed that his answers were always based on the understanding that the accounting policies were in place. Debtors and certificates were also covered.
On the subject of donations to schools, it was asked where that was put in the accounting system. He answered that one needs to get a letter of confirmation that a donation was given to the school. To also have a separate file and bank account for cash donations. He explained how to record these transactions.
Questions were asked relating to cheques written and in which month they need to be recorded. Answer: the month in which it was issued. The filing would be according to the payment date.
Money received and receipted, but not banked, but given to needy parents was also covered. It was explained that money received and given out results in no records. At the end of the day the accounting doesn’t balance – petty cash will be in overdraft. Thus shortcuts don’t make for good accounting practice. Things can’t be reconciled.
Can a school apply for a secondary account? Writing one cheque be written for five people collectively. As long as it has the proper supporting documents.
Non-fee schools and voluntary contributions. A certain amount contributed by each parent. In this case, proper records should still be kept.
The workshop broke for tea.
There was another question and answer session. One member said that principals should attend these workshops because they are very informative and useful – also educational.
The skills transfer section.
Receipting of monies.
Spending money on unplanned things without approval – never do that! Always keep parents and governing body informed.
Petty cash problems.
More questions could be covered online.
A new speaker, Gary from Pastel Accounting explained his software by means of a demo account. The package is called Sage One. All budgeting and financial accounting can be done with it. No driving back and forth for the accountant – no callout fees. The 60-day free trial was offered. The cost is R 205.00 per month. Gary answered questions relating to the online security of the package.
After all the questions were answered Mpho summed up the advantages of the new accounting system. Less effort and quicker to use. Being online the accountant has access to all the information relating to specific accounts. All the information is captured at the school and involves less work for everyone. The system compares very well to Excell which is three times more work.
ABSA was up next to answer questions relating to their banking fees. Then everyone enjoyed a good lunch.
A detailed session followed on exactly how to do the accounting in accordance with policies.
I was the photographer at the workshop and took some notes. If there are any errors it may be as a result of my lack of accounting knowledge or misunderstanding of principles explained and should not be a reflection on the excellent work done by Mhangwana Commercial & Financial Accountants who are based in Kempton Park.
You can get more information about what they do at http://mhangwana.co.za/.