Create a new company choose an accounting period structure
Let's create a new company called "GreenTech Solutions" that specializes in developing and implementing sustainable energy solutions for homes and businesses.
Company Structure:
GreenTech Solutions will be a private limited company (Pty Ltd) with a fiscal year ending on December 31st. The company will have the following structure:
- Shareholders: The company will have two shareholders: John Smith (50% ownership) and Jane Doe (50% ownership).
- Board of Directors: The company will have a three-member board of directors, consisting of:
- John Smith (Chairman)
- Jane Doe
- Dr. Emma Taylor (Independent Director)
- Management Team:
- CEO: Michael Brown
- CFO: Sarah Lee
- Operations Manager: David Kim
Accounting Period Structure:
GreenTech Solutions will follow a calendar year accounting period, with the following structure:
- Fiscal Year: January 1st to December 31st
- Financial Reporting Period: The company will report its financial results on a quarterly basis, with the following deadlines:
- Q1: March 31st
- Q2: June 30th
- Q3: September 30th
- Q4: December 31st
- Annual Financial Statements: The company will prepare and file its annual financial statements with the relevant authorities by March 31st of each year, covering the period from January 1st to December 31st of the previous year.
Key Accounting Dates:
- Year-End: December 31st
- Financial Reporting Period: January 1st to December 31st
- Quarterly Reporting Deadlines:
- Q1: March 31st
- Q2: June 30th
- Q3: September 30th
- Q4: December 31st
- Annual Financial Statements Filing Deadline: March 31st
Accounting Software:
GreenTech Solutions will use Xero accounting software to manage its financial transactions, track its expenses, and prepare its financial statements.
Auditor:
The company will engage an independent auditor, KPMG, to review its financial statements and provide an audit opinion on an annual basis.
This is just a basic outline, and the company may need to adjust its accounting period structure and key dates as it grows and evolves.