All for one and one for all

The joys of submitting a single VAT return for multiple entities, by automatically consolidating all companies

We all know that dealing with the VAT returns of a single company can have its challenges. However, trying to co-ordinate the returns of multiple companies within a group can be agonising – especially if you are a financial perfectionist.

In the real world you will be dealing with multiple people in a wide range of roles – each at a different company within the group. To complicate the task even further, each company will have its own processes and procedures, as well as its own operating dynamics. There are five good reasons why choosing to consolidate the returns of these entities is a good idea. Let’s take a brief look at these reasons:

#1 Consolidation
Organisations that operate multiple businesses, each with their own VAT departments but with a single VAT registration and one VAT201 submission, can benefit from a single repository view of all VAT management and reporting, with consolidation and individual company dashboards. This enables better management of VAT transactions, as well as greater visibility and transparency of your VAT position.

#2 Cashflow
As you know, cash is a key indicator of the financial health of a company. VAT over or under-payments and late submissions can severely impact cashflow and influence business decisions. Consolidated returns will optimise your group’s cashflow, ensuring the correct cash position is reported every month.

#3 Compliance
Current and historical data is always accessible. This enables quick access and interrogation of data using predefined compliance and risk checks and pivots to ensure your group meets all the standard VAT and VATS201, IT14SD requirements of SARS.

#4 Convenience
A consolidated VAT return also allows you real-time access to data – at the click of a button. This will ensure more efficiency and automation within the different divisions, which, in turn, will promote team morale.

#5 Confidentiality
The consolidation of VAT returns is convenient, but you also need to ensure confidentiality with user access, authentication and permissions according to the internal governance and standards of a group of companies.

VATSolve is a complete VAT management solution for SAP that offers the benefit of submitting a single VAT return for multiple entities. It provides finance departments with increased productivity, it drives efficiencies, optimises cash positions and reduces risk. VATSolve, a South African-developed solution designed to address specific challenges associated with VAT regulation, complexity and compliance offers a VAT solution for SAP users that automates and consolidates VAT returns timeously and accurately with increased cash flow and improved business efficiencies. VATSolve is so confident that their solution delivers exceptional service and achieves what it sets out to do, that they offer a try-before-you-buy for qualifying clients. If you would like to know more, get in touch with us at info@vatsolve.co.za

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