Knowing the difference between Finance software and Tax/VAT management software

All software has undergone major advancements in the past decade, particularly in the financial space, allowing companies and users to now use it to complete complex processes that were previously done manually. It is mind boggling!

However, many companies are still unsure of which software is best suited to them, for all their different needs, which or could help save them the most time and money.

Finance software and Tax/VAT management software are two different types of software that are often confused.

Finance Software:

Finance, or accounting software, is critical for all companies and is in high demand leading to an increase in large ERP service providers, SAP / Oracle to name a few.

Its main function being accounting for money.

To do this most efficiently, the automation of tasks such as capturing and posting, connecting and storing thousands of different financial transactions is crucial.

Producing financial reports for tracking, recording and analyzing the data.

Tax management software:

Tax and in particular VAT management software is used to automate the various tax processes that a company is required to do monthly, quarterly or annually.

This software allows for the collection of tax/VAT information from all financial documents into one single system and generates reports required for tax filing.

Essentially, a tax management software helps lessen the time spent on many administrative tasks, optimizing the team’s efficiency.

VAT management software:

This software deals with the management of indirect tax – VAT.

The main objectives being able to improve compliance, lessen risk, record historical data and offer automated reports needed for submission to the revenue authority, at a touch of a button.

Together, these features act as a checking tool against a company’s ERP system to pick up on any human error and ensure correct and compliant VAT submissions, not to mention higher efficiency of VAT teams overall.

Be VAT Smart

Introducing VATSolve.

VATSolve is a proudly South African-developed software solution designed to deal with specific challenges associated with VAT regulation, complexity and compliance,  offering a VAT solution that automates and consolidates VAT returns timeously and accurately with increased cash flow and improved business efficiencies.

VATSolve is a complete VAT management solution for leading ERP systems that offers the benefit of submitting a single VAT return for multiple entities. It provides finance departments with increased productivity, efficiencies, reduces risk and optimizes cash flow.

VATSolve is so confident that their solution delivers exceptional service and achieves what it sets out to do, that they offer a free demo or Proof of Concept for qualifying clients.

If you would like to know more, get in touch with us at info@vatsolve.co.za

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