Maximise your cash flow in one simple step
With its flexible, scalable platform, built-in machine learning and advanced analytics, there is no denying that SAP ERP is an essential component for optimal operating at large enterprises. There is, however, a gaping omission in the otherwise comprehensive system – it doesn’t focus on VAT.
“How did we go bankrupt? Two ways. Gradually, then suddenly.” – Ernest Hemmingway
Cash is a key indicator of the financial health of a company, and so it is critical to optimise cash flow and ensure the correct cash position is reported every month. Despite the power of SAP, South African enterprises still often rely on manual processes and Excel spreadsheets to work out their VAT contributions and make sure that they are compliant with all SARS regulations.
A combination of multiple moving parts and human error in these processes result in, in many cases, a slow trickle of funds leaving the company’s coffers through VAT over or under-payments and late submissions. This impacts cash flow which has the knock-on effect of influencing business decisions.
The solution is simple
To eliminate labour-intense, error-prone processes, you need a system built specifically to cater for South African legal requirements that can be seamlessly integrated with your SAP ERP. With up to 25 tailored analytical data views and the ability to cater for case-by-case exception reports, VATSolve is completely customisable to ensure the exact internal governance and standards of your enterprise can be catered for.
Additionally, if you operate multiple businesses (each with their own ERP entity, but with a single VAT registration and one VAT201 submission), you can leverage VATSolve’s functionality to enable better management of transactions across all divisions, creating enhanced visibility and transparency of your enterprise’s VAT position. A single repository view of all VAT management and reporting, with consolidation and individual company dashboards, elevates your ability to make informed decisions based on accurate data.
VATSolve’s system is fully compliant with all the standard VAT, VAT201, and IT14SD requirements from SARS, and provides an unlimited customisable checklist that enables your organisation to monitor, track and share the status of every actionable item.
Up to 150 million reasons
VATSolve’s Cash Flow Benefit module enables organisations to optimise cash flow by ensuring the accurate allocation of input and output VAT to the correct period. Using this simple VATSolve module has enabled large South African enterprises to improve their cash flow by between R20 million to over R150 million on a sustainable basis.
Maximising your cash flow is a multi-faceted challenge that involves a proactive approach to streamlining budgets, controlling expenditure and managing the effects of ever-fluctuating market conditions. Staying on top of your VAT submissions with the VATSolve system puts your organisation in a strong position to control some of the unnecessary outflows of money that can be reinvested into the business.