Optimise your VAT returns with improved VAT management
Are you sure your business is taking advantage of all possible VAT claimable opportunities available to you? Missing out on the opportunity to improve your VAT management impedes the growth of your business and makes it less cost-effective.
With the many challenges corporates face on a daily basis, trying to understand the complexities of the tax returns process can be draining. Filing your tax return is probably something no one looks forward to. However, getting your VAT return wrong can often lead to a penalty and interest being applied to the unpaid or non-compliant tax. There are ways to reduce your tax burden and avoid losing funds. This can result in having more efficient financial strategies that may help your company remain competitive.
Here are easy ways to optimize your VAT returns with improved VAT management:
A clear expenses policy
This is vital for every well-run company. Having an expenses policy is a must as it will let employees know what they can and can’t claim. Make sure though that it is in clear and easy to read language. Steer away from using any jargon and it is a good idea to include real-life examples to illustrate your points. And of course, you must make sure that your policy doesn’t conflict with any SARS VAT or PAYE rules. Also make sure you communicate your policy to ensure compliance.
A regular review process
Once you have all of your policies and procedures in place then it is easy to breathe a huge sigh of relief and think that your work is done. But unfortunately, VAT law is constantly changing and you need to make sure you keep abreast of the latest rules. Make sure that you read the VAT notices, and, where things change, you should amend your systems and processes.
Document and save everything
Clear, accurate and timely record keeping is a fundamental must when managing VAT on expenses.
There are often so many different payments being made and receipts and invoices flying around that it is easy to allow things to get out of hand. The bedrock of well-managed expenses and VAT system is great record keeping. The best expense systems will allow you to save an image of a receipt so you don’t need to have bulky and inefficient filing systems as you can do it all in the cloud.
Make use of VATSolve
Automated solutions like VATSolve can help to streamline your company’s VAT management and make the recovery process more productive. This can help your company to claim all the VAT due and have higher returns. Automated solutions also help your company stay on top of the constantly changing and varying regulations. VATSolve offers not only unrivaled visibility but also full automation of your VAT processes, with the goal of bringing ease to the process and bringing you peace of mind. Using a well set up and configured system to effectively manage your expenses is the smartest move you can make.
By making sure you have the configuration right you can save time in so many areas such as data entry, VAT classification, reporting and payment.
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 firstname.lastname@example.org
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