Your 2022 VAT Resolution

How much sleep did you lose over the festive period thinking about the Everest-sized Mountain of paperwork that comes with finalising your fiscal year and auditing your VAT submissions? If you’re not using a VAT-specific system that is integrated with your ERP, our guess is somewhere between “some” and “a lot”.

Looking Back… And Then Forward

Since March 2020, the focus of many companies has been “stability” – simply battening down the hatches to survive the storm brought on by COVID-19 and its associated lockdowns. Based on what we’ve heard from various market players, 2022 seems to be the year that many businesses are emerging from hibernation with a renewed focus on growth.

Along with this cautious optimism in the market come a host of possibilities to explore ways to streamline processes, realign financial priorities, and tighten budgets to reduce unnecessary expenditure. Integrating your ERP with a VAT-specific system can hit all three KPI’s, freeing you to focus on other areas of the business.

In a nutshell, automating your VAT should be your number one business resolution for 2022.

The First Step…

Unfortunately, for many businesses, the first step is always the hardest as finding a system that is simultaneously user-friendly, secure, and SARS compliant while delivering auditable functionality can be challenging. Not only that, but such software needs to have the ability to easily integrate with your existing IT architecture. In essence, it needs to be a system that offers “plug-and-play” capabilities that allow it to work seamlessly within your current IT set-up and your  ERP.

VATSolve not only ticks all these boxes from a technical perspective, but fast tracks your ability to accomplish the three KPI’s mentioned above, namely streamline processes, realign financial priorities, and tighten budgets to reduce unnecessary expenditure.

…Then, Baby Steps

Overhauling your VAT processes can be compared to the only way you can eat an elephant: one small bite at a time. Ensuring that your VAT is correct at the end of each month allows you to keep close tabs on movement, correcting course in near real-time.

With VATSolve’s functionality, you can perform month-end checks to ensure you’re on track and not losing sight of the goal of tightening your balance sheet. The 25 standard analytical views provide customisable methods of storing, displaying, and drilling down into your financial data. Analysis of your data is enhanced by VATSolve’s ability to create task checklists with comments, attachments, and storage of lists with full audits.

Additionally, the system’s 40+ reporting, analysis and data views that power both SARS and internal reporting is a tool designed to drive better business performance by empowering you to make more informed decisions.

And, in our experience, informed decisions = achieved goals.

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 cashflow 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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