Large South African corporates using VATSolve Cash Flow Benefit save between R20 Million to over R150 Million per month.
VAT201 & SARS Compliance
Current Returns, Historical VAT201s and Reports & Schedules
Cash Flow Benefit
Future period inclusions with audit trails and reconciliation to GL
IT14SD reconciliation extracts of Financials with summaries and drill downs by General Ledger of Sales and Cost of Sales
Single VAT Returns for multiple companies with consolidated and individual drill downs via Dashboards
Our user-friendly VAT module provides all the intelligence, analytics and integrity to populate VATS201s with accurate and transparent VAT reporting, management checks and enquiries, giving companies the confidence to know they are paying the correct VAT. The functionality allows organisations to automate VAT analysis and calculation and is aligned to VAT201 submissions and requirements, as dictated by SARS. All current and historical records are stored securely and accessible at the click of a button.
User access, authentication and permissions are parameter driven and set up according to the internal governance and standards of your company. All processes are logged and available for auditing and verification purposes.
Compliance and risk
Current and historical data is accessible at all times. This enables quick access and interrogation of data using predefined compliance and risk checks and pivots.
Multilevel views, extracts, reports and pivots available for a current, specific or range of months of summary and/or transactions with drill downs to SAP prime docs by some of the below filters :- VAT category code / Company or consolidated / Period(s) / General Ledger code / Vendor or Customer / Currency or Country / Posting and/or Doc dates
With cash as a key indicator of the financial health of a company, optimising cash flow and ensuring the correct cash position is reported each month, is critical. VAT over or under-payments and late submissions can severely impact cash flow and influence business decisions.
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. To date, large South African corporations using VATSolve’s cash-flow module have generated/realised cash benefits of about R2 million per month.
- All South African VAT-paying businesses are required by law to comply with the regulations and requirements set out by SARS. Non-compliance, including not filing in a timely manner, can have negative financial and reputational impacts on an organisation.
- VATSolve’s solution not only ensures that organisations meet all the standard VAT and VATS201, IT14SD requirements of SARS, but it also provides 25 standard analytical data views that can be pre-determined by the company. It enables customisation to ensure that the exact internal governance and standards of an organisation can be catered for. Pre-determined exception reports can also be built into the system on a case by case basis.
- Organisations that fully leverage the functionality of VATSolve’s solution can benefit from over 40 reporting, analysis and data views which can be used for decision-making to drive better business performance.
- VATSolve’s solution provides an unlimited customisable checklist that is embedded into the programme. It enables organisations to monitor, track and share the status of every actionable item that is required to deliver fully compliant VAT records. All reports are calculated and displayed in compliance with statutory VAT requirements, as dictated by SARS.
- Industry specific and internal governance and controls mean that every organisation has both standard and unique reporting and analysis requirements. VATSolve’s solution enables organisations to define and produce predetermined reports, exemption reports and customised reports.
- With the majority of stakeholders familiar with Microsoft Office, VATSolve has built its solution to enable users to manipulate data directly in Microsoft format. Reports can then be easily distributed to all stakeholders in a readable and user-friendly format with all the functionality that Microsoft Office affords.
- All reports are stored securely so that they are easily accessible, both now and for future historical auditability and forensic examination. Individual data transactions are viewable across a multitude of criteria including: date, general ledger expense type, transaction type, vendor, customer, and VAT code with additional VAT relevant information
- IT14SD reporting and consolidation requirements, as laid out by SARS, are complex and time consuming. Timely reporting, as well as accuracy, analysis and visibility are required to ensure data integrity.
- This module removes the complexity from the analysis and computation of VAT. All general ledger transactions, including those without VAT codes can be imported either for the current period or any period the client chooses. All data is automatically stored per period and is balanced back to submitted VAT201s and trial balance. The programme also enables clients to conduct full audits and drill downs to views of the original document transaction lines.
- Goods Receipt Invoice Receipt (GRIR) is tracked to general ledger expense codes providing better and richer visibility into the data when conducting risk and compliance checks. With all general ledger splits for every document stored individually, there is a greater depth of exposure to expense splits. This ensures strong governance checks and controls.
- VATSolve’s software is designed to integrate to SAP. The software can be installed within a few hours and with minimum business disruption.
- VATSolve’s solution has its own user-friendly, simple set-up which is run on multiple local workstations. Workstations are configured to connect to the shared database with security controls and passwords. All transaction inputs and changes, as well as access to the programme are tracked and stored. This ensures complete auditability and data integrity.
- A standard SQL service connection driver is built into Windows and is the access control to the database. The data import process is dynamic, enabling different import file formats to be readable and manipulable. Further manipulation is possible by exporting to MS Excel.
- The IT department will want to know that:
- SQL Server Standard 2005 Standard or higher or SQL Express 2008 (SQL Express edition is recommended for single workstation installs) is required
- A database user ID and password will be required on the SQL instance
- Each user will have to be granted ‘DBO’ rights to each company database created
- VATSolve is billed Quarterly as a service based on which modules are in use as well as number of users and number of group Companies.
- We don’t require long-term contracts and a quarters notice is required for cancellation.
- The four VATSolve modules include: VAT 201 & SARS Compliance, Cash Flow Benefit, IT14SD and Consolidation.
- Once off installation fees are applicable and this fee includes on-site training and two months of on-site support and assistance.
- Ongoing support can be purchased on an hourly or Corporate Hours basis.
- All solution upgrades and enhancements to current features are included in license fees.
- VATSolve’s system provides measurable benefits to an organisation, with a winning combination of financial, productivity and efficiency gains.
- The investment in the VATSolve solution is quantifiable from day one.