Blog

6 Reasons why your spreadsheets don’t make the grade
January, 2019 No Comments Uncategorized
Spreadsheets are extremely adept at creating ad hoc applications. They can be applied to several financial areas such as: Budgeting and forecasting Consolidations Financial statement notes’ workings Inventory valuation Fixed asset registers Financial modelling The cyclical VAT201 calculations Many finance professionals will easily spend hundreds of hours a year ...
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Why your revenue doesn’t reconcile to output VAT
January, 2019 No Comments News
From a financial perspective, your output VAT grossed up should equal one’s revenue amount, right? Mathematically it is expected, but in practice there are many reasons that it will not work on the first attempt and we see these issues at every one of our clients: Exempt or zero-rated ...
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When to use a VAT reclaim company
November, 2018 No Comments News
VAT professionals generally identify VAT service providers as either consulting firms, that assist with providing tax opinions and compliance functions, or VAT reclaim companies, that assist in getting money back from the revenue authorities. But where exactly do VAT technology providers such as VATSURE fit into this picture? Our ...
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Why use Technology rather than a Big 4 audit firm
October, 2018 No Comments News
The Big 4 audit firms first and foremost offer external audit, but they also have other service lines namely tax, risk and advisory. The tax service line is further split into two categories: VAT and Tax Compliance: such as submitting returns. VAT and Tax Consulting: such a drafting a ...
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TAX INDABA 2018. We’ll be there will you?
September, 2018 No Comments News
5 days, 1 800 delegates and 50+ tax topics culminate in the 2018 Tax Indaba which will be held from 10-14 September 2018 at the Sandton Convention Centre. The Tax Indaba is now the largest annual gathering of tax professionals in the country, bringing together the entire tax community ...
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Trade Tax Plus, free with VATSURE
August, 2018 No Comments News
TradeTaxPlus, Centre of Excellence was founded to address four major challenges in the tax consulting environment: utilisation of the knowledge and experience of seasoned tax professionals use of technology to enhance efficiency and connectivity supply of top quality technical support at affordable prices adoption of a community approach amongst ...
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It’s not always about the money
July, 2018 No Comments News
A popular misconception when considering VAT assurance technology is that the data-driven approach to automated transaction monitoring, especially when it comes to VAT compliance, is going to be expensive, complex, and disruptive to implement. With many finance teams already using all their resources just to meet their business support, ...
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Why now is the best time to get VAT software
July, 2018 No Comments News
When the economy is in a downturn, tax collections come under pressure and SARS audits increase. The likelihood of being selected for an audit increases significant for all VAT vendors especially where a refund is due. Coupled with this, there is an expectation that your response to a SARS ...
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How to build a business case for VATSURE
July, 2018 No Comments News
There’s never a good time to “buy software,” but it’s always a great time to make a rewarding investment! Over the years our team has had the privilege of working with some of the brightest audit, governance, risk, compliance and finance professionals in the world. All too often they ...
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What is VATSURE?
July, 2018 No Comments News
There are few things as important to a Chief Financial Officer or Tax Manager as reliable and accurate data. It’s what keeps the business moving onwards and upwards into risk free profits and greater growth. As the South African Revenue Service explores compulsory requirements for VAT submissions and audits, ...
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6 Considerations When Choosing a VAT Technology
July, 2018 No Comments News
Choosing an ERP system for an organisation rarely involves consideration of the tax capabilities of the software. As a result, the tax manager has to use any tax reports the system supports, or default back to the always trusted Excel spreadsheet. Finding technology that is indirect tax or even just ...
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5 Internal Control Failures that affect VAT
April, 2018 No Comments News
A sound internal control environment allows you to meet your operational and strategic objectives with integrity and reasonable assurance on the effectiveness and efficiency of your operations. Therefore, a breakdown in controls impairs your ability to place reliance on the results generated from your daily operations. The following are ...
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What is SARS Looking for in Your VAT Return?
April, 2018 No Comments News
It’s the end of the month. You have completed all the relevant fields on your VAT return and are about to click “Submit”. The following thoughts cross your mind “Will SARS choose my VAT return for review?” “Have I considered everything that I need to in my VAT return?” ...
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What is Indirect Tax and Why Should You Care?
April, 2018 No Comments News
Indirect taxes are placed on goods and services which raise the price so that the consumer pays more for the item. You might want to think of indirect taxes as hidden taxes, as the indirect tax is collected by one entity in the supply chain and paid to the ...
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Why is VAT Structure and Configuration important?
March, 2018 No Comments News
The system goes live! Business rejoices as the process went by pretty smoothly with relatively minor stumbling blocks along the way. But does this now mean your system is ready to accurately process your VAT on your daily transactions? Let’s look into what aspects needs to be covered for a sound VAT ...
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Tax Indaba 2017
November, 2017 1 Comment News
A few weeks ago, I was fortunate enough to attend the 2017 Tax Indaba that was held at the Sandton Convention Centre from 11 to 15 September. Since its debut in 2011, the event has grown in leaps and bounds over the years. This was evidenced by the inauguration ...
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