Until recently using spreadsheets were vital for those more complex VAT201 calculations when an off-the-shelf accounting software wasn’t suitable or lacked the required versatility. Although quite commonly used as a finance tool, spreadsheets, such as Excel can garner significant risks and costs, if not properly monitored and controlled. Whilst most finance professionals use them every day, they simply aren’t suitable for managing important VAT information.
VATSURE Submissions is an on-premise solution for accurate, quick and automated VAT201 submission calculations. It is user friendly, ERP agnostic, and without being a data expert, allows you accurately track and manage your VAT and understand all the transactions that make up your VAT submission. Every month after the financial month end is done, it will automatically extract and process the data and make the VAT201 calculation available well before the SARS deadline. The data driven VAT solution helps you accurately track and manage the VAT charged or paid by your business, including invoices, bills, expense claims, credit notes, bank transactions and manual journals. It also retains a history of VAT submissions with the ability to associate own notes and relevant external documentation for the submission.
VATSURE calculates the VAT201 on a transactional
level, ensuring that all data is complete, accurate and
up to date with SARS VAT 201 formats.
VATSURE ensures that all VAT workings and data are kept in one
secure location on your server, reducing idleness and improving
security and version control
Being ready for SARS submissions and queries means
effectively managing your risk and compliance
proactively throughout the month, to avoid
unpleasant surprises during a SARS audit.
The completeness and integrity of accounting data is
of paramount importance. VATSURE performs a
completeness and accuracy check in the data
downloads to ensure there are no absent records or
fields when submitting the VAT 201.
By focusing on accuracy of master data that relates to VAT setup
and the ERP environment of the company. It allows you to gain
insight into items such as the tax coding setup.