Integrity through Visibility. We believe in VAT At VATSolve … and in doing VAT properly!
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Transcript of Integrity through Visibility. We believe in VAT At VATSolve … and in doing VAT properly!
Integrity through Visibility
We believe in VAT
At VATSolve …
and in doing VAT properly!
We believe …
VAT is the most important tax in the world Fastest growing tax in the world Most efficient way of collecting and generating revenues for the Fiscus
VAT is a self assessing system Imperative that we be able to assess ourselves effectively and have evidence of the
assessments with Audit Trails on an ongoing basis
There’s a legal and moral obligation to do VAT properly
It is bad business to: Overpay or underpay VAT and to pay VAT too early or too late!
VATSolve’s Core values …
Good Corporate Governance Compliance with guidelines as per Sarbanes Oxley and King Commission
Information visibility Leveraging systems for business intelligence Visibility is the key to effective risk management
Data integrity and accuracy
Simplicity
The reality for many businesses ...
Good intentions – But poor execution Intention to be compliant, but lacking control and visibility of monthly VAT reporting
Overwhelmed Tens of thousands of VAT transactions each month Difficult to test without visibility
In the dark Internal control systems not geared to monitor and control this volume of VAT transactions for compliance
Blind authorisation – leading to risk VAT is authorised by directors who are legally accountable and may be personally liable (according to VAT
Act), but have little or no confidence in the accuracy of the VAT return Non-compliance can lead to significant penalties and interest
Fear of a SARS Vat Audit
Wasted opportunities?
Throwing away profit? Your company may be throwing away millions in profits each year through lack of control
of VAT returns
Missing a big cash flow opportunity? By only claiming inputs in the period they were captured?
Benefits of VATSolve
High visibility of your VAT transactions Audit friendly solution:
Historical visibility Balances back to financial ledger Provides comprehensive audit trails
Fast and efficient business tool for comprehensively interrogating your VAT data Looks at all the VAT transactions User friendly – reports into Excel ,
pre-defined pivot tables and PDF Touch of a button drill down capability SAP Compatible
Cost effective solution
Ready-made product: Makes you self-sufficient in managing
your VAT compliance Not reliant on expensive, external
consultants (data miners)
Trusted solution
Used by a growing number of large corporates in SA Including a “Big 4” audit firm
Used internally by credible SA VAT experts
Combines local VAT expertise with world class software design
Satisfied Customers
Key features & Exclusive modules
CONSOLIDATION module with individual Companies Dashboard
CASH FLOW benefits function fully automated with Next Period transaction drill downs
HISTORICAL / ANALYTICAL comparisons to assist Risk Management
CUSTOMIZATION available for specific requirements
EXCEPTION REPORTS with on screen viewing, drill downs and pivot tables
RECONCILES back to General Ledger VAT control accounts
NO DATA is written back to ERP system
COMPLETE FULLY AUTOMATED HISTORICAL data with saved per VAT Period
PROUDLY SOUTH AFRICAN - Local expertise with world class design
The bottom line …
VATSolve gives you:
Control of your VAT transactions
Self sufficiency
Confidence and Peace of Mind that your VAT returns are reliably accurate and compliant
Integrity through Visibility