Streamlining Tax Documentation With Konsise: A Guide for Tax Professionals

Dec 28, 2022

Tax documentation is a crucial part of tax compliance for businesses of all sizes. In the past, tax professionals often relied on physical file folders and paperwork to manage their tax documentation, which could be time-consuming and prone to errors. However, in today’s digital age, there is a more efficient way to manage tax documentation – by digitizing it.

The current process of tax documentation record keeping

In the traditional tax documentation process, tax professionals often have to keep physical copies of their tax documents for up to 5 years. This can take up a lot of space and be difficult to organize, especially if a business has a large volume of tax documentation. Additionally, physical tax documentation is vulnerable to damage or loss, and there is no easy way to make backups in case of emergencies.

It is important for companies to keep various documents indefinitely, such as their certificate of incorporation, memorandum and articles of association, and minute book. Other documents, like proxy forms and registers of directors and shareholders, should be kept for 15 years. It is also necessary to keep financial statements, including annual accounts and an auditors’ report, for 15 years. For tax purposes, businesses should keep ledgers, cash books, and any documents related to capital gains or losses for 5 years from the date they received their tax assessment from the South African Revenue Service (SARS). If objections or appeals have been filed, documents should be kept until the issue has been resolved, even if it takes longer than 5 years. Companies operating in South Africa must also appoint a representative to act as their public officer and keep accurate, up-to-date documentation. This can help protect their cash flow and ensure the smooth operation of their business.

The benefits of digitizing tax documentation records

One of the biggest benefits of digitizing your tax documentation is the improved efficiency and organization it offers. With a digital system, you can easily access and retrieve documents and information with just a few clicks, rather than sifting through physical tax documentation or file cabinets. This can save a significant amount of time and effort, especially when you need to find a specific document or piece of information quickly.

Digitization also allows for better collaboration and sharing of documents within your team. With a digital system, multiple users can access and edit documents simultaneously, making it easier to work together on projects and tax returns.

Another key benefit of digitization is the increased security it provides. Digital tax documents are less vulnerable to physical damage or loss, and they can be backed up regularly to ensure their longevity. This is especially important for tax professionals, who are often required to keep relevant tax documentation for a number of years.

In addition to these benefits, digitizing your tax record keeping can also help you reduce your environmental impact by reducing the need for paper and other physical storage materials. This can be a key consideration for businesses looking to adopt more sustainable practices.

The World Bank has published a blog discussing the importance of digital transformation in the field of taxation. The article highlights the benefits of modernizing tax systems, including increased efficiency and effectiveness, improved compliance and revenue collection, and enhanced transparency and accountability.

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Important features for tax documentation records on tax management software

When choosing a tax management software, it’s important to look for a tax documentation feature that is user-friendly, secure, and able to handle a large volume of tax records. Another important feature to consider is the ability to easily search and filter tax records and documentation.

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How Konsise handles tax documentation

When it comes to tax documentation and record keeping, Konsise offers a variety of powerful features to help tax professionals digitize and manage their tax records. One of these features is the ability to upload relevant tax documentation to tax filing cards, which represent one tax return for a specific period. This includes documents like tax calculations and other files that tax professionals often use. By storing these documents contextually within the system, it is easy to find and access specific files by navigating to the relevant tax return and accessing the corresponding tax filing card.

In addition to this, Konsise has a tax records feature that allows you to sort and filter a table containing the history of all your tax filing cards. You can filter the table by company, tax filing period, tax type, and other criteria to quickly find the information you need. This report can also be easily exported to Excel for easy reporting to finance committees.

One of the major benefits of using Konsise for tax record keeping is the speed and efficiency it offers when it comes to audits. With all your tax records and its documentation stored digitally, it’s quick and easy to locate and download the documents you need to submit. Additionally, the security and backup features of Konsise give you peace of mind knowing that your tax records are safe and secure. Overall, the digitization of tax documentation with Konsise is a major time-saver and helps you stay organized and compliant.

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Digitizing your tax records and tax documentation is a critical step in modernizing your tax compliance process. By choosing a tax management software with a robust tax record keeping feature, you can easily store, organize, and access your tax documenation, and you can save time and money in the process. Konsise’s tax record keeping feature is a powerful tool that can help you streamline your tax record keeping process and improve your tax compliance.


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