Day to day business processes have been massively disrupted by the turbulence of 2020. Finance Managers and CFOs have had to be inventive and adaptable to keep enterprises afloat, while ensuring that they are up to date and accurate with corporate tax returns.
We know that finance and tax teams of medium to large enterprises are under pressure to submit their tax returns accurately and on time, in addition to staying on top of ever-changing rates and rules. However, being so immersed in compliance and reporting, means that strategic work falls to the wayside.
It has become essential to employ tax automation software.
Enter Konsise’s tax management software. Konsise enables companies to manage their tax responsibilities and compliance requirements such as VAT returns in a smarter, more streamlined manner.
Why automation is critical to success
Many of the tax preparation tasks of finance teams revolve around manual, repetitive work, such as data entry, verification, recons, and report generation. These mundane tasks need to be completed before the value-adding expertise of a skilled tax practitioner can be applied.
While many companies are keen to adopt digital tools, software solutions are only truly transformative if they are targeted and address a specific challenge. Konsise offers the triple punch of integration, notification, and centralising information in one platform.
By integrating VAT201 filing directly to SARS eFiling in South Africa, Konsise automates a time-consuming manual process and for the first time gives users real-time access to SARS notifications without logging into eFiling, providing finance leaders with complete visibility of the status of all returns.
Keeping to deadlines is crucial and the platform’s notification feature takes the headache out of manually tracking submission dates.
Daily, monthly and annual transactions rapidly generate huge amounts of information and business data. Deploying a solution such as Konsise which centralises your information in one location goes a long way in making life easier for finance leaders and provides them with up-to-date, verifiable data to run the business more efficiently.
Enhanced tax functionality
High performing businesses function better if they track their finances accurately and use connected tech to automate time-consuming processes. Tax automation software that increases transparency, accuracy and reduce errors is massively beneficial to all key stakeholders.
In the past, finance departments completing tax returns would often have to extract several reports into spreadsheets to view VAT transactions and transpose this data into a compatible format for VAT submissions.
To ensure tax compliance, they often have to plough through thousands of transactions and vendor information to check for processing accuracy. Konsise eases this compliance burden by enabling businesses and their accountants to automate this process by accessing all data in ERP systems, such as SAP, and running pre-defined VAT exception analytics that highlight potential non-compliance issues.
As businesses grow and evolve, Konsise has proven to be the perfect back up system to produce and provide effective analytics, as well as to file returns at the click of a button.
Delivering simplicity for complex entities
In today’s demanding business environment, it is crucial that finance teams be able to focus on strategic activities. This is especially crucial for companies that operate across multiple locations. Companies which have spread their wings need to stay on top of a multitude of compliance obligations that can balloon into a complex, high risk challenge without the systems to stay on top of them.
The efficiency gains from implementing a platform such as Konsise are a game changer for multinationals, which often face the tax burdens and prospect of hundreds of tax filings a year. Reducing the huge volumes of paperwork generated by large enterprises eliminates the drag on the time and strategic output of valuable resources.
The whole point of entering new markets is to pioneer and grow a business; if teams are spending too much time on onerous tax-related tasks, they can’t plough their talent into higher value, strategic insight that benefit the company. Digital processes offer far greater scalability and resilience for companies in these situations.
These are just a few of the ways Konsise’s software platform is moving businesses into the future of tax. To find out more about our tax-focused solutions, schedule a demo.