Optimizing your digital tax workflow management involves integrating various factors to streamline the process of managing your tax responsibilities. This may involve delegating specific tasks to different team members and having clear procedures in place. The use of digital tools, such as accounting software and Digital Tax Management Software (DTMS), can greatly enhance efficiency and streamline the process. These specialized tools offer direct integration with SARS for submissions like VAT201, making them an essential part of your tax workflow. It is important to carefully consider your options and choose the software that best fits the specific needs of your tax team.
The functionality of this category differs from that of typical finance software. Check out this comparison of tax management software and finance software for a more detailed explanation.
To optimize your digital tax workflow management, consider using a digital tax management software (DTMS). This type of software is specifically designed for tax teams and has specific features to streamline the process of preparing and filing tax returns. By using DTMS, your tax team can save time and be more efficient in their work. In addition, as the use of digital practices increases in the tax industry, it is important to adapt your tax team’s processes to these trends to ensure that you are taking advantage of the benefits that digitalization offers. To digitize your tax workflow, consider implementing a DTMS and training your team on how to use it effectively.
There are other ways of creating a tax workflow management strategy for tax compliance which you can read about here.
What is a digital tax workflow?
Digital tax workflows utilize technology and automation to streamline the collaboration between finance or tax teams in their daily tax duties. This includes digitizing processes for each team member to increase efficiency and reduce errors. Traditional tax workflows often rely on manual calculations and the use of spreadsheets, as well as email and file sharing platforms like Outlook and SharePoint for managing tax files, deadlines, and team communication. However, these methods can be problematic in terms of version control, finding old files, complex automation, and effective team communication. By using Digital Tax Management Software, these issues can be easily addressed and a more efficient workflow can be achieved. There are signs of a tax management digitalization in South Africa which you can read more about here.
Building a digital tax workflow system yourself or buying a software that already exists can be a crucial decision. Take a look at this “Tax Data Software: Four Ways to Future-Proof Your Tax Department” blog.
What does a typical tax workflow look like?
The typical tax workflow involves a series of steps that must be followed in order to prepare, review, and submit a tax return. This may include responding to a deadline reminder, gathering the necessary documentation and performing calculations, having a team member review the work, filling out an eFiling form, and finally submitting the return.
Digital Tax Management Software (DTMS) offers a range of features that can help optimize this process.
How does Digital Tax Management Software optimise your tax workflow
Digital Tax Management Software (DTMS) offers a range of features that can help optimize this process. One such feature is a direct integration with SARS eFiling, which allows for the collection of correspondence and Statement of Accounts. DTMS also has tax submission functionality that allows users to submit their tax return directly through the platform, as well as tax deadline management tools to help keep track of important deadlines.
In addition to these features, DTMS offers team role assignments with review and sign off workflows, allowing for a clear division of responsibilities within the tax team. It also provides a secure storage space for tax documentation, making it easy to access and organize all relevant documents in one place.
With DTMS, you can easily view all of your upcoming, current, and past tax filings in one place, and receive notifications when deadlines are approaching.
The DTMS also includes a SARS compliance indicator, which helps you track the status of your submissions and payments, and alerts you if there are any issues. This is important to avoid penalties for late submissions or payments.
Once all tax submissions are complete, DTMS makes it easy to report back to the finance committee or other relevant stakeholders with its exportable records feature. This feature allows you to sort and filter a table of your tax filing history, and export it to Excel for easy reporting. Overall, DTMS can greatly improve the efficiency and accuracy of your tax workflow, saving your team time and effort.
Save valuable time with a digital tax workflow management
By using Digital Tax Management Software (DTMS), you can streamline and automate your tax workflow, saving valuable time and resources. DTMS provides a centralised platform for managing all aspects of your tax filing process, from gathering and uploading tax documentation to submitting returns and tracking compliance.
In conclusion, implementing a digital tax workflow management system can greatly benefit your finance or tax team by streamlining their processes and increasing efficiency. By using Digital Tax Management Software (DTMS), you can easily manage and organize your tax filings, communicate with team members, and submit directly to SARS eFiling. With features like tax deadline management, team role assignments, and tax documentation storage, DTMS can help ensure compliance and avoid penalties. Additionally, DTMS can generate reports for easier analysis and provide a SARS compliance indicator to ensure all submissions and payments are accepted. Overall, DTMS is a valuable tool for optimizing your tax workflow and freeing up time for more valuable tasks.
Discover what a DTMS should offer you by checking out the 9 things you should expect from a DTMS eBook.
To learn more about Konsise’s Digital Tax Management Software, please contact Belinda @ email@example.com or schedule a demo.
Frequently asked questions
What is digital tax workflow management and how can it benefit my business?
Digital tax workflow management involves using technology and automation to streamline the collaboration between tax teams and improve efficiency. This includes digitizing processes, using specialised software, and adapting to digital trends in the industry. By implementing a digital tax management software (DTMS), tax teams can save time and be more efficient in their work. DTMS offers features like direct integration with SARS, submission functionality, deadline management tools, and secure storage for documentation.
How does Digital Tax Management Software differ from finance software?
Digital Tax Management Software (DTMS) is specifically designed to streamline the process of preparing and filing tax returns, while finance software is designed to manage a company’s financial transactions and reporting. DTMS has specific features such as integration with SARS eFiling and tax submission functionality, as well as team role assignments and review and sign off workflows. Finance software may have features such as budgeting, invoicing, and payroll management.
How can I implement a digital tax workflow system in my business?
To implement a digital tax workflow system in your business, consider using Digital Tax Management Software (DTMS). This type of software is specifically designed for tax teams and has features to streamline the process of preparing and filing tax returns. You can also digitize processes and increase efficiency by training your team on how to use DTMS effectively. Additionally, consider integrating other digital tools and automation into your tax workflow to increase efficiency and reduce errors.
How secure is Digital Tax Management Software for storing and managing my company’s tax documentation?
Digital Tax Management Software typically uses secure servers and encryption to protect stored tax documentation. It also often includes role assignments and permissions to ensure that only authorised users can access sensitive information. It is important to carefully research and choose a DTMS with robust security measures to ensure the protection of your company’s tax documentation.