Konsise (Pty) Ltd
Office Hours / Trading Hours
Introduction of Konsise (Pty) Ltd
About Konsise (Pty) Ltd
The very nature of VAT accurately represents the term ‘big data’, and with VAT occurring on almost every transaction, this could mean a business creates millions of transactions every month with no feasible way for a finance or tax team to monitor accuracy or compliance. When checks do take place, they are often manual, extremely laborious, and prone to errors which almost immediately render them ineffectual. Automating the transaction monitoring process, rather than doing it manually, gives superior results with increased consistency, saving time, money and embarrassment, if subjected to a SARS audit.
Whilst most ERP systems offer a level of automation, this is process based automation and not compliance checking. This kind of automation presents no ability to test for potential tax issues that could be lurking, undetected in the data. This is because ERPs are based on accounting rules, not the same rules and requirements as South African tax legislation. This inconsistency often results in cumbersome manual work and reporting, over and above the ERP rules, and generally falls on overworked members of the finance or tax team to ensure its accuracy.