DURBAN - Xero has launched a suite of cloud services designed to transform the way small businesses and accountants manage VAT.
The suite of cloud services includes eFiling with SARS, VAT201 Return Form and Late Claims from the Xero platform to SARS.
The three new VAT cloud tools will allow businesses to prepare, store and submit VAT returns to SARS from the Xero platform.
Colin Timmis, Country Manager South Africa at Xero said, “This is a game-changer for accountants and small businesses in South Africa and will give them one simple workflow.These new tools will be a much needed boost for digitisation in SA, in line with SARS’ agenda and that of the wider government”.
“We need to make the tax process easier so businesses don’t damage their chance of survival with unnecessary penalties or interest. This innovation, along with other Xero tools like data capture tool Hubdoc, will help future-proof businesses,” added Timmis.
According to the company, these tools are designed to make life easier for SMEs and their advisors by helping to increase efficiency, reduce errors, improve accuracy and give them better control over finances.
The VAT Return and Late Claims are live now, with eFiling in a closed beta trial and set for general release in Q1 2021.
Shahied Daniels, Chief Executive of the South African Institute of Professional Accountants (SAIPA) commented: "This is a great step forward in the wider industry's mission to set Professional Accountants up for the future and with the right tools to embrace 4IR“.
“These VAT tools not only make it easier for businesses to be compliant but also save time. This allows business owners to focus on their business rather than the admin. Embracing technology streamlines processes and creates a collaborative working arrangement between businesses, accounting firms and government,” said Jeanne Viljoen, Project Director for Practices at the South African Institute of Chartered Accountants (SAICA).
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