Statutory Deadlines Made Easy with Exceed
How To Get The Ultimate Returns From Your Statutory Returns
When you choose the right financial partner, you won’t just meet your statutory deadlines but derive exceedingly high value from them too.
Exceed helps you submit sound returns, on time, and save on costs that you didn’t even realise you had!
The Deadline Dilemma
Ask any head of business or finance manager what fuels their nightmares and they will unanimously agree. It’s the bureaucracy business trinity. Namely governance, compliance and secretarial obligations.
Can you relate? You’ve barely filed one return when the next one is due.
Each return generated requires data consolidation, numerous calculations, and compliance with (often) several state laws.
There is no room for errors. They must be formatted and submitted in the manner prescribed in the relevant legislation. Of which, the law continually changes.
A simple mistake (no matter how innocent) can be seen as a deliberate attempt to under- or overstate totals. The consequences for which include hefty fines and possible prosecution. The onus is on the business entity, its shareholders or the person filling such returns to know what is required and by when. Sometimes all three juristic persons are liable.
You must keep accurate and up-to-date records at all times. If the receiver has a query, or should you be audited, the burden of proof lies with you.
These three activities syphon precious time, money and labour resources. So when does your business get a chance to make money?
Working Smart, Not Hard
Outsourcing your accounting and tax functions makes business sense. It allows you to focus on your core, revenue-generating tasks.
The real business value, however, lies in outsourcing to the right partners—ones with accounting expertise and intimate knowledge of business and tax laws.
The Companies Act, Labour Laws, the Tax Administration Act and Value-Added Tax legislation overlap in certain areas and even seemingly contradict one another. The law is also constantly evolving. Think about the VAT increase in 2018, the minimum wage increase in 2019.
A change in one law will affect numerous others. For example, changes to parental leave as per the Labour Laws Amendment Act has resulted in changes to the Unemployment Insurance Act. With that, employers need to update how they record unpaid leave.
If you don’t consider all the laws collectively, you could unwittingly file incorrect statutory returns.
Never mind the headache of trying to correct such a mishap. Think about the costs of having to redo the exercise and the associated fines. Of course, there’s also the real possibility of criminal charges from SARS.
There’s a second unseen cost, and that’s one of duplicated work. The right partners know how to work smart, not hard. Their profound knowledge enables them to offer a single service that takes care of your governance, compliance and accounting concerns at once.
They know precisely where one change affects another, and thus, the shortest way from A to B. All the while passing on the cost-saving benefits to you!
Exceed on your side
We are driven to exceed your expectations by providing excellent: auditing, accounting, tax, business, financial advisory, recruitment and human resource services through solid and accessible relationships.
Our holistic service offering provides unmatched value-for-money, convenience and peace-of-mind that every facet of your finances are in good hands.
If you’re looking for financial partners who are as concerned about your bottom line as you are, you’ve come to the right place.
Meeting your statutory obligations should be fast and pain-free. We’re only too happy to comply. Save money and sanity with Exceed.
Contact us: Jonathanc@exceed.co.za, 087 985 0935