A technology pioneer, Accfin advises that it is not always easy to ensure that all systems work; sometimes this is painstakingly slow.Yet, the end results are extremely satisfying.TAXtalk acknowledges that Accfin is a leader in this market, and that it defends its market share vigorously.
Followers will have it much easier, as Accfin has paved the way. Tax practitioners would have seen the recent announcement that SARS will change the provisional tax law with effect from 1 January 2010 and introduce the new penalty regime on late tax returns with effect from 21 November 2009. Once again tax practices have to perform at a higher level and it would certainly help if they had the right tools to reduce their risk.Accfin is making sure that tax practitioners don’t have to worry about these legislative changes as the tax products ensure that tax practices remain efficient.
Accfin is proud to be the first in the eFiling stakes, a goal they have been working towards for three years.The company will ensure its software has the same functionality as the SARS eFiling website and will continue to make the changes that are required.
By going electronic, SARS has improved its efficiency markedly.There are no tax return extensions any more, only deadlines.Tax practitioners receive the deadline date for all tax returns or face the consequences of their client being penalised. The problem can arise where a particular client might have huge audits being handled by the accounting firm; and if the tax practitioner messes up on the tax side, he is at risk of losing the client, which could result in a loss of hundreds of thousands of Rand.
Accfin believes that most practices in South Africa are tax-centric.SARS has brought this home with its high-profile PR campaign so one does not have the opportunity to put tax on the backburner; it is foremost in the client’s mind.Tax affairs play an important role in the accounting practice and must be looked after very carefully.
Source: By TaxTALK