The financial year in South Africa begins on March 1st and ends at the end of February. Every year, as that deadline approaches, businesses, both large and small, are required by law to prepare a record detailing every cent received and spent during those twelve months to the receiver of revenue. However, financial reporting is an exacting process. When undertaken manually, it is prone to human errors that could see a business failing to receive the tax breaks it is entitled to or become the subject of a SARS audit.
Fortunately, in common with many other business processes, this daunting annual accounting exercise can be automated with an appropriate software package. The right choice of software can improve the speed, compliance, scalability, and analytical abilities essential for accurate financial reports.
Fusion Software is a company specialising in developing software applications for small- to medium-sized businesses in South Africa, helping them streamline financial and other processes and enabling them to make more informed business decisions.
A Simpler and More Efficient Financial Reporting Solution
If you are ready to say goodbye to paper records, manual calculations, and the frequent annoying errors that constantly need correcting, there is good news. An accounting application developed by Fusion Software can not only automate your calculations and eliminate errors but also track individual transactions and generate accurate reports.
However, while these benefits may sound impressive, you might harbour concerns that, because of the unique nature of your business, this solution may not work for you. Business models differ between companies. Accordingly, no one-size-fits-all solution can be expected to effectively meet everyone’s financial accounting requirements.
To overcome this problem, we at Fusion software have developed an innovative accounting application that can be configured according to the user’s needs. Furthermore, it has been designed to integrate seamlessly with the software applications used in other essential business processes.
Some Key Features of the Fusion Software Financial Reporting Package
The application is designed to assist SMEs with compiling year-end reports and ensuring compliance with local tax requirements through the following automated processes:
- Customised Reporting: The software enables users to ensure financial reports meet the specified regulatory requirements and can quickly generate balance sheets, as well as financial, income, and cash flow statements.
- Tax Law Compliance: The application is designed to comply with South African tax laws and regulations, including VAT, PAYE, and other statutory requirements.
- Automated Year-End Processes: The software automates tedious year-end financial reporting processes like closing entries, calculating depreciation, and generating trial balances, limiting the risk of errors and saving time.
- Real-Time Data Access: Financial data is easily accessible to assist decision-making and ensure reports reflect the company’s current financial position.
- Document Management and Audit Trail: The software’s robust audit trail option tracks all transactions and changes, simplifying the necessary tasks when preparing for an audit. In addition, its document management feature speeds up the storage and retrieval of documentation relating to a company’s financial transactions.
Are You Ready to Upgrade Your Financial Reporting?
At Fusion Software, we offer a faster, more reliable, and sustainable automated solution for accounting and reporting. Contact us to book a demo and see what our innovative accounting software can do for your business.