Towards the paperless revenue returns: CQS introduces Individual Tax Module

Handling tax returns for individuals just got a lot easier with financial reporting and audit software leader CQS’ introduction of the Individual Tax Module. Used in conjunction with its popular TaxWare solution, the Individual Tax Module facilitates the completion and submission of individual tax returns to the South African Revenue Service (SARS.) It represents a further step in CQS’ vision for more efficient and productive paperless accounting offices.

According to CQS Technology Holdings director, Ross Hampton, the module is a much-anticipated extension of the TaxWare solution. “Having examined the market we realised that there was a need for a more efficient solution to process individual tax returns, one that could also integrate with the practice as a whole. With thousands of accountants and tax practitioners using a range of CQS solutions to guide the preparation of financial statements and tax returns for corporations and trusts, the Individual Tax Module is a logical next step. That’s because many of these practitioners also handle the tax affairs of individuals; with the Individual Tax Module, a familiar interface and proven method of working is extended further into the accounting practice,” he says.

The Individual Tax Module equips tax practitioners to integrate tax returns directly with SARS allowing the bulk preparation and authorization of individual tax returns as well as the management and tracking of successful submissions. It replaces the typical approach of using spreadsheets (or other tools) and transposing data manually into the SARS eFiling system. “With the Individual Tax Module, efficiency is improved drastically by reducing the time it takes to prepare and submit returns and accuracy is assured through a reduction in manual errors,” says Hampton.

He explains that as it is used in conjunction with TaxWare, client information is automatically populated into the Individual Tax Module, within which all tax calculations are performed and tax returns submitted to eFiling. “The module integrates seamlessly with eFiling allowing download, calculation, review and submission of multiple tax returns in one go. It populates required fields with information derived from the revenue authority, such as taxpayer data, carry-forwards such as retirement annuities, and other information as appropriate,” Hampton adds.

Providing insight into the detail that goes into the design of all CQS solutions, he says the company sought to automate the entire process from initial correspondence to clients, electronic storing of all supporting documentation provided by clients, automation of the tax calculation, enabling of bulk submissions to eFiling, right through to the final assessment and communication back to clients. “As a result of the successful creation of all these features, the use of the Individual Tax Module makes our clients more efficient than ever.”

In addition, the new module has a feature common to other CQS solutions: the ability to enforce appropriate workflow. “This heritage extends to the new Individual Tax Module,” continues Hampton. “With the inclusion of an approval monitoring function, each section of the ITR12 is assessed to ensure that it has been reviewed and authorized by a senior person within the tax practice,” he adds.

With the introduction of the new module, Hampton says accounting practices can boost revenue by increasing the efficiency of their tax specialists. “With the Individual Tax Module, TaxWare is a complete integrated solution that automates all tax processes for individual, provisional as well as corporate tax returns. It eliminates duplicate work and reduces manual processes that waste time and cause errors, resulting in a better-run business.”