Embracing Integrated Technology for Enhanced Compliance and Efficiency in Accounting

As custodians of a profession that has withstood the test of hundreds of years, accountants have consistently adapted to technological advancements to meet evolving compliance demands. The question now is whether we have truly transformed to fulfill the multifaceted requirements of various regulatory bodies.
 
In the context of a medium to large tax practice, the traditional separation between company taxation functions, secretarial functions, trust administration functions and other regulatory functions is becoming increasingly impractical, time consuming and not cost effective. The necessity for shared data across these disciplines is now more pronounced than ever, highlighting the need for integrated technological solutions where data can be shared across all the functions.
 
Key Reasons for Integrated Data Sharing:
 
Tax and Secretarial Data Integration: The completion of corporate tax documents, like the ITR14, now necessitates access to extensive shareholder information which can be changing at any time. An integrated data system ensures that this data is readily available and accurate, streamlining the process and mitigating errors.
 
Trust Administration Efficiency: Trust tax returns require detailed information about all participants, entities and individuals involved, necessitating a system where data such as IDs and tax numbers are easily accessible and reliably maintained.
 
Regulatory Compliance: For accountable institutions, the complexity of FICA compliance has increased, necessitating robust data management to meet regulatory standards efficiently. All the data is based on the various disciplines run in the office.
 
Beyond these necessities, an integrated data set enables us to:
 
Produce a BO Organogram for the CIPC: Demonstrating the ownership and control structures required by regulators becomes straightforward with integrated data systems, ensuring compliance with the CIPC’s stringent requirements. What’s more where a shareholder changes it’s a simple matter of re-generating the Organogram.
 
Sky Software offers the most integrated data system in RSA that will allow compliance with all the regulators.