Global‌ ‌fintech‌ ‌Xero‌ ‌releases‌ ‌VAT‌ ‌tools‌ ‌for‌ ‌SA‌ ‌SMMEs‌ ‌

Global‌ ‌fintech‌ ‌Xero‌ ‌releases‌ ‌VAT‌ ‌tools‌ ‌for‌ ‌SA‌ ‌SMMEs‌ ‌




Global‌ ‌fintech‌ ‌Xero‌ ‌releases‌ ‌VAT‌ ‌tools‌ ‌for‌ ‌SA‌ ‌SMMEs‌ ‌

Leading accounting SaaS company Xero has announced the release of new VAT eFiling tools as part of Xero’s existing suite of cloud offerings, making it SA’s first end-to-end VAT solution. 

The cloud-based platform boasts over 2.7-million subscribers

Xero was founded in 2006 in Wellington, New Zealand and expanded to SA in 2016. Colin Timmis, Xero SA Country Manager, explained to Ventureburn that SA SMME owners’ time comes at a premium and failure to pay attention to accounting issues can be the downfall for any business. 

Xero – making accounting painless

“Often, financial management isn’t their strong suit or passion and it can be a burden that eats into time that they could otherwise use to grow the businesses. Failure to give accounting due attention can have disastrous consequences for the business. Accounting may be a necessity, but it doesn’t have to be painful. Cloud technology and automated processes and integrations can save business owners time, and this is where Xero can help,” Timmis clarified.

Currently, Xero’s cloud-based platform boasts over 2.7-million subscribers worldwide. SMMEs now have access to real-time financial data using any device. The company also offers over 1 000 third-party apps and more than 300 connections to banks and other financial partners.

“Xero makes accounting as painless as possible, providing SME decision-makers more time to focus on running their business,” Timmis commented. “This means that small businesses and their accountants and bookkeepers can now prepare, store and eFile VAT returns to SARS in just a few clicks – saving them time and ensuring that they are in compliance,” he said.

The VAT eFiling tools are just one of several new Xero projects. Timmis shared news around Xero Learn, “…a comprehensive effort to put real-world tools in the hands of tomorrow’s accountants. For the Xero Learn programme, all second-year accounting students at the University of Johannesburg receive a Xero licence and the option to pursue certification for free. Xero has also compiled curriculum resources that leverage the platform to place students in realistic scenarios so they can apply everything they’ve learned,” he said.

Timmis explained the company takes social responsibility seriously, evident in their commitment to remain carbon neutral. “Our goal is to make life better for people in small businesses, their advisors and communities around the world. Xero seeks to maximise our positive impact across everything we do,” he said.

In closing, Timmis stated that “VAT eFiling is a new technology that supports the government’s drive to modernise the tax system and increase the use of digital services, which are important steps in expanding the taxpayer base. Growing the taxpayer base is a key step in the long-term development of SA’s economy.”

Read more: SA home services portal Kandua closes ‘significant’ funding round
Read more: KamPay is the token aiming to solve Africa’s trade issues [Q&A]

Featured image: Kelly Sikkema via Unsplash

The post Global‌ ‌fintech‌ ‌Xero‌ ‌releases‌ ‌VAT‌ ‌tools‌ ‌for‌ ‌SA‌ ‌SMMEs‌ ‌ appeared first on Ventureburn.