The end of year reconciliation comes around far too fast but there are tools you can use to minimise the fuss
When it comes to managing the minutiae of properties there are few things as complex and daunting as the end of year tax reconciliation. You have to pull together all the paperwork, data, reports and receipts to provide SARS with a comprehensive breakdown of your spend and overheads. No matter how precise and rigorous your paperwork, tax is always a time-consuming process and time is the one thing that landlords and property owners rarely have in abundance. This is one of the reasons why sub-metering systems have become increasingly relevant in the property management space over the past few years. If you implement the right solution, you will have access to detailed reports and analyses that can be used to gain in-depth insights into business spend and costs.
“The Citiq Prepaid Meter Management System has been designed to provide landlords and property owners with a rich array of reporting tools,” says Michael Franze, Managing Director, Citiq Prepaid. “These tools offer insight into spend and usage across all the meters in the Citiq Prepaid system which means that you can log in and instantly see a snapshot of your business. This is incredibly useful for your accountant and for you – your reports can be used to provide an accurate assessment to SARS.”
Investing into a sub-metering system that can deliver high level insight and data management not only saves you time, but minimises the admin. You don’t have to constantly micro- manage the system and tenants always remain topped up and in control of their electricity usage and spend. This also ensures that all the energy that’s paid for is equally accounted for – meter problems are spotted quickly which gives you time to resolve them.
“It will provide you with proof into payments and greater accuracy in your tax return,” says Mike Simmonds, CEO of Account Keepers. “It also ensures that the amounts you pay are fair and accurately assessed by the accountant and by SARS. Personally, I think sub-metering solutions are essential as they not only make it fair but this type of reporting minimises admin, reduces error and improves accuracy.”
Landlords and property owners benefit from the reliable, accurate and timely accessibility of sub-metering reporting as it cuts out the risk of human error and ensures that the data provided for taxation purposes is accurate. Citiq Prepaid’s Meter Management System provides all owners and landlords with access to a detailed online reporting system that allows for ongoing analytics and deeper control while allowing for improved accuracy and management.