In the wake of the tech implementation in tax processes, the Kenyan Revenue Authority (KRA) has embarked on a digital transformation journey with the introduction of the Electronic Tax Invoice Monitoring System (ETIMS). While this initiative aims to streamline tax processes and enhance compliance, businesses, particularly SMEs and manufacturers, are encountering numerous challenges along the way. As the deadline is over and the taxman is looking at a possibility of extending time for more businesses to onboard, concerns continue to mount, it's imperative to explore viable solutions that can effectively address these issues.
Enter Akountable ERP by Churpy, a comprehensive enterprise resource planning solution offered by Churpy. Through meticulous research and understanding of the ETIMS landscape, we have identified several key pain points that businesses face and how our ERP system can serve as a beacon of support in navigating these challenges.
1. Infrastructure Limitations:
Manufacturers are grappling with the limitations of the existing infrastructure for invoice issuance through KRA's ETIMS. The cumbersome process not only hampers efficiency but also poses compliance risks. Akountable ERP offers a robust and elaborate system that seamlessly integrates with ETIMS, providing manufacturers with a streamlined and efficient solution for invoice management.
2. Inefficient Invoice Tracking:
SMEs engaged in B2B transactions often struggle with tracking invoices in real-time, leading to delays and discrepancies. Our Instant Reconciliation feature within Akountable ERP automates the process, allowing SMEs to track invoices efficiently and accurately, thereby enhancing operational efficiency and financial transparency.
3. Regulatory Uncertainties:
The lack of clarity and gazettement of regulations surrounding ETIMS implementation adds another layer of complexity for businesses. Akountable ERP not only ensures compliance with data protection regulations but also guarantees the integrity of tax-related data, providing businesses with peace of mind amidst regulatory uncertainties.
4. Buyer-Initiated Invoicing:
The introduction of buyer-initiated invoicing aims to alleviate the burden on SMEs by shifting the responsibility to buyers. However, this transition requires a seamless and efficient invoicing solution. Through our Instant Recon product, Akountable ERP empowers buyers to generate invoices effortlessly, thereby streamlining the invoicing process and fostering stronger buyer-supplier relationships.
5. Tax Deductibility Compliance:
The stringent requirement of ETIMS invoices to support expenses for tax deductibility poses a significant challenge for businesses. Failure to comply may result in substantial tax liabilities. With Churpy EMP, a feature of Akountable ERP, businesses can seamlessly integrate with KRA through ETIMS, ensuring that expenses are supported by compliant invoices, thereby mitigating the risk of tax liabilities.
In conclusion, as businesses navigate the complexities of ETIMS implementation, it's imperative to have a reliable partner that can provide tailored solutions to address specific pain points. Akountable ERP, with its comprehensive features and seamless integration capabilities, stands as a beacon of support for businesses in overcoming ETIMS challenges and fostering sustainable growth in the digital era. With Churpy by your side, navigating the ETIMS landscape becomes not just a challenge, but an opportunity for innovation and transformation.
Please do reach out to our team of experts for more insights through sales@churpy.co