Zimpapers Logo

Ashley Phiri, [email protected]

FISCAL Support Services has launched a new fiscal solution, the Smart Mini POS, designed to help small and medium-sized enterprises (SMEs) improve their efficiency and comply with Zimbabwe Revenue Authority (Zimra) regulations.

With over 48 years of information and technology experience, Fiscal Support Services has a deep understanding of the challenges faced by businesses in Zimbabwe and the region.

Their new solution offers a versatile and cost-effective way for SMEs to ensure their financial transactions are accurately recorded and reported.
In an interview, Fiscal Support Services sales manager, Mr Mpumelelo Ncube, said the company seeks to provide a cost-effective integrated system that will encourage the over 1 million MSMEs across the country to comply with Zimra regulations.

“We are excited to introduce the Smart Mini POS as a solution that can help MSMEs streamline their operations and maximise their revenue. Our goal is to make fiscal compliance accessible to businesses of all sizes and this device is a significant step in that direction,” he said.

The Smart Mini POS is equipped with a user-friendly retail system that allows businesses to track sales performance, calculate profit margins and monitor inventory levels during various intervals, starting from daily updates.

The Smart Mini POS is also a cost-effective way for any business. “Since 2010, there has been significant strides between partners and others to make MSMEs compliant. Compliance costs have contributed to a large number of businesses not complying, said Mr Ncube.

“For a business to meet all the required compliance measures, it can cost over US$1  000. This cost covers the hardware, software and licensing fees. The Smart Mini POS costs half that amount but covers all these requirements in one machine.”

Mr Ncube said there are also larger entities that conduct van sales and require receipts to be done in real-time.

“In September last year, Zimra also introduced QR codes which allows the taxpayers to actually scan and validate transactions. Several businesses were using cash registers which then became outdated due to this new requirement. These businesses can also upgrade to the cost-effective Smart Mini POS,” he said.

ZIMRA

The company’s technical director, Mr Daniel Chanda, said the device’s offline mode ensures uninterrupted operation even during network outages, and its high-speed printer speeds up transaction processing, making it suitable for use across the country, including rural areas where connectivity and power might be a challenge.

“In addition to the user-friendly retail software used on the device, the Smart Mini POS comes with a high-speed 60mm/s printer head. This translates to reduced transaction processing times and the extended device battery life of up to 48 hours facilitates business continuity in times where commercial power might be a challenge,” he said.

“Unlike some fiscal solutions in the market, the Smart Mini POS comes with an offline mode, which allows for fiscal data to be updated once network uptimes are restored.”

With about 5 000 businesses across the country already using the device, the company hopes more businesses will join the bandwagon and comply with Zimra.
All VAT-registered operators are required to fiscalise in line with SI 104 of 2010, SI 148 of 2016, and SI 153 of 2016.

According to the statutory instruments, failure to comply with the requirements can result in additional tax, imprisonment or a fine. Clients who fail to interface devices may also face civil penalties, imprisonment or fines.

Presenting the 2023 National Budget Statement, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, said there is a need to support SMEs to grow through formalisation.

“Statistics indicate that the larger the enterprise, the less likely it will be informal, implying that supporting small businesses to graduate to higher levels of SMEs is one way of promoting formalisation and addressing informality,” he said.

In addition to the Smart Mini POS, Fiscal Support Services offers a range of other IT services, including technology consulting, outsourced IT solutions, accounting software and network security.