Year-end takes too long for what it is.
Most of a small company's annual financial statements are already sitting in its bank statements. Getting from one to the other is weeks of categorising, cross-referencing and rebuilding the same schedules every year, for every client.
FAC-T exists to compress that work, without pretending the judgement part can be automated away.
Who it's for
Accountants
If you run year-ends for a portfolio of small clients, the repetition is the cost. FAC-T keeps every client in its own set of books under one login, and the categorisation engine gets better across all of them as you correct it.
Small and medium businesses
If you keep your own books, FAC-T gets you to a proper IFRS set with the working papers behind it — so what you hand to your accountant or your bank is something they can actually check.
Built by someone who does the work
FAC-T is built in South Africa by an accountant, against the standards that actually apply here: IFRS for the statements, the Companies Act for what has to be disclosed, and the SARS rules for VAT201 and ITR14. The tax rates are held per year of assessment, because prior-year returns need prior-year rates.
That background shows up in the details. Non-monetary items aren't retranslated at the closing rate. A subsidiary is consolidated at a hundred percent with the rest shown as non-controlling interest. Assessed losses before 31 March 2023 aren't restricted, because the restriction didn't exist yet.
What it deliberately doesn't do
It doesn't file anything. SARS has no public route for third-party ITR14 or VAT201 submission, so the figures are prepared for you to capture on eFiling yourself.
It doesn't assess control for IFRS 10, test goodwill for impairment, or decide the VAT treatment of a borderline supply. It surfaces those as decisions and marks them until you confirm.
And it isn't a substitute for review. Statements produced here should be checked by a qualified accountant before anyone relies on them.
Early access is open
FAC-T is being tested with a small group before general release. If you'd like in, opt in and tell us what your year-end actually looks like.
Opt in to early access