Page 6 - KZN Business Sense 7.7 ebook

HOW TO BEST PREPARE FOR YOUR

B-BBEE VERIFICATION

by Almeri du Toit certificate or affidavit, you can interpretation and methodologies desired B-BBEE Level, conduct
draft an action plan to confirm used, all of which you can bi-monthly or quarterly internal
when your organisation will confirm in advance. quality control audits. This will
t is common knowledge that be ready for verification. If allow you to confirm that your
the B-BBEE Verification your company has not yet been ■ To effectively utilise the B-BBEE evidence file is truly
Iprocess is quite challenging verified, liaise with your clients available time and to ensure that updated regularly and that the
based on all the data and and sales department to confirm all internal deadlines are met, the documentation on file is valid,
documents required, finding if there are any pending tenders following is critical: accurate and sufficient. If you are
out about unexpected or specific B-BBEE pressure. i. Start preparations as soon as unsure of the validity or format of
interpretational changes which ■ Once drafted, you can possible i.e., at the start of your a specific document, contact your
could negatively impact your financial period selected Verification Agency for
B-BBEE scores and overall level confirm suitable timeslots for ii. To manage the intricacies, clarity and assistance.
the formal verification and
as well as the tedious time- collation of information and
consuming process of having decide on a SANAS Accredited to drive your team, identify ■ Having regular internal
Verification Agency (for more
your information verified. It is no details on all the accredited a B-BBEE Champion within quality control audits, will
wonder, why most companies shy agencies or the agencies operating your organisation who will further allow you to accurately
away from B-BBEE compliance as within your region, please take charge of the process track your target spend
the verification process in itself, make use of the following link requirements throughout the year
can leave you and your team to the SANAS website https:// iii. As multiple departments and will provide you with ample
disgruntled and defeated. within your organisation will opportunity to make the needed
www.sanas.co.za/pages/index. be involved, ensure that all adjustments whereby you save
Fortunately, there is no need to aspx?page=Accreditation- employees are aware of the money and time by making smart
brace yourself or muster up the Services). document requirements and informed decisions.
required courage to face your ■ With your selected Verification extend this to any third party Almeri du Toit
upcoming B-BBEE Verification Agency confirmed, request you are working with (i.e., your By implementing the above in
as the preparation process can a list of the data and general financial auditors, training your organisation, the B-BBEE
be made simple using the steps documentation required for providers and beneficiaries). Verification process is not just
below: your verification. This list will be With everyone updated and simplified but will provide
■ Based on when your specific to your industry and the informed of what is expected you and your team with a
pleasant and utterly rewarding
company’s actual financial period applicable Codes or Sector Codes. from them, your B-BBEE
will come to an end, when you ■ It is important to note that evidence file can be created experience.  SCAN
will have either management there is no standard document once off and be updated as and QR CODE
accounts or signed financial list or procedure and that when contributions are made. For more details, please contact your
statements available and taking this differs from Verification ■ For tracking your progress respective LabourNet branch. TO SEE
T: +27(0)31 266 6570
into consideration the expiry Agency to Verification Agency. and to ensure that it is possible E: johanvd@labournet.com VIDEO
date of your current B-BBEE This difference also extends to to obtain or maintain your W: www.labournet.com

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