If your business has a turnover in excess of R10 million per annum it is a legal requirement that you comply with the B-BBEE rules & regulations.
Companies that neglect to implement procedures and processes to manage their B-BBEE or in any way misrepresent their B-BBEE level are heavily penalised – penalties can include 10 years imprisonment for misrepresentation, 10% fine of annual revenue and a 10 year restriction from doing business with government.
With all the various B-BBEE pillars that companies need to report on and all the complex formulas needed for accurate calculation, it’s becoming increasingly more difficult to manage this process using products like Excel.
BEE 123 is a fully comprehensive online software and advisory solution to manage your B-BBEE, simply yet effectively
