Businesses are now adopting to artificial intelligence and robotics to enhance their operations to achieve highest level of productivity yet there are back-office operations which need modernization to simply tax compliance with state of art documentation, transaction trail and automated tax matrix to reduce chances of errors.
Whether you have geographical business presence across varies countries or you operate in to a country or a start-up entrepreneur, tax compliance process remains unchanged with the scale of business. Every business (small or big) needs automation to calculate the tax exposure and assets at their finger tips to avoid risk of negligence, under-statement of tax liabilities or inaccurate tax treatment.
Todays systems (ERPs, compliance software, plug-ins) provide ample options to make your compliance process simpler however business faces a great challenges in enabling tax compliance due to lack of industry specific knowledge and technology insights to automate these though structured matrices.
We help businesses to achieve affordable solutions through
- Defining tax matrices for your business considering varied transaction and application constrains and timing for taxability
- Tax accounting:
Tax accounting is complex process especially, if your business transaction has multiple tax point (e.g. advance, invoice, delivery, retention and balance payment). Mnay systems doesn’t offer direct functionality however provides work-around to address multiple tax points through system process. We tune your ERP to automate complex business transactions.
Documentation is key for tax compliance, yet many businesses are still maintaining the manual files instead of e-document trail with transaction. This makes businesses hard to trace transaction trial. We worked with Microsoft (Nav, Ax, GP), Oracle (EBS, Fusion), JD Edwards, SAP and custom-made solutions to generate FAF file with documentary trail.
Businesses with diverse industry segments with multi-country operations need automated digital environment to have one stop shop for all tax needs, multi-country tax pack deployment, linking transfer pricing, inter-company transactions using singular or multiple chart of accounts with r new sourcing models and advanced technologies. We can assist in transformation through:
- Centralization: Developing harmonized tax compliance processes and procedures to address manage multi-country tax through independent tax matrices controlled centrally and common tax reporting with end to end document trail and full automation with constrains and conditions.
- Audit Trail: High-quality data forms the foundation for analytics, automation and cognitive technologies.
- Artificial Intelligence: Much of tax processes can be developed with intelligence to analyse the transaction components insights that can lead to improvements in tax operations, planning, and reporting
Tax automation brings objectivity to compliance process and harness responses to tax reporting requirements arising out of planning or an investigation. You can imagine your business fully capable of tax planning through built in AI applying appropriate tax code with identified exceptions simplifying your SCM and sales function