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Opportunities to grow
The way that your tax function uses technology is becoming increasingly important due to budgetary constraints and an increasing workload. Yet, we often see indicators that technology could be used more effectively when we work with our clients.
Common indicators include:
- Significant investment in software that is not properly configured to provide tax data required.
- Considerably time spent preparing data and on compliance tasks
- Large amounts of data which cannot be fully understood
- Analysis prepared manually in spreadsheets
- Uncertainty about how to gain insight from data collected
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Tax technology: Move your tax function out of the box
Making effective use of technology is a journey. We help our clients to focus on small, discrete projects which are achievable and can quickly provide value. This step-by-step approach allows client teams to gradually build their technology skill and experience.
Let's get started
To help you on this journey, there are technology tools available which you can use today in your tax function. These “self-service” tools are user friendly, require limited configuration and have the power to handle huge amounts of data.
These tools are frequently used in tax functions for the following tasks:
- Processing large amounts of structured or unstructured data
- Consolidating data stored in multiple files
- Mapping data based on various criteria
- Reconciling data of any kind and visualising data.
Corporate tax
- Reconciling data of any kind (e.g. VAT-CIT revenue reconciliation)
- Converting IFRS accounting books into VAS format for tax purposes
- Machine learning for tax classification
E-invoicing
- Vendor selection
- E-invoice formatting
- ERP and e-invoice system integration
- Registration process of e-invoice issuance
Tax reporting
- Tax process automation
- Tax data visualisation
- ERP system customisation for tax reporting purposes
Customs
- Reconciling data of any kind (e.g. reconciliation of customs vs. accounting vs. actual balance of material consumption)
- Customs data analytics
Transfer pricing
- Transfer pricing data analytics
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