1. 5 REASONS TO
Automate Your VAT Process
Reduce Processing Time
With an increased focus on VAT compliance by taxing authorities
and auditors and the rising pressures on risk management and control,
manual VAT processing is no longer sufficient.
Increase Accuracy and Consistency
Stay Up-to-Date
Re-Focus on Higher-level VAT Work
Improve Staffing Plan
Automating the data gathering process allows
for significant time savings and contains all
required (financial, transactional, logistical, etc)
data in one single report.
When performed manually, reconciling tax
returns and validating transactions for VAT
statements can be very time consuming. Using
batch uploads for VIES enables users to validate
VAT numbers quickly and efficiently.
Automation cuts out the time it takes to
research and implement the new VAT rules,
allowing for up-to-date changes immediately
through automatic back-end updates.
VAT automation software simplifies the
responsibilities assigned to staff by eliminating
dependency on skill levels and key people that
have set up the original processes. This also
provides opportunities for employees to
acquire new skills that translate easily in a
shared services setting.
One of the main benefits of VAT automation is
that the built-in tax logic allows for in-depth data
analysis within minutes
Automating the VAT process enhances the
validation and analysis of transactions by
eliminating the potential of human errors.
Quality assurance is therefore no longer solely
dependent on the employee’s experience level,
time availability or other varying factors.
The VAT automation tool can accurately improve the
process of training users with varying experience and
allows organisations to identify specific areas of
improvement. It enables users to shift focus from
process execution to process improvement and allows
businesses to make time for other requirements such
as reconfiguring the VAT set-up within the ERP and
performing invoice corrections .
Having a wide range of data from different ERP
modules available enhances the data quality and
errors can be more easily identified and corrected
when flagged by the tool.
Prepare and Review Returns
Archive
R
eturns and Backup
A
nalyzeandValidateData
SubmitandPayReturns
Gather and Recon
cile
Data