VAT IS RIPE FOR DIGITISATION
Digitisation is about more than tax compliance. It’s an opportunity to automate your processes and benefit from accuracy and efficiency gains.
GET MORE FROM YOUR VAT SOFTWARE
Derive more value from your VAT process to create a more accurate and efficient process by cleansing source data to improve confidence, analysing data for more informed reporting, and bringing complex calculations into the fold.
ANOMALY DETECTION
Automating anomaly detection and error correction substantially reduces time burdens and improves overall accuracy. Anomaly flagging prior to calculation and submission:
- Identification of duplicates across multiple data sources
- Transactions that fall outside of reporting periods
- Unexpected VAT rates in transaction data
- Transactions between entities in VAT groups that should be excluded
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TAX DATA ANALYTICS
Trend analysis makes the review process more efficient, provides greater confidence in accuracy, and reduces the time spent checking figures.
- Checks for unusual deviations/errors. Current and historic submission comparisons and period-on-period payments
- Data summaries of potential inaccuracy.
- Insights to support forecasting, such as forward liability projections.
- Validation of data quality and error rates.
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PARTIAL EXEMPTION
Partial Exemption (standard and special method) is a prime candidate for automation. Automating the process can give you greater control, reduce costs and mitigate risk, helping ensure you comply and don’t miss out on any recoverable input VAT.
BUILDING A DIGITAL TAX FUTURE
HMRC’s vision for a modern tax administration is to “drive up levels of innovation and productivity”. Russell Gammon outlines five tips to build out your digital tax processes.
UK MARKET INSIGHT
Our latest survey of the readership of Accountancy Age and Financial Director magazines reveals tax and finance teams attitudes to digitalisation and new technology.
A GUIDE TO DIGITISING VAT WEBINAR
In this educational webinar, explore how you could use technology to reduce the risk profile and the likelihood of audit (and when it does occur, minimise disruption), identify repayment opportunities through other treatments, and, improve the processing of more complex processes.
OUR SOLUTION
AlphaVAT gives an end-to-end digitally compliant solution that can manage complex VAT requirements.
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