AUTOMATED DATA EXTRACTION

Automates the collection of tax/financial information directly from source data thereby improving the efficiency and accuracy of the data element of the tax computation process.

Remove the need for manual collection of data and efficiently and accurately address the ever-increasing demands on tax departments. 

OVERVIEW

Compliance automation encompasses both systems and processes which enable automated collection of data from multiple ERP and accounting systems. This includes structured data from the trial balance and unstructured data and information from non-ERP sources. 

Options here include: 

  • Import of spreadsheet-based data, 

  • Online systems for collection of structured and unstructured data, 

  • Automated tools for extracting and combing data from multiple General Ledger and ERP systems.

HOW WE HELP:

By interrogating multiple systems, extracting relevant data and processing the data in a way that standardises data into a unified format, Automated Data Extraction helps businesses gain control over their data, becoming more efficient and solving the problem of finding the right data at the right time.

By removing the need for manual collection of data, Automated Data Extraction helps tax professionals efficiently and accurately address the ever-increasing demands on tax departments.

It automatically extracts financial information from over 300 accounting software packages and ERP systems and translates them into common/standardised formats before loading information into central data repositories that can be automatically accessed by tax compliance submission systems.

 

KEY BENEFITS
  • Automated Data Extraction helps reduce time pressures on tax teams, freeing them up to focus on more valuable areas driving efficiency gains. 

  • It enables data collection to be managed with as little human interaction as possible, reducing the risk of errors or the need to rework data. 

  • Data accuracy is improved and there is no need to constantly revisit systems for additional data. 

  • And as it automatically creates a transparent audit trail, risk is managed. 

Our customers have seen a drop of as much as 95% in the need for manual involvement.
 

HOW IT WORKS

Automated Data Extraction installs software connectors onto your accounts system or ERP systems that are fully compatible with cloud, on premise or enterprise systems (Oracle etc).

The software securely extracts financial data from sales and purchase ledgers, line level data, management accounts data and allocation details etc., removing the need for re-keying of information.

All accounting data is then presented in a common unified form for use within our Alphatax tax compliance engine, or with other financial compliance or analysis software packages via our API integration.
 

 

FEATURES

With tax authorities such as HMRC introducing new more frequent filing requirements now is the time to take control of your data and harness the opportunities that come from implementing a system that is designed from the outset to deliver high levels of automation:

  • Automated extraction on a regular basis of dates, values, currencies and transactions that can be found in accounting systems

  • Dynamic updates to your tax liability in our software from your accounting system data

  • Real-time access to information that can directly help the assessment of performance vs KPIs, aid benchmarking and enable professional staff to apply their skills to perform value added analytics.