Many accountancy firms and advisors have hundreds or thousands of returns to file for their clients. Accelerating volumes and complexity of reporting obligations, coupled with demands for increased tax transparency and complexity across multiple entities and geographies, are exacerbating an already challenging environment at a time when tax team resources are already stretched and clients are demanding ever more value from their tax professionals.
Advisors are now faced with increased submission obligations on behalf of their clients. They also face the dual challenge of making their client offerings faster and more accurate, while at the same time ensuring that recovery rates and competitive differentiation are protected and utilisation of expensive staff resources is optimised.
Traditional approaches to meeting these changing tax compliance requirements are struggling. Reactive filling in of spreadsheets by individuals at the busiest times of the year and a risk of not meeting deadlines is resulting in late night and weekend working, and ultimately exposing clients to late returns.
Existing compliance processes are also time-consuming, laborious and introduce risks associated with human intervention. Slow processing of tax reports leads to process bottlenecks because more time is spent completing submissions, annual regulatory changes are not automatically captured and there is often no independent audit of the quality of client work. Additionally, as volume increases, errors can result in increased risk around scrutiny from the regulator and can lead to disputes that result in reputational damage.
Automate the compliance process with regulatory software engines and allow for correctly formatted reporting and electronic submission, automatically validated against tax authority rules and taxonomies.
The Compliance Suite is our range of intelligent regulatory software computation and reporting engines which automate the compliance process.
These solutions take raw tax compliance and reporting data and convert this for submission to the authorities. This speeds up the submissions process, frees professionals to get on with more valuable client-facing activity and vastly improves accuracy, so reducing the risk of unwelcome scrutiny from tax authorities.
The regulatory engines the suite incorporates have thousands of rules pre-encoded into the product and encapsulate the knowledge of all legislation to the relevant tax requirements. All reporting validates against the latest tax authority rules, provides clear audit trails and generates user friendly management reports, whilst XML and iXBRL tagging formats support the relevant taxonomies.
Compliance Suite solutions can also be provided as services from Tax Systems.
Find out how to accurately collect data directly from accounts to tax software.