Improve the process of collecting tax data from different sources via a simple online data collection process, which removes the need for advisors to send out spreadsheets, and manually enter data.
Establish an unbroken audit trail and understand which transactions have been analysed by whom and when.
Collecting tax-relevant data poses a number of challenges. Each human “touch” on a set of data represents an opportunity for introducing errors and mistakes, through for example, re-keying or copy and paste mistakes. Furthermore, separate client processes mean firms are often unable to view the status of client returns, creating challenges around workload planning, inevitable bottlenecks around reporting deadlines, increased risk of faults, overruns and staff stress.
From a risk point of view, it can be difficult to establish an unbroken audit trail, understanding which transactions have been analysed by whom and when, why particular nominal codes have been applied in some instances but not in others.
At Tax Systems, our process automation technologies aim to simplify and provide guidance to tax professionals, leading them logically through the process around which tasks to complete, automatically save, update and store. The Data Entry solution has been developed by our tax specialists as part of a suite of products aimed at improving efficiency and accuracy by managing the data element of the tax computation process.
Data Entry automates the population of the Alphatax Corporation tax compliance engine via a simple data input process, replacing the need for sending out spreadsheets, manual data entry and cut and paste at the advisor level.
Data Entry is a user-friendly, data collection tool which processes accounting data to automatically populate your tax computation platform.
The solution simplifies the data collection and computation process to help accountancy firm teams and large corporation tax departments which report centrally across multiple divisions.
Our expert tax team has created data entry forms to speed the user through the process of data collection, so simplifying 1,000s of pages of complex legislation into a few intuitive forms which dynamically customise themselves as the data is entered.
- Intuitively guide the data owner through the process of entering information in order to avoid re-keying later.
- Streamline the end to end practise involved in tax compliance to meet obligations,
- Reduce reliance on valuable resources,
- Minimise inaccuracies and
- Maximise fulfilment of audit control requirements.
By reducing workloads, errors and rework loops through changing the way corporates, tax teams and their advisors work together, automating the collaboration process helps to provide accurate, efficient access to data to tax specialists.
Our customers have seen a reduction in the time taken to collate information from data owners by up to 75%.
Requesting the information.
Data Entry packs are created and exchanged, then the tax expert can automatically import the data into the tax computation platform.
To avoid re-keying information, so reducing risk of error and improving compliance.
As data is continuously saved on the Enterprise Database throughout the cycle, up-to-date figures are always available.
Data Packs can be customised throughout the data gathering cycle so that the appropriate statements are included within each pack and the relevant information can be captured. Multiple packs can be generated where appropriate and customised for individual finance users.
Control the data capture process.
Audit trails are recorded for all events so that the user can keep control of the progression of the data capture.
Find out how to reduce the time taken to collate information from data owners
Discover how to automate the collection of tax information directly from source data
Download further information on our flagship Corporation Tax compliance engine