In order to meet regulatory obligations, improve efficiency and accuracy across the process of data collection and management while ensuring the quality of regulatory data in the compliance process, our Data Management Suite helps you collect, store and check your data.
Tax professionals currently spend large amounts of time on manual data collection, multiple times a year, engaging with multiple departments and accounting systems as well as formats to get the tax data they need, reviewing for quality and integrity, reworking and then consolidating into Excel or other formats. The process involves days or weeks spent responding to advisors or colleagues in order to gather additional information.
Tax departments are under increasing pressure to manage tax risk and audit, leverage tax data and automate as much of the end-to-end tax reporting and compliance process as possible.
Manual re-keying of data into Excel workbooks creates bottlenecks in workflows putting pressure on reporting timescales, a problem exacerbated when the data required originates from multiple (and sometimes disparate) accounting and ERP systems.
There is a rapidly growing need to move away from manual collection of data from accounting systems due to the considerable pressure it puts on tax teams. Significant time is spent reworking data in preparation for the next stages of the tax compliance and reporting process. It opens up the organisation to risk due to inaccuracies and ties down skilled staff who could be more productively engaged on strategic, value-add activity.
With the ever-increasing demands on tax departments to manage tax risk and audit, leverage tax data and automate as much of the end-to-end tax reporting and compliance process as possible, the shift to quarterly returns will, we believe, make automated data collection from accounting systems an essential requirement. Technology should perform this data collection process for its human counterpart, making it easier for the professionals to do what they do best – make strategic decisions.
Automation of data collection and data management avoids having data being handled multiple times by skilled staff who could be better allocated to higher value-added activities. Importantly, this reduction in human interaction means a reduced risk of error due to re-keying or copy and paste mistakes. It also allows for an unbroken audit trail in order to mitigate risk.
Data Management Suite offers customers a choice of data collection options dependent on their appetite to embrace technology. The suite allows for the simple and accurate collection of data from ERP and accounting systems and helps automate the population of the compliance engine via a range of options from integration with your Statutory Accounts software, to online systems for collection of structured and unstructured data, to fully automated data extraction, replacing the need for sending out spreadsheets, manual data entry and cut and paste at the advisor level.
We can also work with you to create management dashboards and reports to fit your specific needs, as well as mapping your accounting systems' data into your Alphatax implementation.
Discover the building blocks of automation.
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.