Data analytics allows you to carry out trend analysis to check, compare and contrast figures, helping to make the review VAT process more efficient.
Why do I need data analytics?
The review process is one of the most protracted parts of the tax process. Data analytics can significantly reduce this by helping you validate the figures in front of you, instilling greater confidence in the accuracy of the Return.
Data analytics can be used to…
- Compare current and historic submissions and look at period-on-period payments
- Highlight potential inaccuracies using data summaries
- Deliver insights that can be used for forecasting eg future liabilities
- Monitor data quality and error rates
Our AlphaVAT compliance platform incorporates tax data analytics making the review process more efficient, leading to greater confidence in reporting accuracy and reducing the chance of unwanted attention from HMRC.