What a great night – we hope you enjoyed the awards as much as we did! It’s been days and our feet are still aching from all the dancing (shout out to the band!)
Huge thanks to Tolley’s for hosting such a great awards evening, and congratulations to all the finalists and the winners. We’re absolutely thrilled to have been named as finalists of the Best Digital Innovation award for our AlphaVAT software!
So, what is AlphaVAT, and what makes it a winning solution?
AlphaVAT is our gold-standard, specialist VAT compliance solution, delivered as SaaS. It’s a full end-to-end VAT calculation engine that ensures the entire VAT process is automated, rather than just the API submission.
As a result of constantly changing landscapes from HMRC and the birth of Making Tax Digital, we knew that we wanted to build a tool which would not only help our customers be compliant but would also deliver them broader business benefits. AlphaVAT is a relative newcomer to the market – launched just over 2 years ago, it’s currently the most used dedicated VAT software product in the UK.
We are trusted by our customers, and have been for over 30 years, to deliver tax technology that mitigates risk, creates opportunities and generates insights. We have been with our customers every step of the way, so we know exactly where, and how to make a difference. But why?
Our research said so
Through working groups, external mark research bodies, and working closely with HMRC, we discovered the following:
57% of businesses using Excel for VAT calculations lacked confidence in submission accuracy as they were unable to verify the integrity of their results
78% of Excel VAT reporting processes contained spreadsheet errors of which half had a meaningful impact on the accuracy of their submission
Typical processes had problems identifying incorrect VAT payments and recoverable VAT
Over 50 days a year were commonly dedicated to the VAT Return process
Over 80% of the time spent was on preparing data and ensuring spreadsheet integrity. Over a week per period was wasted just checking spreadsheets
Teams were working to the wire in an attempt to meet filing deadlines
This resulted in limited time for review, resulting in more errors
An inability to replicate the process during successive periods was resulting in more work and increased risk during audit
So, we built the product. We released it. We nurtured it.
And the main areas of results for our customers are:
Reducing workloads by up to 70%
ERROR REDUCTION & CASH SAVING
With millions in under or over claimed VAT identified
PROOF OF COMPLIANCE
Improved Business Risk Review (BRR+) risk ratings
WANT TO KNOW MORE?
If you want to find out more about AlphaVAT, and how it can help you be MTD compliant and so much more, please leave your information below
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