Infographic for VAT Automation
- 1. 5 REASONS TO Automate Your VAT Process Reduce Processing Time With an increased focus on VAT compliance by taxing authorities and auditors and the rising pressures on risk management and control, manual VAT processing is no longer sufficient. Increase Accuracy and Consistency Stay Up-to-Date Re-Focus on Higher-level VAT Work Improve Staffing Plan Automating the data gathering process allows for significant time savings and contains all required (financial, transactional, logistical, etc) data in one single report. When performed manually, reconciling tax returns and validating transactions for VAT statements can be very time consuming. Using batch uploads for VIES enables users to validate VAT numbers quickly and efficiently. Automation cuts out the time it takes to research and implement the new VAT rules, allowing for up-to-date changes immediately through automatic back-end updates. VAT automation software simplifies the responsibilities assigned to staff by eliminating dependency on skill levels and key people that have set up the original processes. This also provides opportunities for employees to acquire new skills that translate easily in a shared services setting. One of the main benefits of VAT automation is that the built-in tax logic allows for in-depth data analysis within minutes Automating the VAT process enhances the validation and analysis of transactions by eliminating the potential of human errors. Quality assurance is therefore no longer solely dependent on the employee’s experience level, time availability or other varying factors. The VAT automation tool can accurately improve the process of training users with varying experience and allows organisations to identify specific areas of improvement. It enables users to shift focus from process execution to process improvement and allows businesses to make time for other requirements such as reconfiguring the VAT set-up within the ERP and performing invoice corrections . Having a wide range of data from different ERP modules available enhances the data quality and errors can be more easily identified and corrected when flagged by the tool. Prepare and Review Returns Archive R eturns and Backup A nalyzeandValidateData SubmitandPayReturns Gather and Recon cile Data