The indirect tax environment had seen a huge increase in digital obligations and real-time reporting, where data needs to becorrect from the beginning with little option to make changes later. This creates additional exposure to tax authority requirements, and therefore mitigation of the tax and compliance risk is critical.
Need to automate VAT determination :
Documentation needed for process and compliance requirements.
Maintenance of master data - correct VAT registration numbers
Classification of goods and services
Currently little automation of the accounts payable environment
Improve data quality and reduce time spent processing invoices
Over time, increases in effectiveness and efficiency from automation will free up more resources for decision support, and will reduce manual reporting and transaction processing.
For a detailed overview of building the tax automation business case including :
Bringing the business case to the next stage
Business case implementation
Download the Guide : A Business Case for Indirect Tax Automation
Download the guide