During the complex and ever-changing landscape of VAT Compliance and Reporting, automation has become critical to drive operational simplification, cost reduction, audit risks mitigation and capability acquisition. However, the tax function in today’s multinational business is subject to constant change whether it be legislative or company reorganization, geographic expansion, mergers & acquisitions, new business units, new sourcing, or new complex product lines.
However, maintaining compliance in this dynamic environment can be quite a challenge, since there’s a lot of data that has to exchange hands between businesses and government tax authorities. And this is where automation is vital. Moreover, automating these core functions make compliance easier, more efficient and less prone to errors, plus it frees up employees to focus on innovation and driving value, rather than being tasked with manual data entry and reconciliations. Additionally, automation can drive improvements not only in simplifying operations, but also in the quality and flexibility these teams deliver.
Although the process can be difficult for some businesses, it has lots of advantages to offer, like, it facilitates a quicker VAT return as opposed to what happens when the process is manual. Evidently, VAT automation is a great way of circumventing human error as it gives you the advantage of full compliance with newly-implemented regulations. It is known to everybody that manual processes tend to be cumbersome, expensive and will usually put excess pressure on a few individuals who are conversant with the system. But on the other hand, the VAT recovery technology is quite effective when it comes to generating accurate reports necessary for quick financial audits. Therefore, the system stores even the tiniest details of VAT so your financial manager won’t need to remember every little detail. However, if you decide to implement a VAT system in your business, almost every employee in the organization must understand how to enter the right data into the system. Along with this, they must be aware of the right format to submit the data to your financial manager.
The existing VAT Automation technology can be very helpful to a business that’s struggling with bulky paperwork when keeping up with VAT regulations. While more countries begin to implement transparent VAT Compliance and Reporting processes, businesses will need to increase the automation in their back office processes. Not just to report accurate information, but rather ensuring that the productivity of their employees doesn’t suffer with the demands of the real-time reporting process. In the long run, such automation is the only way for companies to truly realize control over their VAT Compliance and Reporting measures, knowing that there is no place for mistakes or misconceptions in core functions like reporting and validations.
Group Futurista is glad to present to you the opportunity to learn more about VAT Automation and the benefits it can entail for your business by joining the 'Future of VAT Automation for Businesses' virtual summit with revolutionary keynotes, case studies, and an amazing selection of industry-leading speakers who will come together to share their valuable insights.
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