Solution Review

Uncertain about your current configuration and processes around Indirect Tax? Let us shine a light for you

Getting under the hood of your tax solution

A detailed forensic analysis of your tax solution and process will show whether your set-up is fit for purpose. We’ll provide a comprehensive, impartial report of the findings alongside a list of  recommendations to close any identified gaps.

Not sure where to start?

Whether you have invested a significant sum in your tax solution and want to avoid unwelcome surprises from a VAT audit or need the justification to build a business case to move away from your current manual offering, we can help.

You depend on your ERP system to ensure the correct VAT treatment of transactions has been taken into consideration and to ensure optimal reporting capabilities.

In our experience, however, standard ERP systems do not necessarily determine all VAT transactions correctly. We often find a:

  • lack of control over the business processes involved in VAT imposition
  • failure to implement the correct tax logic with respect to the relevant parts of a VAT transaction
  • A manual approach when a fully automated solution is possible

The consequences can be expensive both in terms of time and cost.

Get true peace of mind with a deep system audit from Innovate Tax and ensure your VAT is correctly aligned with your ERP.

Why do you need an audit?

With a wrongly or a misaligned implementation of the indirect tax (VAT, GST, Sales and Use Tax) system, companies run the risk of making errors they are not even aware of until they are discovered by the tax authorities, particularly now many authorities are requesting more data at an ever increasing rate (Spanish SII report for example).

VAT compliance risk in the ERP system can come from several different sources including:

  • business structures
  • growth through mergers and acquisitions and geographic expansion
  • registrations to new country VAT regimes
  • changes in Logistics flows
  • lack of tax training to new users
  • policy changes by tax administrations
  • legislation changes at jurisdiction or European Commission levels

What can you expect from an ERP tax audit?

The Innovate Tax team comprises of some of the leading tax technology experts globally.

Our specialists will analyse your existing solution/ process to identify what works well and vice versa.

Most importantly, we’ll propose practical ways to move forward taking a completely unbiased approach that considers all factors relevant to your organization.

If desired, we can work with your tax partner to ensure the VAT on all transactions is being correctly determined.

Our Solution Review will:

  • analyse the existing setup of all tax regimes across any country in which you operate
  • investigate (known) existing indirect tax issues with a resolution where possible
  • fully consider requirements of end uses
  • factor the needs of areas where tax can be influenced:
    • Purchasing and Sales
    • Supply Chain
    • Projects
    • Repairs
    • Contracts, etc.
  • scrutinize invoice formats and tax
  • assess Reporting (including country specific reports such as the European Sales Listing)
  • examine how the tax is imported into and out of your reporting ERP

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