Innovate Tax has been selected by Cardiff University to implement its industry-leading automated solution for GB VAT within the university’s Oracle E-Business Suite to ensure accurate determination of all its tax transactions.
The solution will include a mixture of Innovate Tax’s out of the box GB Oracle setup and tailored configuration to meet the precise tax requirements encountered by finance teams operating in the higher education industry; enabling the university’s tax professionals to benefit from accurate and reliable automated tax determination and granular reporting.
Innovate Tax will also work with Cardiff University to design a solution to introduce more automation into the partial exemption calculation process using a combination of Oracle ERP standard functionality and self-service tools. Upon completion, such a solution would transform the way universities across the UK are able to tackle tax.
Sam Thomas, Oracle Practice, Commercial Lead at Innovate Tax, explains: “We’re thrilled to welcome Cardiff University to our customer community. We cannot wait to get started and implement our GB VAT solution to help the university enjoy the benefits of automated tax technology, including fast and efficient data processing, minimal manual inputs, vast time and financial savings and, ultimately, accuracy in every transaction.
“It’s especially exciting to be collaborating with Cardiff to devise a solution that can dynamically handle partial exemption calculations, something we know universities handle manually outside of their finance systems. As it stands, Oracle alone does not have the functionality to handle this requirement, but we believe through leveraging supplementary technology and the knowledge of Cardiff’s finance team, we will develop a solution that will remove a major headache for tax teams within universities.”
Louise Dunbar, Head of Insurance and VAT at Cardiff University, adds: “The changing VAT environment following Brexit has brought the need to update our VAT accounting through Oracle to the fore, so we can meet the expectations of a world-class university. The solution offered by Innovate should furnish our system with a more future proof solution to take us forward. We’re really pleased to be working with the Innovate team.”