CASHING IN
automated software , specifically designed with tax in mind .
Consider the next generation of UKspecific VAT and CT software , which are faster , seamlessly integrate with other critical applications and automatically update according to the latest regulations . Specialist tax software will also reduce risk , enhance accuracy and improve control while increasing efficiency . It ’ s time to invest in a strategy , business model and the technology to enable the transition to MTD for CT by evaluating existing processes and getting ready ahead of time . Concentrate on data as the starting point and use it in the most effective way possible to align VAT and CT . This will build a strong foundation both for compliance and for enabling operational efficiencies .
Embracing the cloud
Rather than be tied into expensive on-premises contracts with monolithic vendors – which need considerable upfront investment and costly ongoing support – companies should look to more flexible , on-demand cloud-based solutions .
Russell Gammon , Chief Solutions Officer at Tax Systems
Traditionally , the finance sector and particularly the tax teams have relied on disparate desktop solutions which couldn ’ t connect unless they were from the same vendor . Using a cloud-based application allows you to build your own best-of-breed , customised solution from a whole world of components , plugged together via APIs . It also enables collaborative working between different organisations and locations .
There are many other significant benefits : it promotes a friction-free workflow by enabling end-to-end compliance . It can become a key enabler for MTD for CT by making collaboration between VAT and CT teams seamless , thus eliminating the silos . They also have ancillary benefits , such as removing internal overheads and maintenance requirements , for example many cloud products will replace the need for internal IT to manage expensive servers . They can also minimise carbon emissions through enhanced efficiency .
Another attraction of migrating to a cloud platform is that training is usually built-in because it is designed to be deployed remotely . With the help of online bots , users will be fully supported as they
embrace this new environment , the migration will be straight-forward and roadblocks will be eliminated .
Remember to also consider the risks of transitioning to the cloud , by keeping a laser focus on data . Accountants must ensure when moving from inhouse to the cloud , that the data is checked and correct . Errors or data loss during migration is a real risk so contemplate dedicated software to both enable data transfer and show that it has worked .
Automating the tax function
We are currently undergoing a revolution in automation in Finance . From a process perspective , Robotic Process Automation ( RPA ) can often be the simplest and most effective way to transform your business .
Using a cloud-based application allows you to build your own best-of-breed , customised solution .
30 www . intelligentfin . tech