5 Common Tax Processes You Can Automate in One Week
Lack of investment in data technology: Only 5% of departmental budgets are allocated to digital transformation technology. Lack of standards: Documenting standards in the data catalog creates consistency in data usage. Obsolete or fragmented systems: Blending fragmented systems into a single, auditable source. Manual processes and lack of automation: Streamlining self-service data preparation and automating manual processes.
Cloud Analytics Platforms for Business Decision-Making
- Increase in effectiveness per FTE: With the right analytics technology, you can query 5,000,000,000 records in 20 seconds. Reduced time dedicated to compliance: Elimination of rework. Increase in financial reporting accuracy: 30-50%.
- Tax reconciliation and validation: Can be streamlined. Fixed asset depreciation: Can be automated. Research and development credits: Can be automated. Sales appointment: Can be automated. Income tax: Common processes that are often automated.
The Problem of Spreadsheets and Data Sourcing in Tax
- Spreadsheets are a significant contributor to wasted time, lost productivity, and costly errors in tax data processing.
- Error rates in spreadsheets can be as high as 16%, leading to lengthy reviews, messy audit trails, and missed deadlines.
- The average impact of errors in operational spreadsheets costs companies $10,000,000.
- Automation can speed up the data cleansing process and make reporting easier.
- Automation can create a clear audit trail, quickly identify potential tax issues before Audit, detect anomalies, reduce administrative costs, and automate compliance processes.
- The average company uses over 400 different data sources for their business intelligence and analytics initiatives, resulting in 37% of their time spent searching for data.
- Analytics automation can solve common problems in tax, including Sales & Use Tax Compliance, Tax Apportionment, Transfer Pricing, VAT Declaration, Property Taxes, Intercompany Transactions, Depreciation Reporting, Meal & Entertainment Deductions, Acrual Automation, Exempt Product Code Accuracy, Exempt Customer Validation, Aged Exemption Certificate Analysis, Identify Non-Taxed Transactions, Data Formatting & Aggregation for Fast Filing, Customs Duty Drawback, R&D Tax Credit Calculations, Automate Daily Reconciliations, and Tax Code Change Planning.
- Five common tax processes that can be automated in one week include Tax Reconciliation and Validation, Depreciation Reporting, Fixed Asset Depreciation, Reconciliation of Every Transaction, Research and Development Credits, and Sales Apportionment.
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