WTS VAT-Health-Check

Value added Tax (VAT) risks and potential sources of error are usually hidden behind a broad database and complex IT architecture. Budget and resource constraints within the tax function often lead to the implementation of IT projects being pushed back. Yet the efficiency of the daily work of tax experts in the company can be increased enormously through the use of analytics, so that freed-up capacities can be used more efficiently.

To overcome the challenges of an implementation, our VAT experts have developed the WTS VAT-Health-Check, which combines VAT expertise with technical data analysis. While the project gives you a good insight in your risk environment including recommendations, you can convince yourself of the performance of the BI tool used, the SAP Analytics Cloud (SAC), and quantify the added value for your workflows. The SAC runs on WTS' own systems. At the end of the project, you will receive a results presentation that identifies initial risks and includes recommendations for action to ensure compliant quality in your company.

Identify need for action at an early stage and improve processes

The WTS VAT-Health-Check uses standardized test routines to perform a one-time risk check. This identifies significant individual risks and reveals systematic errors and the resulting need for action at an early stage. The findings of the automated validations are visualized attractively in a structured dashboard. No matter the ERP source, we can process financial accounting data, sales activities as well as logistics data. Ultimately, this makes mass data more tangible and easier to understand from a VAT perspective, which could be used to improve tax-related business processes and leverage unused potential.

Cross-industry audit of sales tax risks

The broadly positioned audit routine set of our WTS VAT-Health-Check covers the most important VAT risks, so that the added value is not limited to individual industries. Whether you want to prepare for an upcoming tax audit at an early stage, systematically increase compliance in ongoing business or simply carry out a situation assessment the project results will help you to tackle the next steps.

Integration into a Tax Compliance Management System (Tax CMS)

The WTS VAT-Health-Check is technically carried out in the front-end of the SAC, so that it requires relatively little effort to perform. The one-time risk check can be used as a piece within an existing Tax Compliance Management System (Tax CMS) as can the recurring analysis.

Finally, if you already decided to implement the SAC we will be happy to provide you with professional and technical support on the way to implementation. The implementation offers the possibility to continuously establish a real-time data transfer and to continuously integrate the analysis in your business processes.