The day-to-day business of VAT is characterized by the fact that a large number of transactions must be evaluated correctly, mapped in the ERP system - if necessary including various previous systems - and finally reported to the tax authorities. Extra complexity arises, among other things, from the fact that different departments within the company have to provide information to fulfill compliance requirements. In addition, if the control of tax reports by the tax authorities in the course of tax audits is also taken into account, the potential extension of time in this area becomes apparent.
This overview illustrates why the area of value-added tax is not only in the general focus of digitization efforts, but why there is a particular need to implement end-2-end digital process solutions. The possibilities associated with structured and comprehensive process composition and mapping are obvious:
An end-2-end process solution allows the integration of need-based control and system-supporting tool solutions for individual work steps. For example, transactional accounting data can be analyzed automatically from a sales tax perspective. The detection of systematic errors not only prevents the submission of incorrect tax returns, but also increases the data quality throughout the company.
The connecting element between "business transaction" and "compliance" is the understanding of all relevant work steps - end-2-end process solutions therefore form the basis for effective and efficient tax processes.
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