There are few things as important to a Chief Financial Officer as reliable and accurate data. It’s what keeps the business moving onwards and upwards into risk free profits and greater growth. As Tax Authorities explore compulsory requirements for VAT submissions and audits we find ourselves sinking deeper and deeper into the ever-growing pit of data our business produce. To make it even worse, Tax Authorities are avidly adopting data analytics in-house which specifically target indirect tax risk indicators. The result? Penalties. All of which is avoidable with the correct solution in hand
The Structure and Configuration module focuses on accuracy of master data that relates to VAT setup and the ERP environment of the company. It allows you to gain insight into items such as tax coding setup.
This module tests various aspects of the transactional data with specific reference to VAT rules and the implementation of the master data tables and rules initially tested in the configuration module.
Similar to Transactional Data Quality module, transactional data is tested in this module but with a specific focus on those that ultimately populate and affect line items in the VAT return or IT14SD.
Compliance and Documentation was developed to ensure that the relevant compliance checks are done on a monthly basis prior to the submission of the VAT return.
Time of VAT supply rules for both Input VAT and Output VAT are specifically analyzed in this module.
The ACL team spent many hours with us to understand our tax environment & correctly map our data. ACL technology gave us confidence & allowed us to improved existing controls & processes.
Continuous monitoring provides value to the organisation through the provision of continuous insight and assistance within the tax environment. Using a best practice risk and control matrix, transactions are proactively monitored and you’re notified of any issues allowing you to know about problems such as VAT leakages, incorrect cost allocations or data issues of month end and the VAT submission report.
Access and consolidate data from all of your sources. A billion records from your ERP system? Spreadsheets? Unstructured report PDFs? No problem. No other tool can access any data as economically as ACL Analytics
Visually detect patterns and share. Explore and build a better understanding of your data by creating interactive visualizations that can be shared with stakeholders to tell your story.
Your entire data set is protected in read-only format. Every analytic step is recorded to provide assurance and repeatability.
Automate those manual tasks. Recurring analysis can be easily automated to free up time and ensure analysis is consistently performed every time.