Our client is a multinational financial institution. They asked us to review the VAT monthly process for bespoke automation. We developed a VAT reporting tool using data analytics. It involves inputting the client’s raw data to the tool and uses bespoke instructions to turn the raw data into reportable VAT output required by the client. We were able to eliminate potential human error, develop an automated analytical review, complete segregation of duties, process documentation and using a rule-based program, our solution significantly increases the level of assurance over the process.
The process is now done every month, improving financial reporting, business forecasting and segregation of duties. The new process eliminates the potential of human error, improves overall tax risk.
Our solution is flexible and allows the client to add on additional services as and when required. The tool provides the finance function with more up-to-date information on a regular basis. This reduces the requirement for training or losing key skills within the department from a tax perspective.