Tax & Accounting Blog

The Advantages of Automating VAT Determination and Compliance

Indirect Tax, ONESOURCE, VAT Tax Rates, VAT-GST Management April 9, 2012

Many users of the world’s most sophisticated and widely embraced enterprise resource planning (ERP) systems still use desktop spreadsheets to manage their value-added tax (VAT) and statistical filing processes. It’s labor-intensive work that may not catch every error and leaves the VAT processes without rigorous controls. It also puts companies at increased risk at a time when global economic pressures are triggering greater regulation and more government scrutiny of tax compliance.

Using software to automate the VAT determination and compliance processes relieves internal pressures on company resources without disrupting existing ERP processes. It offers additional advantages by improving the accuracy of the tax department’s work, automatically keeping pace with changing tax systems worldwide and installing needed controls.

Source: http://Tax.ThomsonReuters.com/wp-content/pdf/indirect-tax/WP-Advantages-VAT-Determination-And-Compliance.pdf