Are you VAT ready?
A well-designed Enterprise Resource Planning (ERP) system connects all the areas of an organization – including those related to indirect tax.The challenge is to understand all the available options and make decisions that best support the business, invoicing and indirect tax reporting obligations.
Challenges faced by businesses:
- Putting in place a new ERP system.
- Identifying hidden VAT risks in the company’s ERP system.
- Test the VAT reporting component of the ERP system for its efficiency from VAT risk management and administrative points of view.
- Using their ERP system to develop strategies that will reduce VAT costs and facilitate revenue growth.
- Develop an ERP framework that will help the company manage VAT better.
How facts can help you?
- Implementing a new ERP system by mapping out upcoming indirect tax systems and processes.
- Making sure that all VAT-related functionalities in the ERP system are being used optimally.
- Training the staff to analyze and assessing the entire range of business transactions, determining system requirements and developing the appropriate tax calculations.
- Carrying out a post-implementation review to make sure the system meets the invoicing and indirect tax reporting obligations.
- Checking automatic tax calculations and making any necessary modifications.
- Evaluating the data in the ERP system to make certain it is VAT-relevant and easy to access.