Software compliance platforms can enable organisations with more complex tax and data requirements (e.g. VAT groups, multiple VRNs, large transaction volumes) to digitally manage their end to end compliance cycle. Common benefits often include:
- Efficiency – Reduced time spent managing excel reporting processes, freeing up time for reviews and tax data analysis to inform decisions
- Data-quality – Improved accuracy and confidence in figures using automatic anomaly detection and data error correction, reducing the likelihood of unwelcome surprises and shortening preparation and review times
- Digital audit trails - Tracking back of calculations to source data using automated, timestamped audit trails that prove MTD digital links compliance
- Real-time visibility – Corroborate returns and project future liabilities with analytics. Tax data can also help validate commercial decisions.
- Automating VAT calculations – Automate complex calculations such as group consolidation and partial exemption to increase accuracy and lower the risk of error associated with spreadsheets and manual processes.
- Futureproofing – Prepare for changes in regulatory compliance and the ongoing expansion of HMRC's digital agenda