Managing your workflow
As Heads of tax, finance or tax directors you have the responsibility of managing your group tax compliance, or perhaps tax compliance for multiple clients, to know exactly what is going on at any given time and manage your team accordingly. You will want to understand the status and deadlines that surround a plethora of projects, ranging from gathering data all the way to preparing the financial statements for year-end.
Internal reporting in many organisations only achieves a rough snapshot of how the group is managing these activities; creating uncertainty, risk and inevitable inefficiency. You will be concerned with:
- Complex Compliance covering Corporation tax, VAT, accounts tagging, CRS, FATCA, payroll, diverted profits tax, and more specific requirements around Country by Country reporting for example, all taking up valuable time
- Implementation of clear processes and governance and the organisation of large teams to avoid penalties, particularly if you are a Senior Accounting Officer (SAO) in a large corporate
- Improving technology and process where you are consolidating information from multiple sources (SharePoint, spreadsheets, emails and conference calls) and challenged with getting a combined view of on-going activity and the tax risks your company faces
- The management of the requirements of huge numbers of clients and thousands or tens of thousands of deadlines throughout the year (if you are an accountancy firm). Firms have to manage their own reporting requirements and those of their (multiple) clients in many cases and need systems in place to manage and keep up to date with the status of all entities. Challenging when Corporation tax is spread throughout the year, there are quarterly instalments and VAT to schedule, huge amounts of data to monitor and countless submissions to track.
The Answer? Alphatrac
Alphatrac is one of the only workflow software packages designed specifically for Tax and Compliance departments to replace spreadsheets, automating processes previously based on information consolidation by email or phone call.
Why use it?
- Alphatrac mitigates business risk and enhances productivity – by providing workflow and compliance management which increases transparency & efficiency of business process
- Real time insight & analysis – see where everyone and every entity is at a given time and deadline visibility – helping compliance
- Single point of reference – a central repository for Tax and compliance process information
- Simple usage drives uptake – easy to use with a clear interface & simple customisation and allows simple assigning of tasks & automatic updates to teams and individuals
- Replaces manual processes (Telephone, conference calls, email, spreadsheet etc.)
- Saves time and internal costs
- Enables teams to better plan resourcing requirements and avoid bottlenecks at key periods
- Ensures great service for customers and on-time reporting to tax authorities
- Customer centric – Alphatrac is configured to suit your needs
- Simple re-allocation of tasks – When people leave access is removed. All uncompleted tasks can be simply re-assigned
- Simple drill down – review figures and spot inconsistencies
- Simple access to group data – give other third parties read-only access to select information post submission.
Alphatrac is a secure web-based workflow solution, which brings all relevant tax and compliance information into a single location. Many clients choose our hosting services for Alphatrac, but it can be run from your own servers, if required.
Key Features of Alphatrac
The front-page dashboard is a useful first stop snapshot for everyone. It provides instant visibility, anytime from anywhere in the world.
Alphatrac’s dashboard can be personalised so each user sees just the entity analysis and upcoming tasks relevant to them, for example, as a user you can see completed, upcoming, overdue tasks allocated to your team. This is displayed in a visually intuitive way to help mitigate risks and enhance productivity through better task management.
Users are notified by email on the work relevant to them. They are told when a project is coming up, when a task is due or completed and if any have gone outside deadline or become urgent. These notifications can be automatically escalated by Alphatrac. You can manage the email notifications and select notifications you want Alphatrac to automatically distribute for each user. This saves you from having to chase for updates and leaves you able to focus on more pressing issues.
Monitor task progress and compliance
Access a detailed summary of compliance tasks and processes across the whole of the business.
Users are able to see the tasks being completed both on time and outside of deadline, and by whom. Firms often have the risk of a late submission, particularly during busy periods when many compliance deadlines come at once. Alphatrac monitoring provides valuable help to identify those compliance deadlines at risk of being missed.
Auditing – providing clear audit trails
Alphatrac recognises that information is exchanged throughout the compliance process and allows users to upload supporting documents and key information to a task entry. Historically this would be provided by emails but with Alphatrac the document or information is time, date and user stamped when uploaded instead. A full audit trail of progress, documents and key details are then available in one central location.
Synchronisation with Alphatax
Any information you already capture on the compliance progress in Alphatax can be synchronised with Alphatrac, together with documents and key return details, to give you a clear picture of your UK corporate tax compliance alongside other compliance types.
For more information on our workflow solution or to book a demonstration, contact us on 01874 410 369 or email us here.