Data Entry Streamlines the process of collecting information from data owners, speeding up the tax computation process and reducing risk of error.
Collecting tax-relevant data poses a number of challenges. Each human “touch” on a set of data represents an opportunity for risking error, through for example, re-keying or copy and paste mistakes. Furthermore, separate client processes mean firms are often unable to view the status of client returns, creating challenges around workload planning, inevitable bottlenecks around reporting deadlines, increased risk of faults, overruns and staff stress.
All these cycles involve data being handled multiple times by skilled staff who could be better allocated to higher value-add activity. Generally, it is inefficient (and therefore costly), disjointed and vulnerable to human error. This leads to margins being eroded as recoverability is reduced.
From a risk point of view, it can be difficult to establish an unbroken audit trail, understanding which transactions have been analysed by whom and when, why particular nominal codes have been applied in some instances but not in others.
Where appropriate it makes sense to intuitively guide the data owner through the process of entering information in order to avoid re-keying later. In doing so, the end to end practise involved in tax compliance can become much more streamlined to meet obligations, reduce reliance on valuable resources, minimise inaccuracies and maximise fulfilment of audit control requirements.
By reducing workloads, errors and rework loops through changing the way corporates, tax teams and their advisors work together, automating the collaboration process helps to provide accurate, efficient access to data to tax specialists. At Tax Systems, our process automation technologies aim to simplify and provide guidance to tax professionals, leading them logically through the process around which tasks to complete, automatically save, update and store.
The Data Entry solution has been developed by our tax specialists as part of a suite of products aimed at improving efficiency and accuracy by managing the data element of the tax computation process.
What we Offer – Data Entry
Data Entry automates the population of the Alphatax corporation tax compliance engine via a simple data input process, replacing the need for sending out spreadsheets, manual data entry and cut and paste at the advisor level.
The solution simplifies the data collection and computation process to help accountancy firm teams and large corporation tax departments which report centrally across multiple divisions. As a result, the activity is speeded up, committed resources can be reduced and risk of error is significantly decreased.
Enhanced User Experience:
- Data Entry intuitively guides the user through the completion of data population for ease and speed. Its automatic updating and merging of changes into Alphatax allows teams to collaborate easily on individual returns
- Free format capability to allow data providers to provide the requested data on forms designed by the Tax Professional.
- the ability to paste multiple rows of data into statements, to make the data entry process a lot easier.
- Creation of sub-analysis statements from Accounts Analysis columns, to give users the ability to provide additional data without needing a round trip to the tax professional to ask for more data.