Tax Computer Systems acquires OSMO Data Technology

Tax Computer Systems has acquired OSMO Data Technology, a leading provider of automated data extraction software and services.

With ever-increasing demands on tax departments to manage tax risk and audit, leverage tax data and automate as much of the end-to-end tax reporting and compliance process as possible, we want to take the lead in creating a solution portfolio.

The rationale behind this particular acquisition is that with Making Tax Digital (MTD) fast approaching there is a rapidly growing need to move away from manual collection of data from accounting systems, as it puts considerable pressure on tax teams. Significant time is spent on the reworking of data in preparation for the next stages of the tax compliance and reporting process – the shift to quarterly returns will, we believe, make automation of these processes an essential requirement.

For those of you seeking a partner to help address this challenge we have taken a pre-emptive step by acquiring OSMO Data Technology, who we believe are the best provider of financial data extraction services on the market. We do plan to integrate the technology with the Alphatax platform over time, although the solution will work immediately on a standalone basis as it can already collect key data from 295 versions of accounting systems whether they be cloud, on premise or enterprise solutions.

This solution will help save you considerable time, ensure greater data accuracy across your tax reporting process, reduce the risk of human error and allow you to free up costly resources to focus on more critical business tasks.

Over the coming weeks and months, we will reach out to you to understand your requirements around data extraction and speak with you about our new expanded portfolio. However, if you have any questions about this specific addition to our solution portfolio then please don’t hesitate to get in touch on salesuk@taxsystems.com.

 

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