Year End Tax Reporting doesn't have to be taxing
06 November 2019
Many businesses with a rapidly approaching Year End are gritting their teeth as they prepare to dust off those old tax accounting spreadsheets.
For many, the Year End tax provision timetable heralds a difficult period filled with long days in the office and significant amounts of stress. Labour intensive, in-house developed tax accounting spreadsheets carry inherent risks. Over 83% of those currently in use contain formulae errors, broken links, or regularly crash. This is increasingly raising concerns:-
- HMRC are asking how tax provision figures are calculated and how they link to returns following the updates to the business risk review process
- Auditors continue to move away from substantive auditing and want assurance over the calculation model
- MTD, when more fully implemented will require more connectivity between financial systems and tax numbers
We are regularly being asked “What can I do to make my Year End better, reduce my time and risk and ensure I am comfortable with the outputs?” “What can I do now to improve things when I don’t have much time? Surely it is too late to change?”
Transform your Year End processes
At BDO we make it our business to understand our client’s business. We will help you think objectively about what you do, identify the causes of pain, and then develop strategies you can implement quickly to ease the strain.
Whilst a full process transformation may not be immediately possible ahead of Year End, there are practical, economically viable options you can implement quickly to make tangible improvements now. This often includes an element of improved and structured automation, essentially technology enabled process improvement.
Our specialists understand what the technology market can provide, what the latest innovations look like, and help you assess your circumstances and what can be leveraged to meet your immediate needs and longer term goals. Because a relatively small step change can provide real tangible improvements on day one we have developed our ‘on-demand’ tax reporting solution to be a quick fix. An integrated workflow and structured templates that gives you the feel of Excel, but the power of database technology particularly for consolidation.
Our ‘on-demand’ tax reporting solution provides:
- Full workflow integration
- Scheduled timetable for actions
- Automated requests and follow up reminders
- Status tracking
- Standardised and structured BDO approved tax data collection templates which give the familiar feel of ‘Excel’ for the user, but none of the limitations
- Best practice ‘built in’
- Standardised across all reporting entities the system is perfectly positioned for a future upgrade to an ‘Enterprise’ solution
- Automated roll forward of data
- In-built reconciliations and validations – enter the data once and it flows through the entire model
- Cloud based technology which collates, stores and consolidates underlying data
- Always work on the latest version
- Robust architecture which will not struggle to manage your data
- ‘Real time’ consolidated reports at your fingertips as soon as the data is submitted
Get in touch to discuss how technology can improve your Year End processes.