Do you find it challenging to manage VAT filing?
Do you find it challenging to manage VAT filing?
- Maintaining meticulous records of all transactions and VAT-related documents in excel sheets or basic accounting software like QuickBooks is a challenge as there is no validation to eliminate data entry errors.
- Failure to meet VAT returns deadlines result in penalties and fines.
- Lack of internal expertise in VAT, making it challenging to accurately calculate and file VAT returns.
- Error prone processes leads to VAT under or overpayments.
- Cashflow planning will be impacted if VAT payments and refunds are not planned properly.
We can help you automate the process using RPA BOTs. BOTs download the report of sales and purchase invoices from ERP, calculate the VAT liability based on the rule book and prepares the form for submission in government tax portal upon tax team review.
Why automate VAT filing?
Why automate VAT filing?
- VAT filing automation reduces the likelihood of human errors in calculations and reporting.
- Quick and efficient VAT filing as Bots perform repetitive and time-consuming tasks at a much faster rate.
- Automation helps ensure that all necessary data and information are consistently and correctly included.
- Automation ensures that VAT calculations and filings adhere to the latest regulations, minimizing the risk of non-compliance.
- Reduced cost of compliance.
- CFO/ Heads of Tax can focus on overall Tax Planning and other Strategic issues.