This blog was last updated on July 30, 2021
Taxing authorities are looking at companies more closely than ever to make sure they are VAT compliant. That means those who are responsible for gathering, analyzing, and validating the data are under more pressure and scrutiny as well. Gathering and reconciling all the different sets of data, then analyzing and validating transactional information not only takes time when it’s done manually, it is fraught with risk of human error. An automated VAT solution from Sovos Compliance streamlines, simplifies, and saves your company valuable time and costs with its ability to optimize your VAT process. Data is gathered quickly and automatically, covering not only financial, but all other relevant transactions e.g. logistical data. Built-in tax logic covering over 50,000 tax codes, means a company is no longer reliant on a staff member’s expertise to analyze and validate VAT scenarios. The end-to-end processing time is significantly reduced for a more efficient and controlled VAT process that eliminates human error. With an automated VAT solution, companies are no longer required to research rate and rule changes, since any changes to tax law are updated to the tool automatically. With an automated VAT process in place, companies can move away from the minutiae of execution and turn their attention to improving the overall process. Learn more about automating your VAT process and check out our infographic below to help evaluate how automating your VAT process can help improve efficiency, productivity, and profitability.
