Infographic
4 indirect tax compliance actions your organisation needs to follow
Managing the complexities of indirect tax compliance can be daunting, but with the right strategies, your tax department can become a proactive business partner. This infographic highlights essential actions to start and stop, helping you streamline operations and enhance efficiency.
4 indirect tax compliance actions your organisation needs to follow
Start
Implementing integrated technology stacks
- Adopt centralised platforms for tax operations, compliance, and management to streamline processes and enhance accuracy.
Automating tax processes
- Leverage automated systems integrated with ERP for real-time tax determination and e-invoicing compliance.
Investing in training and support
- Provide comprehensive training and ongoing support for tax technology users to enhance proficiency and reduce resistance to new technology.
Engaging with experienced tax solution vendors
- Partner with vendors who offer robust integration programs and extensive support to ensure smooth implementation and alignment with business needs.
Stop
Relying on siloed tax systems
- Avoid using disconnected, fragmented tax systems that require manual updates, leading to inefficiencies and increased errors.
Manual tax calculation and reporting
- Cease manual processes for tax calculation, filing, and reporting, which are time-consuming and prone to errors.
Ignoring real-time reporting requirements
- Do not overlook the need for real-time tax reporting and e-invoicing compliance, risking non-compliance and penalties.
Delaying technology adoption
- Avoid postponing the adoption of advanced tax technologies and automation, risking inefficiencies and higher compliance costs.
Don't let tax complexities hold your business back. Gain exclusive insights by downloading our white paper today.
https://tax.thomsonreuters.co.uk/downloads/reports/leverage-integrated-technology-to-streamline-indirect-tax-compliance/
