GST data analytics review
GST Radar®, our GST data analytics solution, interrogates your data to uncover GST opportunities and exposures. GST Radar® identifies GST exceptions that may be costing you money, as well as providing valuable insights into your business.
What makes Deloitte’s offering distinctive?
Deloitte has developed a comprehensive technology-based GST review offering. A core component of this offering is our GST data analytics tool, GST Radar®.
GST Radar® has been developed using Deloitte’s international experience combined with our detailed knowledge of Australia’s GST system. GST Radar® is tailor-made for entities doing business in Australia, and incorporates testing of a range of issues that are unique to the Australian GST system.
How does GST Radar® work?
Our data analytics team works with the business’ in-house technology team to extract relevant data from the general ledger and accounting systems. Data is typically extracted for the full four year period for which BAS amendments can be made, or a sample period can be chosen. The data is then interrogated and analysed in detail by GST Radar® using a range of carefully designed tests.
GST Radar® then generates exception reports that list transactions where the data analytics indicate that GST errors may have occurred. These transactions are investigated by us to confirm that GST errors, such as unclaimed input tax credits, have in fact occurred, to understand why they occurred and to check that corrective action has not already been taken.
Customised technology-based GST reviews: The Deloitte difference
GST Radar® is frequently a key component of our broader GST systems review offerings – for example, GST reviews of expense processing and/or income processing within a business. Depending on the nature and needs of a business, this could involve reviewing the processes for dealing with income and/or expenses, GST controls and documentation used, the BAS preparation process, invoice handling and GST attribution processes, and so on.
When combined with a GST Radar® analysis of the GST data, a Deloitte GST systems review can not only review four years’ worth of data, but can also provide valuable insights and actionable solutions to improve a business’ GST cash flow and its GST management and compliance.