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The industry is seeing a rising adoption of technology in several functions to optimise resources, and increase efficiency and transparency.
Technology in tax function
Aspiration to file a perfect tax return in just one click is unrealistic, as most of the organisations maintain and collect data from multiple sources that needs to be reconciled to conduct analysis. Moreover, the data contains anomalies or is incomplete. The data maintained in organisations’ ERP systems cannot be directly used because several transactions that are not recorded in ERP systems have to be manually considered to comply with tax legislation. The tax authorities need enhanced measures to get and process higher quality data. For example, the Brazilian government implemented a digital bookkeeping system to digitise invoicing during product transactions. The UK launched an initiative ‘Making Tax Digital’ to ensure that taxpayers secure their digital tax accounts and record tax information digitally. For accurate data automation, transactions should be checked by invoice number, supplier name, etc., to avoid duplication. Thus, tax analytics should help organisations make more informed decisions and add value to the tax function.