Are you VAT ready?A well-designed enterprise resource planning (ERP) system connects all the areas of your organization – including those related to indirect tax.
The challenge is to understand all the available options and make decisions that best support your business, invoicing and indirect tax reporting obligations.
- Put in place a new ERP system.
- Identify hidden VAT risks in your company’s ERP system.
- Test the VAT reporting component of your ERP system for its efficiency from VAT risk management and administrative points of view.
- Use your ERP system to develop strategies that will reduce VAT costs and facilitate revenue growth.
- Develop an ERP framework that will help your company manage VAT better.
How Facts can help you
- Help you implement a new ERP system by mapping out upcoming indirect tax systems and processes.
- Make sure that all VAT-related functionalities in your ERP system are being used optimally.
- Train your staff to analyze and assess the entire range of your business transactions, determine your system requirements and develop the appropriate tax calculations.
- Carry out a post-implementation review to make sure the system meets your invoicing and indirect tax reporting obligations.
- Check automatic tax calculations and make any necessary modifications.
- Evaluate the data in your ERP system to make certain that it is VAT-relevant and easy to access.