{"id":1419,"date":"2021-04-12T23:52:09","date_gmt":"2021-04-12T23:52:09","guid":{"rendered":"https:\/\/insight.thomsonreuters.com\/mena\/business\/posts\/are-spreadsheets-hindering%e2%80%afyour%e2%80%afindirect-tax%e2%80%afprocesses%e2%80%af%e2%80%af"},"modified":"2023-05-23T05:37:24","modified_gmt":"2023-05-23T05:37:24","slug":"are-spreadsheets-hindering-your-indirect-tax-processes","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com\/mena\/business\/posts\/are-spreadsheets-hindering-your-indirect-tax-processes","title":{"rendered":"Are spreadsheets hindering\u202fyour\u202findirect tax\u202fprocesses?\u202f\u202f"},"content":{"rendered":"\n

Spreadsheets\u202fhave their\u202fplace,\u202fthere\u2019s no doubt about that. But\u202fthe way\u202fthey\u2019re\u202fbeing used in the indirect tax world right now\u202fis\u202fa cause for concern.\u202f\u202f <\/h4>\n\n\n\n

I\u2019ve encountered many Tax Managers who happily lean on spreadsheets to prepare VAT returns, as their \u2018Net\u2019 VAT amount is low. However, what I\u2019d urge any Tax Manager to consider is the number of transactions behind this \u2018Net\u2019 VAT amount.  <\/p>\n\n\n\n

\u202fHere\u2019s a sobering scenario. As VAT is a transaction tax, consider\u202fa\u202fcompany\u202fthat\u202fmight have\u202ffive\u202fmillion transactions annually. If\u202fthey’re reliant on\u202fspreadsheets,\u202ffrom a volume perspective\u202ftheir indirect tax process may well be riddled with errors.\u202f<\/p>\n\n\n\n

With\u202fspreadsheet cell error rates\u202fpotentially\u202foccurring in\u202f90% of spreadsheets<\/a>,\u202fand say around five people working on a return, the chances of formulas being overridden and data transformation errors\u202fare\u202fhigh.\u202f <\/p>\n\n\n\n

The\u202ferrors due to large volumes are compounded by\u202fthe problem that spreadsheet-altered data can lose its audit trail back to the source, which is concerning as ERP data is generally considered the source of truth by Tax Authorities.\u202f <\/p>\n\n\n\n

A spreadsheet was\u202fnot designed to be a tool used to collate, prepare and review VAT returns. Using spreadsheets in this way may open up companies to significant indirect tax exposures. \u202f <\/p>\n\n\n\n

Keeping up with changes in indirect tax <\/h2>\n\n\n\n

When it comes to\u202fcomplying with the\u202freporting requirements of any tax authority where the company operates,\u202fthe right automation software will have the most up to date GST\/VAT return formats so that the onus is not on the company to make changes in their spreadsheets.\u202f<\/p>\n\n\n\n

Additionally, the company would not have to make changes to numerous calculation formulas in their spreadsheets to account for the change in reporting requirements.  <\/p>\n\n\n\n

By virtue of their design and simplicity, \u202fspreadsheets miss the critical content layer<\/a> that automation software provides, which means they are not able to keep on top of changes in regulations, legislation, rules and standards. <\/p>– Neha\u202fMahindru, Indirect Tax Proposition Lead, Thomson Reuters<\/cite><\/blockquote>\n\n\n\n

Pressure on the tax team <\/h2>\n\n\n\n

The pressure is on\u202fthe\u202ftax\u202fteam to ensure that firstly the source data is being accurately captured in the spreadsheet, and that transaction data is not being omitted or changed in the process of transferring to the spreadsheet. This step may seem simple, but we have seen that a significant amount of errors actually happen at this initial step of the process. <\/p>\n\n\n\n

“The issue is, once the errors are initiated at this step, spreadsheets don\u2019t offer a way to trace back to the source data which is troublesome when trying to explain discrepancies to the Tax Authority.”<\/p>– <\/strong>Neha\u202fMahindru, Indirect Tax Proposition Lead, Thomson Reuters<\/cite><\/blockquote>\n\n\n\n

The right automation tool not only takes away the manual process involved with the extraction and transfer of the source data at the start of the indirect tax process; but also right to the end of the process where Tax Managers would find themselves \u2018copying and pasting\u2019 figures into the Tax Authority’s portal. <\/p>\n\n\n\n

Tax Authorities\u2019 increasing governance\u202fpressures software adoption\u202f<\/h2>\n\n\n\n

While indirect tax teams may be somewhat slow to\u00a0move from spreadsheets to automation tools,\u00a0tax authorities around the world appear to be increasingly embracing the value\u00a0of technology as they look for more transaction information from companies\u00a0as a way to assess indirect tax risks.\u00a0Although not specifically mandating the\u202fautomation of tax processes,\u202fTax Authorities are arguably\u202fimplying\u202fthe need for\u202fit\u202fby\u202fincreasing their level of governance.\u202f\u202f\u00a0<\/p>\n\n\n\n

The fact is that\u202fthe\u202fmost common risk encountered by Tax Authorities is incorrect reporting from inadvertent errors.\u202f<\/p>\n\n\n\n

With the risk of hefty fines and penalties\u202ffrom manual errors in\u202freporting or late submissions of returns,\u202fautomation software\u202fprovides enterprises a\u202fsafe and reliable\u202fsolution\u202fto reduce the risk\u202fand\u202fensure compliance.\u202f<\/p>Neha\u202fMahindru, Indirect Tax Proposition Lead, Thomson Reuters<\/cite><\/blockquote>\n\n\n\n

This is particularly the case when information requests are received from the Tax Authority and the indirect tax team is able to access\u202fall their transactional data, VAT returns, adjustments, etc at the click of a button!\u202f<\/p>\n\n\n\n

Improving the indirect tax process <\/h2>\n\n\n\n

Here is an example of how\u202four software product has improved the tax process of one of our customers\u202fat Thomson Reuters: <\/p>\n\n\n\n

Customer A came to us to look at ways of improving their VAT process. The\u202fcurrent\u202fspreadsheet\u202ffile had multiple tabs and links to different work papers. One of the links had been changed and this\u202fminor change took\u202fhours of work to update and correct. They decided to move\u202fto\u202fThomson Reuters\u2019 indirect tax compliance software<\/a>\u202fto remove this risk going forward.\u202fThis\u202fhas\u202falso\u202fallowed them to do better testing on their data and to find discrepancies before the Tax Authority does!\u202f<\/p>\n\n\n\n

The\u202fgreater\u202fbenefits\u202ffor the customer\u202fwere\u202fnot having to manage a\u202fspreadsheet\u202fwith different versions and also\u202fto\u202fhave\u202fthe ability to run reports in real time.\u202fFor our customer, gaining access to\u202fa solution\u202fon the cloud\u202fhas been\u202feasier\u202fwhen\u202fworking remotely\u202fcompared to\u202faccessing spreadsheets on a server, which can\u202fbe cumbersome.\u202f\u202f<\/p>\n\n\n\n

If manual\u202fspreadsheets\u202fare\u202ffailing to keep up\u202fwith your\u202fcompany\u2019s growing demands,\u202frequest a call\u202fback\u202ffrom a\u202fONESOURCE specialist<\/a>\u202ffor a confidential consultation.\u202f\u202f <\/p>\n","protected":false},"excerpt":{"rendered":"

Spreadsheets\u202fhave their\u202fplace,\u202fthere\u2019s no doubt about that. But\u202fthe way\u202fthey\u2019re\u202fbeing used in the indirect tax world right now\u202fis\u202fa cause for concern.\u202f\u202f <\/p>\n","protected":false},"author":120,"featured_media":1420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[659,689],"tags":[],"insight_job_role":[702,704,703,710,713,712,812,786,897,719,720,718,721,861,790,788,725,784,877,732],"insight_practice_area":[820],"class_list":["entry","author-nehamahindru","has-excerpt","post-1419","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-tax-reporting","category-indirect-tax","insight_job_role-accountant","insight_job_role-accounts-finance-professional","insight_job_role-accounts-payable","insight_job_role-chief-executive-officer","insight_job_role-chief-financial-officer","insight_job_role-chief-information-officer","insight_job_role-chief-risk-officer","insight_job_role-chief-tax-officer","insight_job_role-company-director","insight_job_role-finance-director","insight_job_role-finance-manager","insight_job_role-financial-controller","insight_job_role-financial-planner","insight_job_role-financial-professional","insight_job_role-head-of-international-tax","insight_job_role-head-of-tax","insight_job_role-it-technology-manager","insight_job_role-tax-manager","insight_job_role-tax-manager-director","insight_job_role-vice-president","insight_practice_area-tax-and-accounting","hentry"],"acf":[],"yoast_head":"\nAre spreadsheets hindering\u202fyour\u202findirect tax\u202fprocesses?\u202f\u202f<\/title>\n<meta name=\"description\" content=\"Spreadsheets\u202fhave their\u202fplace,\u202fthere\u2019s no doubt about that. 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