Balancing the 2 Sides of VAT Compliance

What should you consider when automating VAT compliance?

When automating VAT reporting, consider two objectives: improving audit performance to reduce risk and scaling your organization’s tax function to support growth. Learn more about VAT compliance in this infographic:

The dual challenges of multinational tax departments

Two challenges of any multinational tax department are to reduce risk and improve agility to support business growth in a fast-paced global economy. They may seem mutually exclusive, but automating VAT reporting is key to achieving both. 

Automating VAT reporting can:

1. Improve audit performance for reduced risk. Automation can help reduce manual errors, improve data quality prior to tax filing, and provide transaction-level data transparency and VAT reporting. 
2. Scale the tax function to support growth. Automation can remove laborious manual steps from data import all the way to tax filing. When automating VAT compliance, your organization can standardize and centralize internal processes across countries and teams, stay ahead of legislative changes and requirements, add additional countries, and access a cloud-hosted solution with minimal IT infrastructure needs.