With yet another year consigned to oblivion, we couldn’t stop thinking of some powerful lyrics from ‘Time waits for no one’ by the Rolling Stones. Time can tear down a building or destroy a woman’s face, Hours are like diamonds, don’t let them waste. And there is a lot more ‘damage’ time can do as we all know. Wasting precious days and weeks on relatively easy but time-consuming VAT reconciliation is one of them. There is a much better way though…
Unpaid tax collectors
Being entrepreneurs, we all prefer to focus on what is beneficial to our organization. To most of us, drawing up the annual figures is a real pain in the butt. The fact that, in the process, we all act as unpaid tax collectors only adds to the misery. With major developments such as mandatory B2B e-invoicing in Italy, increased VAT rates in the Netherlands and the impending Brexit, things are not going to change for the better.
To cut a long story short, and save you some ‘diamonds’, the time has come to automate as much of these annoying tasks as possible. The itax4apps solution allows for generating a correct VAT reconciliation from Oracle E-Business Suite (EBS) as well as an audit trail to the original source transactions and reconciliation with the GL for revenues and input/output VAT, all at the touch of a button!
‘Declaration of Dependence’
This is particularly convenient as it can be, and often is, quite a struggle to trace certain VAT-related transactions back to its origin. And then there is the declaration itself, a territory that is dominated by Excel par excellence and, as a result, time-consuming and error-prone. On top of that, in daily practice, most spreadsheets and manual reports aren’t exactly well-documented to put it mildly.
Excel sheets are also often of a personal nature and not accessible by others, leaving relevant colleagues ignorant as to its status and completeness. This is still irrespective of who is responsible for adjustments due to new tax regulations. They are however easy to adjust which constitutes both an advantage and a serious shortcoming. These are just a few of the reasons why tax authorities are not generally enthusiastic about the widespread dependence on Excel documentation.
Improved VAT reconciliation
Using EBS as a direct source, itax4apps allows for significant cost savings, improved VAT reconciliation as well as faster approval and compliance. In case you are not yet jumping for joy, we bet someone in the board room will be. Please contact us for more information any time! You can also email Henk Tiesma directly at h.tiesma@4apps.com.
