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More than ever, in house tax functions and accounting departments understand the value of leveraging technology to drive greater efficiency, improve tax processes and manage risk.
While companies largely understand the importance of creating strategies around tax technology and pursuing related initiatives, most have yet to make appropriate investments in these areas. These investments play an integral role in transforming tax into a strategic business partner within the organization. As such, tax functions should engage with company leadership and commit to the next steps in the evolution of its tax function.
In today’s market, where digitalization is on the fast-track to evolving and technology is becoming increasingly important to the tax function, your organization may be facing these challenges:
Modernization of the tax function and the need for increased efficiency and effectiveness
Optimization of key business processes
Continuous monitoring
Need to complete more tasks in less time
Centralize activities
Big Data management
Need to drive value from tax data
Need for more and better quality data, to be available on a real time basis, especially upon tax audits and refund claims
Compliance with exponentially increasing reporting requirements and other requirements from tax authorities locally and globally
Who we are
Tax professionals with a savvy technology background, system experts and specialists from all our tax & legal services capabilities. As a team we focus on the design, implementation, promotion and after sales support of tax tools and solutions relevant to our clients’ needs.
What we do
We offer solutions ranging from small automations to managed technology/value added projects. Depending on clients’ needs and the industry they operate in, we bring in other capabilities from across our firm to offer an inclusive solution based on unique circumstances or issues a client faces. Tailored training sessions for the tool(s) are also offered to ensure client teams have a good understanding of the functionalities, helping them to familiarise themselves and become confident when using the tool(s).
Why is it relevant to your organization
Tax technology is not just about saving time and realizing resources through automation, but it is also about ensuring better compliance, more effective controls and management of tax risk. The reporting process and the filing of tax returns becomes easier by performing faster and more accurate reconciliations, as well as preparing and validating reports. Finally, tax technology allows for faster and more secure data retrieval upon potential tax audits, either on a local or international basis.
The above are critical factors for tax transformation and this can be achieved with greater automation and effective data & analytics solutions that we aim to achieve by offering our Tax Systems’ team expertise.
Other areas where Tax Systems can be part of integrated solutions that elevate your tax and accounting department functionality are:
Tax driven Data & Analytics
Data & Analytics is largely about gaining insight from your data to identify opportunities and solve business challenges, analyzing business performance, identifying areas of improvement and highlighting areas of potential risk.
How PwC can help
Perform effective collection, processing and analysis of relevant data to achieve solid data governance for enhanced business functionality
Convert the analytics outputs into comprehensible visualizations to gain valuable insights and optimized decision making
Apply advanced predictive analytics and machine learning techniques to identify future outcomes based on historical data
Provide services to support business reporting and control data quality and reporting systems
Assist large conglomerates on tax department optimisation empowered by data analytics and technology
Discover the power of tax data management and analytics to assist in the decision-making process in areas such as detection of risk, opportunity identification, projections and scenario planning and overall business support
Tax and reporting process automation
Process automation is mainly about using technology to streamline and automate manual work, so human experts have more time to focus on business problems. Employee engagement, productivity and creativity skyrocket and everybody benefits from that. In fact, many leaders now see automation as a path to growth.
How PwC can help
Automate long, tedious and repetitive manual processes, such as tasks performed on ΑΑΔΕ platforms, and unlock valuable time and resources for more complex tasks which require critical thinking
Improve your tax accounting processes and increase efficiency through automation
Assist your organization on improving and automating standalone tax and accounting processes performed manually
Reduce manual human intervention, errors and rework to be done and achieve a higher quality outcome much faster
Our Experience
Our team is involved in a wide variety of projects including, but not limited to, cost allocation of intercompany transactions, customs classification of products through Artificial Intelligence (AI), deferred tax analysis, financial reporting analysis and automation of processes.
We are in a position to develop and implement your tax technology strategy. It is crucial to assess where you are and where you want to be, to work out how to get there – the answer will be different for everyone.
Indicative products that we can offer:
- Time allocation tool - automatically allocates intercompany expenses of a group of companies to individual entities
- Customs classification tool - automatically populates the correct combined nomenclature (CN) code for a large volume of products based on a given description
- Deferred tax tool - automatically prepares important financial reports including but not limited to deferred tax asset & liability report, financial statement (FS) notes and bad debt provision analysis
- FS analysis tool - automatically generates key financial statements (i.e. Balance Sheet and P&L Statement) and financial ratios report from a trial balance
- Property tool - automatically prepares (i) real estate data metrics accompanied by maps dynamically modified for useful insights (depending on use, status, way of acquisition), (ii) reports for real estate taxes and values per year (indicative ENFIA cost, transfer fees, market values)
- ENFIA certificate bot - automatically downloads ENFIA certificates through AADE platform using RPA technology
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