It is understandable that tax functions of an enterprise face significant challenges due to the volume of the data and the nature of the work being time constrained. The unstructured data and the time spent to analyze and consolidate data from different sources poses a risk to tax functions. As an enterprise generates data from multiple sources including ERP, Tax Compliance, billing, and external systems, the tax function will have a higher latency to realize the value.
Tax Data Warehouses integrate and consolidate different data sets in order to improve analytics. Some examples include:
- ERP analytics like SAP, Oracle, and Dynamics.
- GST and indirect tax analytics.
- Analytics from e-invoicing and e-way billing.
- Payroll and withholding tax analytics.
- Regulatory and external benchmarking analytics.
Why Tax Teams Need a Modern Data Warehouse
2. Faster & Accurate Compliance: Automation of reconciling processes improves with added technology integrations concerning unstructured and semi-structured integrated transactional data. Compliance reporting frameworks tend to be more effective in reducing risks and “fire-fighting” activities.
3. Real-Time Tax Insights: Interactive dashboards with tax liability features and KPIs enable immediate analyses of tax liability, credit, exposure, and trends.
4. Audit Readiness & Risk Reduction: Keep data lineage, versioning, and history to constructively answer audits and audits.
Key Tax Analytics Use Cases Enabled by Data Warehousing
GST & Indirect Tax Reconciliation: Discrepancies and revenue leakage are detected by cross-system matching of invoices, credits, and filings.
Direct Tax & Withholding Analysis: TDS/TCS, advance tax, and effective tax rates monitoring.
Compliance Monitoring & Alerts: automated alerts for unfiled, omitted, or transactions classified as high risk.
Scenario Analysis & Tax Planning: Examine the tax implications of business decisions, changes in organizational structure, or regulatory changes.
Management & Regulatory Reporting: Develop and maintain comprehensive reports for CFO, auditors, and regulatory bodies.
SyanSoft’s Approach to Tax Data Warehousing
At SyanSoft, we build Tax Analytics Solutions that are adaptable, scalable, and long-lasting.
1. Tax-Centric Data Architecture:We build fully cloud or hybrid data warehouses for tax use cases using contemporary data models and recommended methodologies for constructing modern data warehouses.
2. Seamless Data Integration: Our systems utilize secure automated data integration and pipeline design to link ERPs, tax engines, public sector software, and third-party software.
3. Data Quality & Governance: We utilize governance models, and criteria for validation, reconciliation, and traceability to ensure accuracy, compliance, and traceability.
4. Advanced Analytics & Dashboards: We provide powerful analytics, from simple dashboards to complicated predictive analytics, tailored to the needs of tax and finance, and the leadership.
5. Security & Compliance by Design:Role-based access, encryption, and audit trails ensure that secure and sensitive tax data is fully compliant.
Benefits for Enterprises
- Less possibility of encountering compliance penalties
- Month-end closing and filing cycles becoming shorter
- Greater utilization of tax credits
- Data driven tax planning and optimization
- Improved collaboration of tax, finance, and IT functions
The Future of Tax Analytics Is Data-Driven
Organizations require more than basic reporting as tax regulations develop quickly. They require intelligent tax analytics supported by a dependable data repository. Tax Compliance Functions need to be streamlined, and tax functions should prioritize value creation, supported by automated compliance processes and real-time analytics.
For every tax decision, SyanSoft Technologies aims to provide enterprises with comprehensive Data Warehousing solutions for Tax Analytics & Insights that are precise, swift, and adaptable to an enterprise’s needs.
Ready to modernize your tax analytics?
Partner with SyanSoft Technologies to build a flexible tax data warehouse that simplifies your challenges and reveals actionable insights within your data.