Recent studies show that tax teams can spend up to 70% of their time gathering and preparing data for reporting and audit. Given that tax data touches almost every key business application, demand for advanced data functionality continues to rise alongside global tax complexity. Tax teams need automated tools that drive greater efficiency, so they tackle higher-value activities, such as planning and strategic decision making.
Vertex recently introduced Vertex Cloud Data Integrity, a cloud-based, tax-specific solution that automates data validation, analysis and transformation to increase data quality. The application enables companies to improve tax return data, reduce audit risk, as well as increase tax staff efficiency and readiness for compliance.
Data Integrity delivers a simple, tax-centric user interface and rule-based system that reduces overpayments with U.S. sales and use tax, increases reimbursements for value added tax (VAT), and creates an audit trail for data repairs.
This solution has the power to increase tax return data quality to help businesses reduce audit risk and increase tax staff efficiency. Key features include a purpose-built tool for tax; tax-specific user interface (UI); automated, rule-based data correction and validation capabilities; audit logs for all data corrections; and a cloud-based structure that is scalable for high volumes of data.