the power of data and analytics - pwc · perform tax data analytics, at source and on the full...
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The power of data and analytics
www.pwc.co.za
Tax Technology
Access to data is key to enhancing the value of your tax function. Leveraging data for applied decision-making is becoming the norm and the tax function, being one of the largest consumers of data, is transforming.
PwC’s Tax has developed an approach that adds insight into your tax reporting, ease your compliance burden and enhances the effectiveness of your tax function by analysing and monitoring financial data using dashboards with drill-down capability.
Data analytics best lends itself to transaction-based taxes such as VAT, Customs and Excise duties, Withholding Tax and Transfer Pricing, where the benefits of using technology are almost limitless. Our approach is structured so that the full population of transactional data is extracted systematically from all relevant financial systems, including feeder and product systems, and then analysed.
Analytical and logical tests are then run on this data and the results presented, thus providing management with improved insight into their tax accounting, and assurance regarding their tax compliance.
Tax Data and Analytics can help you:
Increase visibility, insight and access to your own tax data.
Release tax resources to enable proactive tax planning and strategic thought.
Identify tax, accounting and financial risks.
Access to your own data for business intelligence trends and prediction purposes.
Analyse the tax process and control environment.
Place you in a position to better challenge the revenue authorities.
Reduce tax compliance costs and thus improve efficiencies.
Identify opportunities to optimise tax accounting.
Our solutions enable you to:
analyse millions of transactions on a daily basis
drill down to transaction level to allow root cause analysis
monitor, in near real time key tax data indicators using a defined set of tax data analytics
visualise analytics and reports, through customised dashboards
ITI4SD completion Use data analytics to assist with the completion of IT14SD returns.
ERP systems “health check” Review the tax configuration of ERP systems to identify any incorrect tax set-up that may lead to recurring errors.
Cash management Ensure optimal reporting, based on transaction dates, to obtain the benefit of an immediate cash injection.
Compliance Automate tax compliance, including VAT and other tax returns, through detailed supporting schedules, leading to improved efficiency and accuracy.
Audit support Simplify the audit process with access to comprehensive audit trails, the ability to perform sample extractions and ease of access to information.
Control and process improvement Improve controls and processes to enable greater reliance on the accuracy and completeness of tax amounts reported.
Review tax risk through data analytics Perform tax data analytics, at source and on the full population of transaction data, to identify areas of tax risk.
Key services provided:
PwC takes the lead
We have proven experience in advanced tax technology solutions.
We have considerable experience across various industries and various ERP systems, including SAP, Oracle, JDE, Syspro.
Our teams have extensive experience in all taxes and the necessary processes and controls required to manage associated risks.
What to expect from PwC Tax Data and Analytics
Findings – Discover the value in your own data.
Actions – Make decisions, add strategic value to the organisation and optimise tax compliance.
Insights – Obtain valuable tax insights into your business.
Outcomes – Improve tax processes and controls, reduce tax risk, improve tax efficiencies, increase tax savings and improve the accuracy of tax compliance.
Who to contact Gerard Soverall Partner +27 (0)11 797 5004 [email protected]
Sigmund Rohrer Senior Manager +27 (0) 41 391 4414 [email protected]
Zubair Ebrahim Senior Associate +27 (0) 11 797 5732 [email protected]
©2016 PricewaterhouseCoopers (“PwC”), the South African firm. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers in South Africa, which is a member firm of PricewaterhouseCoopers International Limited (PwCIL), each member firm of which is a separate legal entity and does not act as an agent of PwCIL. (16-18948)