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Phenix combines technical knowledge with industry understanding and knowhow of technologically advanced tools and methodologies available in the market or developed by ourselves. We identify risk areas and sustainable planning opportunities for indirect taxes.
Reporting accuracy and efficiency can be achieved via our well designed VAT function into Enterprise Resource Planning (ERP) systems, tax engines and third party compliance software.
The effectiveness and efficiency of VAT compliance is measured by the amount of time and resources it takes to produce your VAT return. Automation of a company's VAT compliance process can reduce risks or optimize tax planning (e.g. working trade capital, refunds, bad debts, etc.). Designed or implemented badly, it can burden and result in rework ('hidden factory') within an organisation.
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In the last decade, companies have increasingly automated their business processes. The most common method is by using an Enterprise Resource Planning (ERP) system. Such a set up can be hugely complex. This is definitely the case where it relates to European based indirect tax.
Most ERP systems, including SAP, Oracle, JD Edwards, and Peoplesoft, are equipped with some form or forms of VAT functionality. However, these typically still require significant configuration and may need to be customized to deal properly with indirect taxes.
These systems will also need to be updated and tested to reflect new contracts and billing flows. Ownership of these tasks must be determined and communicated up front, so that the ERP system can accurately issue invoices from day one.
Multinationals run often various versions of ERP systems or legacy systems without harmonization. The ERP set-up is often per business unit and thus multiple set ups per country are possible.
This could be the root cause that:
We combine technical knowledge with industry understanding and knowhow of technologically advanced tools and methodologies available in the market or developed by ourselves.
Technology-related tax risk: understand and address the potential harms and benefits of (new) technology.
Ascertaining proper IT support for ensuring efficient, timely and reliable reporting.
VAT should be considered in every aspect of the process, from concept through completion and beyond. Managing by design — looking at any process or transaction from end to end and factoring in all the requirements and controls essential to designing and optimizing a compliant VAT process.