Trigger the AI in Your Tax Function Transformations
With AI-powered TFO, you’ll experience: a significant reduction in manual labor, increased accuracy and speed, and the ability to focus on strategic growth, not just tax paperwork.
Tax Time Transformation
Instant access to real-time tax data, effortless compliance, and the ability to make proactive, data-driven decisions. It’s like having a crystal ball that reveals your tax future. We’ve replaced the “crystal ball” analogy with the practical tools of D365 BC and Microsoft 365.
Compliance with Tax Laws
Ensuring that the organization adheres to all relevant tax regulations and laws. This includes timely and accurate filing of tax returns, payment of taxes, and maintaining proper documentation to support tax positions.
D365 BC:
- VAT Reporting: Automatically calculate and generate VAT reports based on transaction data. Use the built-in VAT statements and electronic filing capabilities.
- Sales Tax Management: Configure sales tax rates and rules based on customer locations and product categories. Generate sales tax reports for various jurisdictions.
- Electronic Invoicing: Utilize the electronic invoicing functionalities to comply with local regulations and make it easier to extract information for VAT reporting.
Microsoft 365:
- SharePoint: Store and organize tax documentation, such as tax returns, supporting documents, and audit correspondence, in a centralized repository.
- Excel: Analyze tax data exported from D365 BC, perform reconciliations, and create custom tax reports.
- Outlook: Manage communication with tax authorities and external tax advisors and maintain a record of all correspondence.
Strategic Tax Planning
Developing and implementing tax strategies that align with the organization’s overall business goals. This involves optimizing tax positions, taking advantage of tax incentives and credits, and planning for future tax obligations.
D365 BC:
- Financial Reporting: Generate detailed financial reports to analyze the tax implications of different business scenarios.
- Budgeting and Forecasting: Use budgeting and forecasting tools to project future tax liabilities and plan for tax payments.
- Intercompany Transactions: Track and manage intercompany transactions to ensure compliance with transfer pricing regulations.
Microsoft 365:
- PowerPoint: Create presentations to communicate tax planning strategies to management and stakeholders.
- Teams: Collaborate with tax advisors and internal teams on tax planning projects.
- OneNote: Keep organized notes and research on tax laws and regulations.
Managing Tax Risks
Identifying, assessing, and mitigating tax-related risks. This involves staying updated on changes in tax laws, conducting regular tax risk assessments, and implementing strategies to minimize potential tax liabilities.
D365 BC:
- Access Control: Implement granular access controls to restrict access to sensitive tax data.
- Workflow Automation: Automate tax compliance workflows to ensure consistency and accuracy.
- Data Validation: Set up data validation rules to prevent errors in tax-related data.
Microsoft 365:
- Microsoft Defender: Protect against cyber threats and data breaches that could compromise tax data.
- Teams: Use Teams to document and track tax risk assessments and mitigation plans.
- SharePoint: Store and manage tax risk management policies and procedures.
Audit Reporting and Analysis
Preparing for and managing tax audits. This includes maintaining proper documentation, responding to audit inquiries, and working with tax authorities to resolve any issues that arise during an audit.
D365 BC:
- Custom Reports: Create custom tax reports to meet specific reporting requirements.
- Financial Dimensions: Use financial dimensions to segment tax data and analyze tax performance.
- Scheduled Reports: Schedule tax reports to be automatically generated and distributed.
Microsoft 365:
- Power BI: Create interactive dashboards to visualize tax data and identify trends.
- Excel: Perform ad-hoc tax analysis and create custom charts and graphs.
- Word: Prepare detailed tax reports and presentations.
Key Integration Points
More Added Value
Collaboration Across Departments:
Working closely with other departments such as finance, legal, and operations to ensure a holistic approach to tax management. This includes sharing information, coordinating efforts, and aligning tax strategies with business objectives.
Regular Updates and Training:
Keeping the tax team and other relevant stakeholders informed about changes in tax laws and regulations. Providing regular training and updates to ensure everyone is aware of their responsibilities and the latest developments in tax compliance.
Stop Reacting, Start Proacting!