We’re in the middle of tax season and that means choosing the right business structure to prepare and file taxes. This is a challenge many companies face every year. Between new tax rules, compliance challenges and regulatory changes, companies need a way to easily pull data together in a format that streamlines tax preparation. Today’s market is forcing businesses to have tax functions go digital. Robotic process automation (RPA) is the solution many organizations are using to deploy across financial systems and processes.
RPA for tax automates a wide range of business applications, standardizing and optimizing processes to increase efficiency. Accounting and finance teams can replicate routines and run reports, freeing up time to focus on more high-value work.
Tax Preparation and Reporting
RPA can perform activities to pull financial reports, review accounts, export trial balance details and determine the tax filing status of all entities. Process robotics can also reconcile company transactions and analyze account changes to assess any tax impact. Instead of manually exporting company-specific data, the automated system will run defined rules on structured data.
Instead of requiring staff to prepare extensions using third-party software, robots can populate the information and generate the forms for you.
Simply put, RPA gathers data, converts data to a tax basis, assigns tax basis accounts to related tax form lines and completes tax calculations. Additionally, the system helps prepare for audits so your business can develop an audit response strategy if needed.
As a collaborative tool, RPA that marries business and IT functions together to not only speed up processes, but also bridge the gap between human and digital workers. Automation helps to develop a roadmap for finance, IT, human resources and other departments to work together across similarly impacted activities. Plus, less time is spent on inputting repetitive data. This reduces costs, allowing staff to redirect attention on efforts that create value.
Don’t go through the same challenges during tax season year after year. Use a tool that’s scalable, agile, efficient and can be deployed rapidly. RPA is a technology that can address your company’s tax objectives now and for the future.