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Smart Business Insight Suite - Utilising technology to manage workflow, data collection and operational risk management
Smart Business Insight Suite is an easy to use technology solution for Tax and Finance teams, supporting the integrated global management of:
- Tax & Finance processes;
- Documents and information gathering;
- Operational risk; and
- Monitor and assess the risk profile of tax provisions
It enables teams to manage compliance and regulatory reporting obligations in an increasingly complex environment, by providing technology enabled operational efficiencies, improved visibility, and control.
Visibility and control becomes increasingly important when you look at how the tax environment is changing:
- Tax and regulatory requirements are continuing to develop and change at a global (OECD) and jurisdictional level.
- Tax authorities are increasingly introducing regulations that make taxpayers responsible for developing governance, robust process and detecting risk.
- Businesses are looking to support virtual/remote working conditions whilst also under pressure to reduce costs and demonstrate how back office functions add value.
Smart Business Insight Suite has been designed with these challenges in mind. Supporting organisations in delivering and demonstrating (to tax authorities and other stakeholders) that Tax has effective governance, process and risk management in place across Tax & Finance processes.
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Smart Collaboration
Functionality
- Process management for both tax and non tax processes
- Track global compliance responsibilities
- Real time status monitoring
- Centralised global document library
- Powerful and flexible reporting
- Intelligent automated notifications and alerts
- Self administration of the system
- Quick to implement and build out
- Access for internal and third party users
Typical Use Cases
- Corporation Tax compliance
- VAT/GST compliance
- Tax payments
- Statutory financial statements
- Payroll
- Operational Taxes
Smart Survey
Functionality
- Structured data collection tool
- Option to integrate into a workflow process within Collaboration
- Enhanced quality of data and centralised access
- Exportable to MS Excel and other data analytics visualisation tools
Typical Use Cases
- Tax governance attestation
- CbCR data
- CFC rules
- Total Tax Contribution data
- EU MDR transactions
- Tax Audits
Smart Operational Risk Management
Functionality
- Multi tax risk and control framework
- Integrated into tax workflow
- Ability to sign off controls alongside tax processes
- Produces management reporting information and visualisations
- Document upload and evidencing capability
- Integrated risk and control functionality reducing risk of error and provides evidence of effective oversight
- SOX controls can also be identified and captured
Typical Use Cases
- Senior Accounting Officer (UK)
- Corporate Criminal Offences (UK)
- Tax Compliance Management System (Germany)
- Responsible Officer obligations for FATCA/QI (global)
Smart TRaC
Functionality
- Financial risk tracking application
- Effective tracking and monitoring of the group exposure and provisions
Typical Use Cases
- Group or local tax exposures and provisions
- Uncertain tax treatments
Case Studies
Fast Moving Consumer Goods Multinational
“A global FMCG organisation has significantly improved efficiency and coordination across 70+ countries with Smart Business Insight Suite. This led to an estimated 40% time saving relating to the management of Tax. The platform delivers real time oversight of processes across Corporation Tax, Indirect Tax and Transfer Pricing, with enhanced collaboration between Tax, Finance and other stakeholders. Additional use cases include streamlined gathering of information for Total Tax Contribution and governance purposes, with a clear audit trail across all use cases supporting tax governance and monitoring by Internal Audit.”
Multinational Asset Manager
“An international Asset Manager implemented Smart Business Insight Suite to manage workflow and track deadlines in 15+ countries, across Corporation Tax, VAT, Transfer Pricing and Operational Taxes. This is combined with the gathering of annual local country KPIs and Tax policy attestations. The organisation has achieved greater visibility and control and is better placed to deliver timely compliance and high quality management information for internal reporting. The centralised real time dashboard tracks processes involving multiple providers, providing clear oversight and a reduction of over 50% of the time spent managing these providers.”
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