Taxes have the reputation of being a major nuisance. More headaches are created by taxes than any other topic. So, if you could automate and simplify taxes wouldn’t that be great? Oracle EBS tax audit tool can be the solution. Tax laws change constantly. Every year the US Government adds hundreds of pages of new codes to an already bloated system. It is almost impossible to keep up with all the changes so an automated system of auditing taxes can provide great relief. Managing compliance can be even worse. Compliance should be constantly maintained and monitored. It can be costly for any company to fail to manage it.
Staying Compliant
Audits are required to ensure compliance with state, local and federal tax laws. Taxes are a very precise system of rules and regulations. Oracle EBS tax audit tool can make sure all those rules and regulations are followed. Charts, ledgers, debits and credits all make up a complex system of tax compliance. Filings need to be correct and timely. The easiest way to manage all of this is through an automated program that verifies everything.
Non-compliance can result in fines and other punishments. It can also result in a loss of profit should proper deductions are not used. Inefficient tax management can be costly to everyone. There are also many conditions that affect the procurement of taxes. It is difficult for one person to be proficient in all of them.
Automated Auditing
If administrators can create a pre-set system of steps to automate the tax auditing process they can prevent unnecessary problems. Oracle EBS tax audit tool can provide that solution. By monitoring each entry and transaction it can categorize and report them to the proper ledger.
Tax auditing does not just occur in April. It should be done on a constant basis. Oracle EBS tax audit tool will do it 24 hours a day, every day of the year. The auditing of each individual transaction as they occur allows events that are non-compliant to be stopped. Future issues are eliminated as everything is analyzed and properly handled. The software will also simplify data extraction. It can be set up to produce files and forms in the format the user prefers.
Having an accounting team work daily on tax auditing is unrealistic. It could also be costly. The auditing is done in real-time without the need for added resources.
A tool like this will prove invaluable to any enterprise. It simplifies even the most complex operation and ensures that compliance is never compromised. The stress it relieves from administrators and finance departments is well worth any investment amount. Use it wisely and eliminate any headaches.
