Correct VAT processing is a major challenge for the everyday operations of businesses. Unseen flaws in ERP systems and processes can result in VAT overpayments that could cost your organization millions in lost profit. Transparent is leading the way in VAT analysis (as well as Sales and Use Tax Analysis in the US), which is rapidly becoming a vital pillar in any major audit, providing better insight into processes, helping to recoup lost profits and minimizing future spend.
Transparent offers solutions to detect costly oversights such as:
- Incorrect VAT determination in ERP systems, such as VAT that been partially or totally missed and non-existing VAT rates;
- Incorrect VAT determination by suppliers, such as VAT not accounted for under the reverse charge mechanism, and incorrect VAT rate charges;
- Incorrect VAT entries due to rate changes;
- Ineffective use of an ERP system for a supplier who offers services in multiple countries and invoices locally.
Sales and use tax laws are constantly changing and often maddeningly complex. Each state has its own laws and regulations, and many cities have laws and regulations differ from the state. A comprehensive sales and use tax review is therefore an additional option, as part of our full-scope recovery services.
Maximum recovery and compliance peace of mind
Thanks to our state-of-the-art proprietary software and a dedicated team with expertise in this ever-changing field, we are able to offer you reliable advice thus guaranteeing maximum recovery and VAT compliance peace of mind.