Their route to 100% indirect tax compliance has won them: ‘European Tax Innovator of The Year’ based on a solution using Oracle eBTax!
London, UK – June 2016.
“Winning European Tax Innovator of the Year at annual International Tax Review’s European Tax Awards is a huge achievement for eBiz Answers! It proves that we are making a measurable difference” says CEO: Andrew Bohnet
“Many businesses dangerously underestimate the need for robust governance of their indirect tax, defaulting tax codes and allowing staff to even apply rates of their choice. Without question, this always lead to errors, incorrect reporting of VAT and an incrementally expensive burden upon the tax teams who process unreliable data. Moreover, these inefficiencies sit badly with HMRC’s 2016 drive for governance and compliance. They are a clear handicap to achieving a Low Risk tax assessment and, of course, SAO certification. We find that most VAT issues we uncover are entirely invisible to the business when we conduct a review, so tax returns are naively incorrect, tax is not recovered, HMRC of course becomes concerned and, at worst, fines are issued. We remove all of these risks. We do so at a fraction of the cost of engaging a big 4 player and without any need to procure an external tax engine.”
A recent poll of Senior Accounting Officers returned over three-quarters (77%) saying that they undertook a review of their reporting systems, with nearly half, (46%) citing VAT as the area causing them most pain. As the EU VAT gap grows, so too will the associated rules around compliance. Without question, the need for automated indirect tax solutions will soon become mandatory, as opposed to the afterthought that is now so often the case.
eBiz Answers currently specialise in all the Oracle ERP platforms and their roadmap extends to every platform too. Their aim is simple; change the current status quo of indirect tax processing and guarantee 100% compliance by trapping errors a source. The bottom line benefits are obvious, the step towards HMRC’s 2016 governance requirements, even more so.