Factors such as new technologies, new regulations, COVID-19, growing e-commerce, gig workers, and a more globalized world have exceptionally changed the taxation landscape. The new era needs new solutions so that employers, employees, gig workers, and tax authorities can perform their work pertaining to tax payment, collection, compliance, and reporting and avoid inconsistency, and tax evasion across different jurisdictions and geographies. And this is where TaxTech comes into the picture.
TaxTeck refers to the technology solutions that ease the lives of tax professionals and streamlines the tax-related work for both individuals and organizations. The TaxTeck solutions help businesses integrate and use emerging technologies like Cloud, AI, ML, RPA, Analytics, Blockchain, and others. By utilizing AI and ML, many of the routine and labor-intensive tasks, such as invoice processing, and tax calculation in different tax laws and countries.
Integrate various emerging technologies such as AI/ML, RPA, cloud, and Blockchain and increase the efficiencies of your workforce.
TaxTech solutions provide automated tools and algorithms to accurately calculate taxes based on specific tax laws and jurisdictions.
Streamlines the reporting process to make it easier for individuals & organizations to generate accurate and comprehensive tax reports.
Ensure compliance with tax laws and regulations by automating compliance checks, and identifying potential errors or discrepancies.
TaxTech automates invoice processing, reducing manual efforts and errors in tax-related invoicing, tax calculation, payments, and record-keeping.
Real-time monitoring: Enable real-time monitoring of tax-related activities, allowing businesses to stay updated on their tax liabilities and obligations.
Leverages data analytics to provide insights and predictions related to tax planning, risk assessment, and compliance strategies.
Some of the tasks that require high computational IT infrastructure can be done by switching to cloud-based applications and services. Reporting, removal of inconsistency and human error, quality, and compliance-like works can be done by exploiting AI. And, blockchain can be used for smart contract management and data security. Similarly, Big Data can be used for ETL and analytics.