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.

Why TaxTech Features Matter?

  • Integration

Integrate various emerging technologies such as AI/ML, RPA, cloud, and Blockchain and increase the efficiencies of your workforce.

  • Tax calculation

TaxTech solutions provide automated tools and algorithms to accurately calculate taxes based on specific tax laws and jurisdictions.

  • Efficient reporting

Streamlines the reporting process to make it easier for individuals & organizations to generate accurate and comprehensive tax reports.

  • Compliance management

Ensure compliance with tax laws and regulations by automating compliance checks, and identifying potential errors or discrepancies.

  • Automation

TaxTech automates invoice processing, reducing manual efforts and errors in tax-related invoicing, tax calculation, payments, and record-keeping.

  • Reporting

Real-time monitoring: Enable real-time monitoring of tax-related activities, allowing businesses to stay updated on their tax liabilities and obligations.

  • Predictive analytics

Leverages data analytics to provide insights and predictions related to tax planning, risk assessment, and compliance strategies.

Benefits of TaxTech

  • Enhanced efficiency in tax-related tasks
  • Streamlined tax calculation and reporting processes
  • Reduction in human error and inconsistency
  • Improved compliance with tax laws and regulations
  • Increased accuracy in invoice processing
  • Reduce TAT and manpower costs with automation
  • Securely & efficiently operate using AI, ML, Big data, Blockchain

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.