It is noted that many companies still use desktop spreadsheets to manage their VAT compliance. This inefficient manual process may lead to overlooking of several errors and is also time consuming. Furthermore, the manual process leads to inconsistent work, increase in dependency on accountants, lack of workflow controls and also contributing towards additional expenses. In this competitive and ever so growing environment, it is important for a user to learn how to make their VAT process accurate and reduce dependency on the manual processes. Therefore by automating the VAT process, users can now match up with the increasingly demanding global environment.
In order to automate the VAT process, the companies would require an automated tax software which would contribute in digitally managing the VAT records, automated roll out of VAT returns and also helps in the to and fro communication with the HMRC. ProboVAT here plays role of the VAT reporting software which is a right supportive technology providing improved insights to your VAT compliance.
Over the years, we observe various changes and updates in the VAT compliance process. However, ProboVAT is keen on keeping itself updated and transparent over the VAT affairs. There are various ways in which it ProboVAT contributes towards the value addition in the service provided. Such as facilitating of consistent diagnosis of the risks and opportunities associated with the VAT compliance. It helps in making the VAT process more visible and also increases the control over the VAT profile of the business.
ProboVAT is HMRC approved software which is compliant with Making Tax Digital for VAT. VAT compliance process can now be digitized leading to enhanced controls over tax data and business efficiencies and also in managing the potential risks associated with it. Therefore, a key factor in the VAT automation process is reliable software which can contribute towards improvement of the VAT compliance process.