Improved Accuracy With Reduced Costs Around Regulatory Compliance

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Accuracy achieved post automation.

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On time filling resulting in better compliance.

The Process

The client is a global telecommunications firm with a presence in over 70 countries. They have various affiliates and subsidiaries registered in these counties of operations. One of the challenges faced by their Finance team was preparing compliance documents for year-end submissions, which included tax filings for their operations in the specific country.

There was pressure on the Finance team to finalize these documents at the end of every month or year-end fillings since the number of days for filing these are limited. This resulted in various teams working extra hours, or calling in temporary staff to prepare final reports, which resulted in errors and delays.

The Solution

We looked at Aiwozo’s Intelligent Process Automation (IPA) capabilities as the solution for the problem statement. The data for filing of tax reports was available in SAP, the Enterprise Resource Planning (ERP) in use by the customer, and the sales figure. We mapped the data source with the support of the Finance team. Any formulae or specific needs were also customized. After identifying the data sources, the bot then prepared the tax reports as per the particular format for submission.

The same was later verified by the Finance team to ensure data accuracy. Once approved, the finalized tax filings was either completed online or sent to pre-finalized local points of contacts for submission to the authorities in the respective countries.