Tax Technology and Taxologist Services

Tax technology has become increasingly crucial for modern businesses, as they face the challenges of a constantly evolving tax landscape. With tax regulations becoming more complex, and audits and penalties on the rise, businesses are turning to technology to help them manage their tax obligations.

 

Our tax technology and taxologist services are aimed at helping African businesses optimize their tax compliance processes and improve their financial operations. As a leading provider of tax solutions (inclusive of tax technology solutions embedded in accounting and ERP systems), serial pioneer of Tax Technology solutions such as Nigeria’s first compendium of tax and related laws (Tax Law Book App in Android and IOS); and Vi-M Tax Assist web application & tax calculators, we understand the unique challenges facing businesses in Nigeria (and Africa), and we have designed our Tax Technology and Taxologist service line to address these challenges head-on.

 

The services we offer in this regard include:

 

Tax Technology Implementation – We develop proprietary tax technology tools to assist businesses and individuals manage their tax/ finance functions. In addition, we offer customised tax solutions to our clients beginning from assessing our clients’ current tax technology infrastructure, identifying gaps and opportunities for improvement. Based on this assessment, we develop and implement a customized solution that best meets your needs. This includes implementing new tax software, automation tools, or analytics platforms to help streamline your tax processes as may be required.

 

Our tax technology implementation service also includes implementing tax technology solutions such as accounting software, ERP systems, tax automation software (including payroll software), and tax research tools to streamline our clients’ tax processes.

 

Tax Data Management: We provide solutions to help our clients manage and maintain tax data, including data warehousing, analytics, and reporting. This will not only help companies gain better insights into their tax positions and make informed management decisions; but will also help businesses to seamlessly comply with the tax data submission requirements of the various tax authorities in the country.

 

Tax Process Optimization: We work with our clients to optimize tax processes, identifying opportunities for automation and streamlining. This includes developing processes for tax reporting, filing, and auditing, as well as risk management and mitigation strategies.

 

Tax Compliance Consulting: We offer a range of tax compliance services, including tax return preparation and filing, tax research, and audit support.

 

Tax Technology Training: We offer training and educational services to help our clients stay up-to-date on the latest tax regulations, laws, and trends. This includes training on any new in-house tax software deployed by the business or tax software deployed by the tax authorities (e.g TaxProMax and its updates, etax.lirs.net, etc. ), automation tools, or analytics platforms.

 

Tax Process Outsourcing: We provide outsourcing services for tax processes, such as tax return preparation and filing, particularly as the TaxProMax and other tax platforms are getting more complex and requiring more time and expertise to complete; allowing our clients to focus on their core business activities.

 

Tax Strategy Development: We help businesses develop tax strategies that are aligned with their business goals, and which take into account changing regulations and tax laws.

 

Tax Risk Management: We provide consulting services to help companies assess and mitigate tax risks, including compliance risks, reputational risks, and financial risks. We also offer tax risks management in new divestments, mergers and acquisitions of businesses.

 

We believe that these services can help African businesses reduce risk, increase efficiency, and improve their bottom line.

 

Several benefits our tax technology services can bring to your business include:

Increased Efficiency

Tax technology streamlines the tax process by automating routine tasks such as data collection, reporting, and analysis. By eliminating manual processes, businesses can reduce the risk of errors and save time and resources. Automated tax technology also allows businesses to process large volumes of data quickly, which is especially useful during tax season when deadlines are tight.

Improved Accuracy

Manual tax processes can be prone to errors, which can lead to fines and penalties. Tax technology reduces the risk of human error by automating data entry, calculation, and compliance checks. This leads to more accurate tax filings, which helps businesses avoid penalties and audits.

Better Compliance

As tax regulations become more complex and change more frequently, it can be difficult for businesses to keep up. Tax technology can help businesses stay up-to-date on changes to tax laws and regulations, ensuring that they remain compliant. Tax software can also help businesses identify potential areas of non-compliance, allowing them to take corrective action before issues arise.

Reduced Costs

By automating tax processes, businesses can reduce the costs associated with manual tax management. This includes reducing the need for additional staff, reducing the cost of errors, and reducing the risk of penalties and fines. Tax technology can also help businesses identify tax savings opportunities, which can lead to significant cost savings.

Enhanced Reporting

Tax technology provides businesses with real-time visibility into their tax data, allowing them to generate more accurate and detailed reports. This can be especially useful for businesses that need to provide detailed tax information to stakeholders such as investors, auditors, and regulators.

Tax technology is essential for modern businesses that want to stay compliant, reduce risks, and improve their tax management processes. By automating routine tasks, improving accuracy, enhancing compliance, reducing costs, and providing better reporting, tax technology can help businesses navigate the complex and ever-changing tax landscape.

 

As tax regulations continue to evolve, businesses that embrace tax technology will be better equipped to meet their tax obligations and achieve their business goals.

 

To learn more about how our Tax Technology and Taxologist Services can benefit your business, please read our blog posts in this category – https://vi-m.com/category/tax-technology/

* We are currently running a tax technology training on the use of Federal Inland Revenue Service’ (FIRS) TaxProMax platform. Learn more by visiting https://vi-m.com/taxpromax/struggling-with-taxpromaxour-training-program-can-help/