eBiz Answers is taking on the big guys and winning! Their route to 100% indirect tax compliance has won them ‘European Tax Innovator of The Year’
London, UK – June 2016.
“Winning European Tax Innovator of the Year at the annual International Tax Review’s European Tax Awards is a huge achievement for eBiz Answers. It proves that we are making a measurable difference in terms of tax innovation” says CEO: Andrew Bohnet
Many businesses have dangerously underestimate the need for robust governance of their indirect tax, defaulting tax codes and even allowing staff to manually apply rates of their choice. Without question, this always leads to errors, incorrect reporting of VAT and an incrementally expensive burden upon the tax teams who end up processing unreliable data. Moreover, these inefficiencies sit badly with HMRC’s 2016 drive for governance and compliance; they are a clear handicap to achieving a Low Risk tax assessment; and, of course, SAO certification. When eBiz Answers carries out Indirect Tax reviews for their clients they find that most VAT issues which they uncover are invisible to the business, so tax returns are naïvely incorrect. Andrew Bohnet explains “tax is not always recovered, of course HMRC becomes concerned and, in some circumstances, fines are issued. Our tried and tested automated Indirect Tax Solutions remove these risks and we do so at a fraction of the cost of engaging the well-known accountancy organisations, and without any need to procure an external tax engine, thereby providing further savings for our clients.”
A recent poll of Senior Accounting Officers reported that over three-quarters (77%) of those surveyed said they undertook a review of their reporting systems, with nearly half (46%) citing VAT as the area causing them most pain. As the EU VAT gap grows, so too will the associated rules around compliance. Without question, the need for automated Indirect Tax Solutions will soon become mandatory. With many companies identifying this reality, eBiz Answers has noticed that the demand for their automated Indirect Tax Solutions has increased; “this is no longer the afterthought which it once was” says Andrew Bohnet.
eBiz Answers currently specialises in all the Oracle ERP platforms and their expertise extends from R12 eBTax to Fusion (Oracle Cloud). Their aim is simple; to change the current status quo of indirect tax processing and guarantee 100% compliance by trapping errors at source. The bottom line benefits are tangible and eBiz Answers is bridging the gap for their clients, transitioning them towards HMRC’s 2016 governance requirements.