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Enhanced tax reporting designed on our award winning tax solution. We get the most out of your data.

At Innovate Tax we design tax solutions based on how you want to report the data. We have developed a suite of bespoke XML reports and a BI solution that allow you to pull the right data out of the system to accurately and efficiently prepare your tax returns.

The aim of Innovate Tax is to change the way tax departments usually work. Instead of preparing reports at month end with all corrections made manually via journal entry, Innovate Tax has designed a solution that allows a tax department to run regular reports that identifies issues and corrects them at source.

As a result, when it comes to month end there aren’t any issues to deal with and no manual journal corrections that have no drill back functionality because all the corrections have been made to the incorrect transaction. This early warning system not only allows for data to be corrected but also for users entering the data to be pulled up and trained so they don’t make the same mistakes again.

Some of the reports that we offer;

Tax FOREX

Lists the transactions that were in a foreign currency but from a domestic supplier.

New Foreign Supplier

Lists new non-domestic suppliers so that the correct reverse tax can be checked.

List All Recovery Rates

Lists all of your recovery rates, particularly useful for financial institutions where recovery rates change on a frequent basis.

VAT ‘Most Wanted’ Exceptions Report

Lists all the invoices entered that have had a tax line changed, cancelled or manually adjusted. This report is intended to be run on a regular basis so the tax group can identify the transactions most likely to need checking.

Enhanced ‘EMEA’ VAT Selection Process

Enhanced to ensure the legal entity number chosen is dependent on the Ledger so there is no risk of choosing the wrong combination. Added functionality to run all the legal entities from one ledger, particularly useful if you have multiple legal entities under one ledger.

US Sales and Use

Our US Sales and Use tax reports allow you to extract the data first by transaction so that line by line you can check to make sure the right tax has been determined. Once you are happy with your data, run the report by jurisdiction to make tax filing and submission nice and easy.

VAT/GST Worldwide Tax

A dynamic report that can be used on any GST/VAT based tax regime to prepare the data for your tax returns. Built in currency functionality that allows for a particular bank exchange rate to be reported if needed.

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