Enhanced Tax Reporting Infrastructure

Stories>Enhanced Tax Reporting Infrastructure

Poor source data quality can negatively impact the quality of the tax reports that financial institutions are required by law to prepare and submit to the South African Revenue Service (SARS). One of the most significant problems in this regard is that multiple tax submissions may be created per customer by different business departments within a single organisation. Strategically updating an institution’s tax reporting infrastructure will not only ensure that a single tax submission is produced per customer, but also eliminate the need for manual intervention in the reporting process.

With strong technical skills and extensive knowledge of the systems and processes that drive a financial institution, Monocle is rapidly able to perform a detailed analysis of an organisation’s current tax reporting framework on behalf of customers and identify key opportunities for enhancement. We then work with our clients to develop a solution that will ensure that a single tax submission view per customer is created from a central, curated data warehouse, where all necessary data governance, data quality, and data security layers have been put in place.

Through the application of data quality principles, the timeframe within which tax returns are produced will be dramatically reduced, while the accuracy of the reports will be significantly improved, ensuring that financial institutions can have confidence in the figures they report.