Errors in GST reporting have cost Australian corporate taxpayers over AUD$1Billion over the past 3 years, new tool automates reporting to reduce increasing spreadsheet errors
CCH, a Wolters Kluwer business and global leader in tax, accounting and audit information, software and services for professionals today announced its latest addition to its CCH Integrator™ portfolio. The CCH Integrator™ Australian GST module further expands CCH Integrator’s single source of truth compliance and reporting capability. This all-in-one, cloud-based GST Compliance, Reporting and Data Analysis solution is specifically designed for Australian business. The solution can be deployed quickly to fully automate the preparation and lodgement of Business Activity Statements and can be used as a stand-alone or fully integrated module within the CCH Integrator™ suite of products.
The CCH Integrator™ Australian GST module replaces Excel spreadsheets and multiple systems for different tax operations. It relies on central cloud-based access to one set of data for streamlined collaboration for compliance purposes. With risk frameworks for GST that can be extended to incorporate client-specific business processes embedded into the system, robust compliance processes are assured. This specialist GST risk management solution reduces compliance costs considerably for some organisations.
- Best Functions - integrates General Ledger and transaction files for GST computation with audit trail limits and user traceability
- Best Compliance - automates calculations, reduces processing time, responds quickly to rule changes and reduces rework computations when compared to Excel spreadsheets
- Best Results - assurance on accuracy of GST declarations, improved internal controls from returns to source data, flexible exception checks increases accuracy
- Best Practice - implement superior GST practices on internal controls and processes, assesses qualification and compliance for specific GST schemes, reduce risk of penalties, mitigate risks on transaction and GST reporting levels
- Complements CCH Integrator™ platform or can be used as a stand-alone solution
- Standard Business Reporting compatible, adapts to domestic GST and VAT environments.
Managing Director of CCH Corporate Reporting Solutions, Peter Boyle said that errors in GST reporting have cost Australian corporations significantly since GST was introduced.
“This is directly linked to the incorrect underlying data provided for tax preparation and the accounting and Enterprise Resource Planning (ERP) systems that are relied upon to produce reports. CCH Integrator™ Australian GST module puts the control over data, accuracy and compliance back into the hands of the tax and finance teams, allowing corporate taxpayers to better understand the process and avoid potential penalties,” Boyle explained.
When queried in the recent GST Roadshow Survey, initial feedback indicated that data collection and transaction analysis were the biggest issues these teams faced with their monthly GST reporting.
“It comes as no surprise that most of these organisations were relying on ERP systems extracts and manual Excel spreadsheet analysis for GST report preparation. The same organisations also described collation, calculation and reconciliation processes requiring multiple staff and requiring large time commitments to lodge reports on time. These are all challenges that are addressed with the automation of GST analysis and statement production,” Boyle said.
To demonstrate the powerful capabilities of CCH’s next breed GST risk management solution, CCH has hosted early morning technology showcases in Sydney on 9 October 2013 and in Melbourne on 10 October 2013. Additional 30-minute online product demonstrations are scheduled on 17 October 2013.
About CCH, a Wolters Kluwer business
CCH ( www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2012) €3.6 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.