MAIN TAKEAWAY
The Compliance tracker is a mobile app to track your compliance workflows in real-time, anytime, anywhere. It allows you to gain insights on global compliance status and keep your team in control, pressure has a negative load to it. It is a two-way tracker, giving the power back to the global head of Tax Compliance.
INCREASE CONNECTIVITY IN THE ORGANIZATION
We believe that a digital transformation only helps the organization if the tools it embraces are connected to each other, otherwise you’re still putting data in a system or excel sheet manually. The real advantage comes in when systems “talk” to each other.
The key is to build a lego house that connects the lego blocks seamlessly together, so it is 1 strong house and every room has an open door. The higher the connectivity, the least amount of manual work that needs to be done. If you want to heat the house, you can do that from anywhere in the house in 1 go instead of having to do it in every room separately (preventing double versioning).
Example of apps talking to each other: VAT return prep. Software (i.e. R7VAT) triggering the “completed” status in the Compliance Tracker, notifying the Head of Tax to do a QC. This reduces the emailing and calling back and forth between Head of Tax and Compliance Officers.
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INCREASES EFFICIENCY IN THE ORGANIZATION
When talking about “connected” we mean that data from one application can be used to feed another application. A “connection” allows that feeding. The more applications in the house, the more data is being produced, resulting in more efficiency. So, the bigger the house, the least amount of manual work and human errors (but only when connected right!).
The Compliance Tracker on itself is already creating a more efficient tax compliance handling, because all the compliance workflows are coordinated from a central point, saving 30 minutes per day per FTE on emailing alone.
Every floor you want to build on top of your house will only increase the efficiency in the whole house because the rest of the rooms can take advantage of the data that another room produces due to the open house (full connectivity) structure.
Results:
Create data efficiency because there is only 1 data source instead of multiple, and all endpoints are synchronized
Less unnecessary emailing and calling. Instead of sending thousands of inconclusive emails to track the status of delivery, the compliance tracker allows you to find with the latest document status in just one click
INCREASE SCALABILITY IN THE ORGANIZATION
The Compliance Tracker grows with the organization in terms of functionality and cost, just like the rest of the tools that we connect with. Independent on the size of your tax compliance obligations, the tracker works for 50 documents, but it just as easily works for 5000 documents.
The bigger the connected structure, the more efficient it runs:
House: The Compliance Tracker keeps track of all preparation work until it can be sent out to the tax authority
Villa: APIs connecting an application that sends automatically to the tax advisor and saves the confirmation in a designated folder on your SharePoint
Castle: Connecting an app that automatically releases the payment of the return in time
So, whether you live in a castle or in a house, as long as all the lego blocks are built in a way that they seamlessly fit on top of each other, your house grows with you, while reducing the cost per inhabitant.
Every block you add creates more room for your team to breath and perform analyses for examples providing useful insights for the business side.
AT WHAT COST?
The real cost advantage has a long-term view when the lego house of connected blocks is getting bigger and bigger, but the Compliance Tracker on itself already has a closing business case. Besides fines being history, the efficiency win is already worth the investment.
How much time is saved every year per compliance officer because of increased efficiency? 30 minutes of emailing saved per day because we now use the compliance tracker.
Example:
A coffee company with presence in 20 European countries
A shared service centre with 10 compliance officers is taking care of all tax compliance work