The future is data. Or better said: the future is now! Companies are sitting on lots of information and data. Information about their products, their customers and suppliers, transactional data, information about the markets they operate in, etc.
For many companies it may be difficult to see how much data and information they actually have, and how they can use this information. Data Analytics is one way of organizing and presenting the relevant data, also for the tax and finance function.
Tax authorities around the globe are requesting more and more information electronically, and expecting companies to use electronic platforms and tools to provide data. In some cases even in real-time.
Grant Thornton published an article describing the opportunities to run data analytics on historic tax and transactional data to identify and quantify VAT recovery opportunities – generating cash and improving cashflow for the business.
The article can be found HERE.