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Are you ready for the future of tax?

Vertex — Mon, 04 Mar 2024 14:22:13 +0000

Tax leaders across the globe are under increasing pressure to add more strategic value as companies accelerate their digital transformation plans. These pressures are both internal and external forcing the business to transform on multiple fronts.

This eGuide provides insight for the tax department to show how they can drive business growth, boost corporate agility, and help future-proof indirect tax determination and compliance covering:

– How tax can add strategic value
– Why tax authorities are making increasing demands
– The transformative steps companies need to go through

Download the guide to learn more.

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The post Are you ready for the future of tax? appeared first on ERP Today.

PwC UK launches AI tax assistant with Harvey and OpenAI

Yoana Cholteeva — Thu, 15 Feb 2024 11:47:06 +0000

PwC UK, together with alliance partners Harvey and OpenAI, has announced the launch of its UK tax-trained AI model.

The tool made available to all 2,300 PwC UK tax professionals will play the role of an AI assistant generating tax content as part of the delivery of services to clients.

Built on a foundation of PwC UK’s tax expertise, with underlying technology developed by Harvey and OpenAI, it has combined tax and technology skills that promise an AI asset that turns knowledge into outcomes for users.

Laura Hinton, tax, legal and workforce leader of PwC UK, said: “Generative AI is transformative and presents unprecedented possibilities for both our people and our clients.

“Our approach will always be human-led, tech-powered and AI will complement our expertise, allowing our subject matter experts to deliver deeper, more robust and transparent insights to our clients.”

Tax professionals will use the AI assistant tool for cross-referencing as it has been trained on case law, legislation and other underlying sources, together with PwC UK’s IP, with the data regularly refreshed to reflect changes and updates to tax rules.

As a result, the model is said to generate higher quality and accuracy in the tax domain when compared to publicly available Large Language Models, allowing for transparent validation by tax professionals.

“By leveraging the cutting-edge technology of Harvey and OpenAI, we have created a unique AI asset that combines deep tax knowledge with natural language processing and generation capabilities,” Winston Weinberg, co-founder and president of Harvey, commented. “This is a prime example of how AI can augment human expertise and transform the way professional services are delivered.”

Brad Lightcap, chief operating officer of OpenAI, said: “We’re seeing a surge in the practical application of AI being built on our platform. The innovative AI assistant built by PwC and Harvey is a prime example of AI’s power to supercharge the capabilities of knowledge workers and enhance the customer experience.

This latest development is part of PwC’s wider strategy to lead the professional services market in the adoption of AI and technology and help users benefit from the changing environment they operate in.

The partnership was first announced in October last year, underpinned by PwC’s adoption of ChatGPT Enterprise for general use within PwC UK. In addition, the collaboration is set to involve HR/Workforce AI models expected to be rolled out in the coming months.

The post PwC UK launches AI tax assistant with Harvey and OpenAI appeared first on ERP Today.

Is your SAP data environment ready for a Tax Audit?

Shána Briddock — Wed, 10 Jan 2024 12:46:44 +0000

For SAP users, preparing for tax audits can become a daunting challenge, especially when it comes to granting real-time access to critical data from decommissioned SAP systems. This hurdle can significantly impede the audit process and compliance initiatives. Software companies recognize this pain point and for SAP users the first step at overcoming this is to find a company that specializes in SAP systems.

One such example, PBS Software, has introduced a solution tailored specifically for SAP users: The Enterprise Content Store.

One of the biggest headaches SAP users face during audits is providing quick and efficient access to vital data and documents, especially from retired SAP systems. The Enterprise Content Store from PBS Software directly addresses this pain by consolidating data and documents from decommissioned SAP systems into a single, accessible repository.

Imagine a solution that seamlessly extracts and transfers data from SAP systems while maintaining critical links between tax-relevant data and original documents, even beyond the SAP environment. That’s precisely what PBS Software offers through tools like the PBS Data Export Interface, PBS CDART and PBS CONEX Flex—streamlining the extraction process and ensuring data integrity.

The Enterprise Content Store isn’t just a repository; it’s a gateway that organizes legacy data and documents for hassle-free access. SAP users can swiftly retrieve crucial information needed for audits or compliance checks, simplifying the entire process and ensuring auditors get what they need without cumbersome delays or complications.

SAP users enjoy a range of key benefits – they gain seamless PC-based access for extracted data, easing audit bottlenecks, experience enhanced efficiency in processing data from production databases, access a solution that empowers deep data analysis through reports and queries, effortlessly prepare for audits, ensuring accuracy and compliance and directly access SAP print lists, expediting document retrieval.

At the heart of every SAP user’s challenge lies the need for swift, reliable access to critical data during tax audits. Software companies and solutions like these offer SAP users a seamless solution. For SAP users, this isn’t just about compliance – it’s about empowerment. It’s about streamlining access to vital information, simplifying processes and ensuring confidence during audits. The Enterprise Content Store isn’t merely a tool – it’s a strategic advantage, enabling SAP users to navigate tax audits with ease and efficiency, ultimately empowering them to focus on their core operations without hindrance.

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