If your finance team does business worldwide and especially in Europe, you’re probably very familiar with the time-consuming VAT Returns process. But it doesn’t have to be this way! No matter if it’s VAT, GST, or Sales Tax and how long and costly it can be, UiPath put their heads together to come up with a better way that can make the process 85% faster. Read next to learn how they did that.
Using UiPath’s digital assistants you can start automation at the click of a button. In the interface for VAT automation, you can first create the returns and second update the reference received from the fiscal authority. It can be customized to your specific needs. Just select the period, country, and type of return and it will start building returns by importing data from your ERP system into the VAT return database. After clicking start the robot begins building the returns on a Cloud Virtual Machine making all the relevant checks. When it finishes it will send you the results via email. This email contains information about the country, period, reference number, and other relevant details. Most importantly, it contains the files built by the robot, received as attachments a detailed report of the extracted transactions, a summary of the particular cases identified in the financial data, and the field in returns ready to be sent to the fiscal authority. If there are any issues in the financial data, it will let you know so you can investigate and correct them.
In this case, the returns have been successfully built and are correct. The returns are now ready for you to upload to the fiscal authority which will give you the entry number to update your systems. Once you have the reference from the email and the ID reference generated from the fiscal authority, you can update your financial system ready for tracking and reporting. And that’s it. It’s that easy – select your parameters, receive the email, submit your returns, and update your financial system. What’s more, the whole process can be easily integrated into whichever financial system you use whether that’s NETSUITE, SAP, or anything else.
UiPath itself has saved $55K and 950 hours of internal effort annually with this automation freeing up their teams to do work that really matters.