As the finance function embraces technology and makes real-time financial data and insights available, the tax function is also leveraging new technologies and evolving in tandem to better support the management in making timely business decisions.
Tax consultancies too must scale up to provide better client support anytime, anywhere. For tax professionals in practice, a general three-stage guide on digitalising is available in the Accountancy Industry Digital Plan (Page 6). Begin by finding out, how digital-ready your firm is here.
The Inland Revenue Authority of Singapore has also shared its Digital Ecosystem Strategy to enhance tax filing. SCTP has also compiled some of the tax digital solutions below:
• CCH INTEGRATOR™(Demo starts at 31:40 and Slides, Guide to Tax Technology Adoption)
• SINGTAX (Demo starts at 10:30, SINGTAX Corporate’s Guides: Retrieve Pre-fill Data and e-File Form C-S)
• Thomson Reuters’ OneSource
• Wolters Kluwer’s Prosystem Fx Engagement (Demo starts at 33:00 and Slides)
• Xion’s AI.TaxAssist (Demo starts at 11:10 and Slides)
Integrate ACRA and IRAS Fillings
There is now an integrated and automated filing solution that allows companies to seamlessly prepare and file the Annual Return and Form C-S with Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) respectively. The digital solution leverages on Application Programming Interface (API) to simplify the tax filing process for companies and reduces their risk of making errors.
Two accounting software that are capable of achieving this integration are Netiquette and SMECEN. View their demos below. Currently (till 31 March 2022), up to 80% funding may be available for the first purchase of an accounting software.
Organisations who wish to link their proprietary software to both the government agencies’ systems for an efficient filing process for your clients or businesses, may reach out to the tax authority here.
Robotic Process Automation (RPA)
Imagine an automated process logging in and updating your files and systems while you sleep so that you have everything ready to be reviewed and analysed when you step into the office. That reality is here. Watch RPA in action.
A plethora of examples of how RPA is leveraged in the accounting function can be found online such as the automation in keying of incoming receipts into the accounting system. Watch the introductory session curated for tax professionals on RPA and its application in tax work!
Other Online Solutions
In view that many are telecommuting and working away from easily accessible office equipment, various free online tools such as pdf merge, pdf split, pdf editor, pdf protect and scanning apps (CamScanner for Apple | CamScanner for Android) continue to be popular. These are in addition to an array of remote working solutions and other online solutions available of which many have funding support too!
Do remember to be safe online. Cybersecurity resources are available for enterprise leaders and small medium enterprise owners. There are also materials to guide companies in boosting employee awareness of how to be safe online.
If you require further assistance on adopting technology, please contact SCTP.