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 a practice firm, 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.
Specifically for tax, these are some of the digital solutions:
• CCH INTEGRATOR™ (Guide to Tax Technology Adoption)
• Thomson Reuters’ OneSource
• Wolters Kluwer’s Prosystem Fx Engagement*
• Xion’s AI.TaxAssist (Demo and Slides)
*SINGTAX and Prosystem Fx Engagement are pre-approved solutions of the DTACT funding where small and medium-sized practices can get financial support of up to 70% for the first year of adoption of each of the pre-approved solutions, with the total grant amount capped at S$30,000.
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 December 2020), up to 80% funding is available on the first purchase of an accounting software with this new capability.
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.
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. If you require further assistance on adopting technology, please contact SCTP.