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    Autonomous Management · Accounting, tax and reporting

    Autonomous Tax Management

    Factorbooks runs tax work in one flow, from the business transaction to the financial statements and from the return to the accrual and payment. Returns are prepared from the business and accounting data already entered. You never enter the same figures twice, and inconsistencies show up before you file.

    Included in the MOTUS, NEXUS and IMPERA packages. In NUCLEO, accounting and tax stay with your financial advisor, who receives the data by transfer.

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    How it differs from other ERPs

    The same work, done two different ways.

    In other ERPs

    • Return figures are taken from accounting reports and copied into a separate program by hand.
    • VAT carried forward is moved to the next month by hand.
    • After filing, the accrual entry is posted separately.
    • Disallowable expenses and other tax adjustments are worked out in spreadsheets each provisional tax period.
    • Differences between business records and returns are often found during an audit.

    In Factorbooks

    • Returns are prepared automatically from business transactions and accounting records.
    • VAT carried forward is calculated and moved to the next VAT return.
    • When you approve a return, the accrual entry and accounting records are created with the right tax codes.
    • Provisional and corporate tax are calculated from the system’s income statement, taking disallowable expenses and other adjustments into account.
    • Differences between business records, accounts, financial statements and returns are flagged for review before filing.

    How is the VAT return prepared at month end?

    During the month you entered your sales and purchase invoices as usual.

    1. Data is gathered

      The month’s business transactions and accounting records form the basis of the VAT calculation.

    2. Checks run

      Inconsistent data, unusual amounts and possible filing errors are flagged.

    3. The return is prepared

      The VAT return is prepared, with VAT carried forward from the previous month already included.

    4. Approval and accrual

      When you approve the return, the accrual entry and accounting records are created with the right tax codes.

    5. Payment is tracked

      The accrual shows in the cash plan with its due date. You can pay it in part or in full.

    Which work runs autonomously?

    You enter the record; Factorbooks does the work below for you.

    Tax returns

    VAT 1 and VAT 2
    VAT returns are prepared from the data in your business transactions.
    Withholding and social security
    Returns 1003A and 1003B are prepared from the same data flow.
    Special consumption tax (SCT)
    The SCT return is prepared. SCT on durable consumer goods follows the related tax rules.
    Provisional and corporate tax
    The system’s income statement is the basis. Disallowable expenses and other adjustments give the tax base and the tax due.

    Accruals and payments

    VAT carried forward
    VAT carried forward is calculated and moved to the next period, with its accrual and accounting entries.
    Tax accruals
    Accruals for returns and other tax obligations are created by tax code.
    Motor vehicle tax
    Pick a vehicle to create its motor vehicle tax accrual. Pay it by bank, cash or credit card.
    Flexible payment
    Accruals are tracked by accrual or by tax type. Partial and full payments are both possible.
    Tax planning
    Tax obligations, due dates and expected cash movements are looked at together.

    Rules and checks

    Rules based on legislation
    Calculations and checks follow tax legislation and defined business rules.
    Risk and error detection
    Automatic checks find inconsistent data, unusual amounts and possible filing errors. In some areas machine learning supports the risk analysis.
    Legislation changes
    When the law changes, rule sets are updated and the affected calculations and returns are checked.
    Consistency checks
    Differences between business records, accounts, financial statements and returns are flagged for review.

    What it gives your business

    • Time and cost savedCalculations, checks and return preparation are not done by hand.
    • Fewer errorsOne data flow from business records to the return cuts errors from repeated data entry.
    • Checks before filingInconsistencies and risks are visible before the return is filed.
    • Cash planningAccruals and due dates are known in advance, so cash can be planned for them.
    • Lower penalty riskMissing or wrong returns, late filing and miscalculations are spotted early.
    • A process that does not depend on one personTax work follows shared rules, so the knowledge does not sit with one person.
    • Ready for auditCalculations, checks, adjustments and entries can be traced back.
    • All branches and companies in one placeTax work for different branches and companies is followed in the same system.

    The Factorbooks approach

    At Factorbooks, tax management is more than preparing returns. A business transaction becomes a tax calculation, the financial statements are tied to the tax base, the return is prepared, the accrual is created and the payment is tracked. All of it runs on the same data, in one flow.

    Modules where this runs

    The autonomous process described here runs inside the catalog modules below.

    Tax Management

    VAT, special consumption tax, withholding and premium service, corporate and provisional tax returns.

    12 features

    Frequently asked questions

    Which returns are prepared?

    VAT 1, VAT 2, withholding and social security (1003A and 1003B), SCT, provisional tax and corporate tax returns. Motor vehicle tax accruals can also be created.

    What happens when the law changes?

    Changes are followed and the related rule sets are updated. The affected calculations and returns are checked again.

    Is tax management included in NUCLEO?

    In NUCLEO, accounting and tax stay with your financial advisor, who receives the data by transfer. Autonomous Tax Management is included in MOTUS, NEXUS and IMPERA.

    Other autonomous modules

    All autonomous modules

    See it with your own data

    We will set the scope and the package together, based on your transaction volume.

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