Tax compliance is undeniably important for organizations of all sizes, and the consequences of non-compliance can be severe. Complicating matters, especially for international organizations, is the length and complexity of tax law affecting almost all financial dealings. For instance, the Value Added Tax in the EU has a multitude of sections with far-reaching implications.
On many levels, tax reporting can be confusing and difficult – especially when concerning unusual or ‘one-off’ transactions (ie. a special event or the purchase/sale of products). Deciding what regulations apply in each case is a major headache and time investment for organizations, and doing so correctly is critical.
There is, however, a way to simplify matters.
This input data determines what regulations are applicable and makes the correct path to tax compliance clear. The Signavio Decision Manager helps organizations turn convoluted regulation into traceable decision logic tables which can be easily read, understood and acted upon. Because these tables follow the standard of Decision Model & Notation (DMN) – a graphical language built by experts for maximum clarity – they are usable for anyone who needs them.
Organizations can then directly advise accounting personnel with the tax models they’ve built. They can also apply these models to a process application which computes the taxes and reports them to a Corporate ERP/tax reporting system. With the Signavio Decision Manager, organizations have a powerful tool for distilling complex tax regulation into simple, actionable models.