Italy New TAX code

Financial Operations

Italy New TAX code

01 Dec, 2023

CFSL

TaxCode

Tax

VAT

Calculation

AFS

Finance

Market

Italy

SERVICE LINE

Financial Operations

IMPLEMENTATION PERIOD

2022

KEYWORDS

AFS

SPIRIT BEHAVIOURS

Create the Future

Our commitment to customer care extends to ensuring a seamless experience when managing invoices and taxes. We understand the importance of these financial aspects and strive to simplify and facilitate the process for our valued customers.

Challenges and Solutions

Challenges

We needed a faster and more efficient Accounts Receivable Batch (AR) to post a one-time charge to multiple individually selected AR accounts simultaneously. We wanted to change the process for our Italian customers under split payment without creating two documents, one for the total invoice amount and another for the VAT.

Solutions

The team worked on creating a new tax code under the Italian Split Payment regime for our customers. This solution eliminated the risk of human error during VAT calculation and preparation, increased headcount capacity for invoice issuing, and eliminated AR posting process wastes.

Value and Impact

Eliminated the possibility of human error.

Increased the capacity to issue more invoices in less time.

Eliminated AR posting processes like motion, storage, and transportation.

Month-End Close Acceleration

We have an uncompromising commitment to deliver data promptly to ensure our business success and enable better decision-machining.

Financial Operations

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Process Backlog Monitoring Tool, Service Controlling

We developed our process backlog monitoring tool to ensure accurate reporting of financials. Before that, we tracked and maintained these backlogs of unprocessed items through PPT. Now, the new automation tool helps manage backlogs in a better-structured format, providing the benefits of seamless governance, accurate financial reporting, and a more presentable visualized summary.

Financial Operations

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Trade Tax Allocation Process Improvement, Tax

The complicated workflow of the German Trade Tax allocation process was resource intensive. Each item of the pending items open list required manual allocation of details. We automated the allocation process to make it easy. The automation process improvement helped us in the timely preparation of prompts and reports of the tax payments, making the whole process simpler and faster.

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