preamble
With the wave of digitization sweeping the world, the financial industry is facing unprecedented challenges and opportunities. How to maintain compliance and improve efficiency in the complex tax environment has become a top priority for every financial enterprise. Today, I would like to introduce how to realize the intelligent innovation of tax management and enhance the competitiveness and sustainable development of enterprises by leveraging the intelligent tax platform.
Industry Background
Advancement of tax reform
In recent years, China's tax reform has been deepening, especially in the areas of value-added tax (VAT), enterprise income tax (EIT) and personal income tax (PIT), with frequent adjustments and changes in policies and regulations. Such changes have prompted financial enterprises to face higher requirements in tax compliance. The complexity and importance of tax treatment for financial institutions, as the main hub of capital flow, has also increased.
The Dawn of the Digital Age
With the rapid development of the digital economy, the financial industry is undergoing a profound transformation. Digitization has not only improved the efficiency and quality of financial services, but also made tax management more complex. Enterprises need to effectively analyze the massive amount of data to ensure the accuracy and compliance of tax returns. In addition, the application of digital tools is also changing the traditional tax management, driving the intelligence and automation of tax work.
Changes in the international tax environment
Global economic integration has made the tax management of multinational enterprises more complex. Driven by international organizations such as OECD (Organisation for Economic Co-operation and Development), tax policies tend to be standardized across countries, which poses new challenges to cross-border tax management in the financial industry. Financial institutions need to constantly monitor changes in international tax policies to avoid potential tax risks.
Increased tax burden on businesses
In an environment of increased downward pressure on the economy, enterprises are generally facing an increased tax burden. Enterprises in the financial industry especially need to optimize their tax structure and reduce tax costs while ensuring compliance. Therefore, it is particularly important to find efficient tax filing solutions.
Pain points faced
In the current financial environment, enterprises generally lack systematic risk management tools. Many financial institutions have not established a sound tax risk control system, resulting in a lack of timely identification and countermeasures when tax risks occur. Although the informationization construction of the financial industry is relatively mature, the level of informationization is still insufficient in the field of tax management. The tax systems of many financial institutions cannot be effectively docked with other business systems, resulting in serious data silos and affecting the accuracy and real-time nature of tax data. When building a tax system, there are several aspects to focus on:
1) Retain old work habits and improve data collection capabilities
A large amount of tax data, such as invoices and tax returns, are initially generated and recorded in Excel files. Some small and medium-sized financial enterprises are constrained by the level of informatization, and the tax data may be stored, transferred, summarized and processed in Excel files for a long period of time, forming a heavy "Excel tax". When building a systematic tax management system, how to retain the original working habits and realize efficient data collection and unified management is a point to be considered.
2) Use past tax calculation models and historical documentation
Many enterprises have built various tax calculation models in Excel, such as tax adjustment, income tax expense, deferred income tax, etc. These models have guiding significance for tax processing, but they also increase the difficulty of "breaking Excel" when building the system. These models are the result of many years of business knowledge and experience of tax and finance personnel, which are of guiding significance to tax processing, but also increase the difficulty of "breaking Excel" when building the system. Whether there is a suitable technical solution that can be compatible with historical Excel files and formulas, and realize smooth upgrading of the system is a point of concern when building a tax management system.
3) Quickly build diverse and complex reports
There are many kinds of tax reports, and the format is complicated and changeable, many enterprises are used to use Excel to design the report style and apply the data to form the report. Even if you build a tax system, in the habit or to cope with unexpected needs, you will still export the system data to Excel to re-process, the formation of "Excel" statements. Then the system needs to consider the compatibility of Excel files, functions and operations when building and applying, to ensure the convenience of building online reports and the ability to export the corresponding Excel files.
4) Do a good job of keeping audit trails to ensure safe operations
The formation of every figure in the tax system needs to be traceable. However, the use of offline Excel for report generation often lacks a linkage mechanism between data, resulting in a lack of effective audit trails in case of data discrepancies, which affects the rigor of tax processing. Therefore, when building a tax system, ensure the realization of the audit trail function to ensure the subsequent safe operation.
5) Multi-system data integration to form a comprehensive data view
Tax management involves data from various fields such as finance, business, and human resources, which are scattered in various source systems such as ERP, CRM, and HR. It is necessary to consider how to effectively integrate the data and establish a unified data view to lay the foundation for subsequent tax processing.
prescription
When building a tax management system, SpreadJS, a pure front-end spreadsheet control, and GcExcel, a server-side spreadsheet control, can be used to solve the above problems. Pure front-end form control SpreadJS can provide rich interactive functions and data processing capabilities, users can enter, view and analyze data through an intuitive interface to enhance the user experience; in the case of complex calculations and batch data processing, the use of GcExcel can deal with large amounts of data, providing high-performance report generation capabilities. Specific Contains:
1) Excel-like features for a smooth transition of the system
Excel, as a familiar tool for tax administrators, plays an indispensable role in tax management. This Excel-based "bulk" management model is flexible and convenient, but it also brings many drawbacks such as data fragmentation, process fragmentation, and lack of audit trail. SpreadJS, a pure front-end spreadsheet control from GrapeCity, provides the same functionality and operation as traditional Excel, helping enterprises realize a smooth transition from "Excel Tax" to "System Tax". This not only improves the online level of business operations, but also ensures that historical Excel documents can be efficiently reused, preserving the value of historical assets.
2) Compatible with 500+ Excel formula functions, efficient reuse of existing models
In the tax management practice of financial enterprises, a large amount of tax planning logic is encapsulated in Excel formulas and functions, such as the calculation of value-added tax output tax, the measurement of income tax adjustments and so on. These formulas are the business knowledge and experience of financial staff for many years, and they are also the key to tax processing. The traditional information system is difficult to be fully compatible with Excel function syntax, resulting in a large number of calculation logic can not be reused when the system is switched, and the finance and tax personnel need to redefine the calculation rules in the system. This is not only time-consuming and laborious, but also may affect the accuracy of the calculation due to the conversion error of the rules, increasing the resistance of the system promotion. The unique Excel-like capabilities of SpreadJS can help maximize the reuse of existing calculation models, and is compatible with more than 500 kinds of Excel calculation formulas, which can meet the calculation needs in various scenarios, such as user-defined, cross-table references, and exception calls, etc., and can realize effective data aggregation without rewriting calculation logic. When tax regulations and accounting standards change, you only need to modify the formula functions online to quickly respond to policy changes. Through the smooth migration and flexible configuration of Excel-like features, it effectively reduces the resistance of business personnel to the new system and realizes the systematic management of corporate tax knowledge.
3）Support all kinds of complex report styles, improve readability and interactivity
In tax administration, a large number of returns, analyzes, and adjustments are presented in Excel. These reports often have complex formatting styles, such as conditional formatting, merging cells, embedded charts, etc., to enhance the expression of information. Traditional Web reports are difficult to restore the style of Excel reports, so in the actual use of the process, the financial staff still need to export the system data to Excel for secondary processing to meet the needs of personalized reports. SpreadJS, a pure front-end spreadsheet control, and GcExcel, a server-side component, can effectively solve the above problems. spreadJS supports one-click import of Excel templates, and cell formatting, conditional formatting, formulas, pivot tables, etc. can be seamlessly migrated. Through drag-and-drop design, you can easily implement the commonly used 18 kinds of conditional formats, such as data bars, color scales, icon sets, etc., highlighting the key tax indicators. With the built-in 32 chart types, you can easily create a variety of report graphics, and with the data linkage panel, you can link the background data to realize the dynamic calculation of report items.
(4) Refinement of rights management, audit traces to ensure safe and controllable
Tax data security is the cornerstone of enterprise security operation, SpreadJS can provide fine-grained permissions management capability, according to the system management needs based on role, user, data items and other dimensions. According to the needs of system management, you can configure access rights based on roles, users, data items and other dimensions, so as to achieve the real meaning of "rows are limited, columns are prevented".SpreadJS supports cell-level permission settings, based on which you can set certain cells of the report to allow only the chief accountant to view, but not edit; some sensitive data are only open to the management, etc. SpreadJS supports cell-level permission settings, based on which you can set certain cells of a report to be viewed only by the general accountant, but not edited; certain sensitive data is only open to management, etc. At the same time, SpreadJS also provides open API capabilities, which can be used to improve the system's audit trail mechanism. All user operations on reports, such as data modification, formula changes, etc. can be recorded in the operation log, reflecting the real operation of the time, personnel, content, IP address, etc., to ensure that there are traces.
Introducing SpreadJS and GcExcel to Tax Management Systems
Typical Functions
Tax management in the financial industry is a complex, professional and dynamic process, covering various aspects such as tax calculation, tax declaration, risk control and tax analysis. Among them, VAT management includes output tax management, input tax management, input tax transfer, application form management, and enterprise income tax management includes income and expense collection, tax adjustment, income tax expense accrual, tax return management, as well as other tax and fee management such as withholding and stamp duty. In addition, the system also includes various functional modules such as generation, audit, online filing of all kinds of returns, invoice authenticity check, tax burden analysis and early warning, risk task management, multi-dimensional report production, visualization kanban, and so on. The following is an example to show the application of SpreadJS and GcExcel in tax filing system from historical data import, real-time calculation and analysis, automated tax filing, risk warning and online report generation.
1) Data import and processing
- Multiple Data Source Support: The system supports importing data from multiple data sources, including financial data, invoice data and tax declaration data. Users can simplify the data entry process through automatic collection, fixed-point capture and one-click import.
- Data cleansing and transformation: In the process of data import, the system provides data cleaning and conversion functions to ensure the accuracy and consistency of imported data.
2) Real-time calculation and analysis
- powerful computing engine: UtilizationSpreadJS The calculation engine, supporting more than 500+ Excel standard formula functions, can realize real-time calculation and multi-dimensional statistical analysis of financial data.
- Custom Function Support: Users can customize functions to meet a variety of complex calculation needs based on specific business requirements. This is especially important in the calculation of financial statements such as balance sheets and income statements.
3) Automated tax filing
- Automatic generation of tax returns: The system is capable of automatically generating tax returns that meet the requirements according to the latest tax regulations, reducing manual operations and improving the efficiency of tax filing.
- One-click batch tax filing: Combined with CA shared server, users can make batch tax declaration and automatic tax withholding in the system with one click, which greatly improves the convenience of tax filing.
4) Risk Early Warning Mechanism
- Real-time monitoring and early warning: The system automatically identifies potential tax risks through data analysis and notifies relevant personnel to deal with them in a timely manner through an early warning system. Risk points include statement balance, negative funds, negative inventory, etc.
- Corporate Financial Health Score: Provides companies with an intelligent scoring system to regularly assess their financial health, helping them identify and avoid potential risks in a timely manner.
5) Flexible report customization
- Customized report templates: Users can customize tax returns and financial statements to meet their individual needs. This feature makes report generation more flexible and efficient.
- Multi-dimensional data visualization: The system supports the visualization of complex data in the form of charts, dashboards, etc. to help management better understand the data and make decisions.
applied value
improve efficiency
By automating the data processing and tax filing process, manual intervention is significantly reduced and efficiency is increased. Enterprises are able to complete tax returns in less time, freeing up human resources to focus on their core business.
Risk reduction
The real-time monitoring and early warning mechanism helps enterprises to identify and deal with tax risks in a timely manner and reduce potential financial losses. Enterprises can take appropriate measures before risks occur to avoid unnecessary penalties.
Compliance Assurance
Ensure that all tax filing processes are in line with the latest tax regulations and reduce compliance risk. Businesses are able to stay compliant and avoid legal risks in a complex tax environment.
User-friendly experience
pass (a bill or inspection etc)SpreadJS The user-friendly interface and operating experience provided allows users to get started more quickly and reduces training costs. The intuitive design of the system helps to improve users' job satisfaction and efficiency.
Data-driven decision-making
Through data visualization and analysis capabilities, it helps business management make more informed decisions. Enterprises are able to make strategic adjustments based on real-time data to enhance market competitiveness.
Above is the application and value of Grapevine's SpreadJS and GcExcel in tax management, if you are interested in the form control, welcome!Click hereAccess.
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