Corporate taxpayers have lost over $1 billion in the past three years due to the antiquated technology they use to crunch data, according to CCH Corporate Reporting Solutions.
CCH found that data collection and transaction analysis are the biggest challenges corporations have in reporting Goods and Services Tax (GST).
Corporations need to automate GST analysis and statement production to avoid financial losses, according to CCH Corporate Reporting Solutions, Peter Boyle.
"It comes as no surprise that most of these organisations were relying on Enterprise Resource Planning (ERP) systems extracts and manual Excel spreadsheet analysis for GST report preparation," said Boyle.
"The same organisations also described collation, calculation and reconciliation processes requiring multiple staff and requiring large time commitments to lodge reports on time.
"This is directly linked to the incorrect underlying data provided for tax preparation and the accounting and ERP systems that are relied upon to produce reports," said Boyd.
The right cloud-based technology could significantly reduce corporations' compliance costs, he said.
