Unlock data insights

Unlocking actionable insight from enterprise data can be a challenging problem especially at large volumes and in complex business landscapes.

The use of data analytics in tax is becoming an increasing necessity as tax authorities and boards demand effective risk management, the preparation of tax returns is required on a more frequent basis and tax authorities are moving towards live reporting of transactions.

The tax function can use data analytics to:

  • Know that a process is being carried out in alignment with the agreed process and at desired quality for functions that the tax function is not directly responsible for but that generate or manage data the tax function needs.
  • Optimise and improve processes - the tax function can use data analytics to classify data, and inform strategy, decision making and business process improvement.
  • Identify and resolve issues - the tax function can apply data analytics to solve data quality problems and identify business process exceptions that are not currently being identified.

The key business drivers for using data analytics to address the above issues are:

  • Improvement of financial performance
    • Including detection of fraudulent spending, duplicate payments, under/over claiming tax relief, tax leakage or delayed refunds.
  • Reduction in effort
    • Reduce manual review effort for both ongoing checks and internal audits
    • More effective use of existing staff and resources
  • Improvement of governance, risk and compliance
    • Meet your compliance obligations in less time and effort.
    • Reduced risk, increase coverage, and deliver in a more timely fashion
    • Real-time transactional tax dashboarding

The best way to do this is to:

  • Integrate tax subject matter expertise in the way data analytics is applied to confidently deliver accurate insight.
  • Choose a solution that achieves a useful balance between identifying true positives and false positives when identifying exceptions in large volumes of data. Legacy approaches that produce lots of false positive noise require too much manual review effort to be effective.
  • Implement solutions with a continuous monitoring approach to maximise the value to your organisation by allowing you to take action earlier in the business process.

We can help you unlock data insights in your business.

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Contact us

Michael Lawler

UK tax data analytics leader, PwC United Kingdom

Tel: +44 (0)20 7213 5432

Debra De'Ath

Director, PwC United Kingdom

Tel: +44 (0)1895 522 035

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