Design & Assessment of Tax Data
BDO assists clients of all sizes to automate and optimize tax processes. Companies can trust us to help them engineer their tax data from the source. We use tools to extract, transform and cleanse tax data and we also implement automation technologies to automate routine manual tasks. This makes it easier for employees of all levels to collect, share, analyze, and report tax data. It also allows the tax department to concentrate on creating sound strategies and explaining tax results to other users in the organization.
We can help if your tax team faces challenges because of one of these.
Implementation of a new ERP system, or modifications to an existing source software
Manually manipulating data, and managing reporting issues
Planning for or undergoing a financial transformation
Acquisition or merger with another company
Archiving and decommissioning legacy systems
Turnover management in the tax department
Addressing significant audit deficiencies
A tax analytics dashboard is used to assess total tax liability
Tax Data Solutions
We use our expertise in ERP systems, financial consolidation software and data mining and cleansing tools to design and build solutions that automate tax data processing.
Companies can get help from the Tax Data and Power Solutions team at BDO.
To improve tax source data, increase reporting efficiency, reduce data manipulation, and to test global indirect and direct tax requirements, an ERP or financial consolidator implementation must be designed, configured, and tested. End users receive training to extract tax data.
Use tax RPA technologies like WinAutomation and UiPath to automate repetitive tasks such as data collection, information logging, PDF extraction and email generation.
Alteryx software can be used to build tax data wrangling tools and data mining tools. It uses software like Alteryx for cleansing, joining, and formatting tax data into usable data. To customize and supercharge tax deliverables, we transform data from third-party indirect or direct tax solutions.
Microsoft Power BI and Microsoft Power Apps can be used to design tax reporting. This allows you to create customized tax dashboards that allow for accurate and on-demand management reporting.
Tips to Protect Your Personal and Business Tax Data
Make your password strong and change it
Strong passwords with numbers and symbols in uppercase, lowercase, and numbers are good for data protection but can be difficult to remember. You can also use a phrase, but change the letters or symbols to make it easier to remember. For example, instead of Thesmallbrowndog you could use Th3sma!lbrownd0g. You can also get a password secure like LastPass. They even offer a free version.
Consider dual authentication
Dual authentication is something you might have used before, but not sure what it is or why. It is required by most banks. Dual authentication is a 2-step login process that includes a password and code sent by text or email. This type of login is great for stopping hackers from getting in your way. They may have your password but they don't have access to your phone or email account.
Secure your computer that stores your data
In the case of equipment theft, encryption is generally helpful. If someone tries to steal your computer but they don't have your password they can take out your hard drive, plug it in to another system, and gain all your data.
Connect to trusted networks to access online tax software
One of my friends was testing security in a local coffee shop. He turned his phone into a hotspot using the same SSID (Wireless Access Number) as the coffee shops. He waited. He could then see all data from anyone connected to his fake access point using the program that he had installed on his computer. This hack is simple.
Take backup of your tax data
This is probably the most important advice from IT professionals. Always have a way back to where you were. It is important to regularly back up your data. We like to say that you should backup your data as frequently as possible. If you are able to lose one day's worth of data, back it up every night. You can lose only a few hours or minutes, so back up more often.