Despite all the attention on new technologies like AI, Blockchain, RPA etc., we rarely see them put to practical use in the tax sector – until now!
We’re delighted to announce that we've gone live with our machine learning functionality within for:sight called Fix & Verify.
Fix & Verify can review 100% of your VAT data and highlight anomalies to your tax team, automatically. You can then review the discrepancies and fix the data – if needed – while the algorithm watches, learns and improves its error detection for next time.
We’ve designed Fix & Verify to replicate the existing validation processes used by tax teams, meaning it can be implemented quickly with no redesign of internal processes.
We’ve also performed rigorous testing. For example, we analysed over 45,000 rows of data and it immediately flagged more than 400 as potentially incorrect, which equated to around £30,000 of unclaimed VAT and over £10,000 of miscoded transactions. Significant findings, that might otherwise have been missed during manual checks.
For many of our customers, for:sight has provided the digital foundation for tax transformation and compliance with Making Tax Digital. But now, Fix & Verify, will also help accelerate submission times, improve VAT accuracy and reduce the time spent on repetitive manual tasks.
At a time when tax teams want more insight, accuracy and transparency, this combination of a platform to digitise processes (for:sight) and machine-learning functionality to accurately flag errors (Fix & Verify) could truly transform how they work. Our Chief Product Officer, Russell Gammon, thinks it is just the beginning:
This type of practical machine learning application within a tax platform is essentially unheard of. This is only the tip of the iceberg in terms of technological implementation within for:sight. Who knows the myriad ways we can meaningfully overlay other technologies within our solution to improve its functionality
You can read more about how for:sight with Fix & Verify helps tax teams improve VAT accuracy here. If you think your business could benefit from Fix & Verify within our for:sight platform, let us take a look at your data and prove it. Request a callback and one of our tax specialists will contact you shortly to discuss next steps.