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A global professional services company providing tax, audit, assurance, and advisory services to Fortune 2000 clients wanted to automate tax validation, reconciliation, and filing processes.

Infosys implemented robotic process automation (RPA) to navigate a complex tax regulatory landscape. Our solution uses bots and smart workflows to ensure accuracy in application of tax rates for a diverse range of financial transactions.

The professional services company wanted to reduce manual intervention in tax-related processes due to:

Key Challenges

Exponential growth in processing a huge volume of audit, assurance, and tax data

Manual verification, reconciliation, and filing taxes leads to errors and losses since professionals cannot recognize all tax provisions for a specific financial transaction

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The Solution

RPA solution identifies and applies relevant tax rates for diverse financial transactions

Our RPA solution identified the relevant tax rate for a specific financial transaction.

Tax rates are determined based on the location of transactions and attract tax levies from federal, state, county, municipal, and city tax regulations. During transactions, tax can be underpaid or overpaid, leading to penalties or refunds. Tax regulations are complex because tax rates are determined by factors such as type of product or service, usage of product / service, quantities, and waivers.

Infosys developed a comprehensive business rules engine that captured all tax provisions at the federal, state, county, municipal, and city level. Our RPA solution validated transaction tax calculations and recommended corrections in the event of a discrepancy.

Automation of tax verification, filing, and reconciliation eliminates human error and financial loss

  • Reconciliation and audit functions enhanced compliance and reduced liability
  • Knowledge of aggregate tax rules and provisions retained in an application rules engine
  • Superior management of transactional tax audit coverage
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Benefits

Automation of tax processes resulted in:

More than 24 mobility solutions enhanced employee productivity by 30% Factory-based model delivered mobile solutions across regions, reducing the total cost of ownership (TCO) by 20%

Recovery of thousands of dollars in tax from past transactions filed incorrectly using a higher tax rate

has to provide

Accurate payment of taxes resulting in zero tax penalties