Data Classifier
Harnessing the power of automation and machine learning to help you categorise tax data.
The Challenge
The preparation of tax computations can be burdensome, inefficient, and time-consuming for many companies. This can largely be due to the amount of work required to classify large volumes of data. Many companies will take one of two approaches to making tax decisions:
Detailed: Classify large volumes of data to identify taxable amounts through a line-by-line, manual analysis. This can be time consuming and there is a possibility of compliance risk from manual errors.
High Level: Take broad, reasonable position on a subset of data which has been classified. There is the potential to overpay tax, as well as compliance risk if taxable amounts are understated.
Benefits:
Data Classifier is changing the nature of the tax profession by automating the line-by-line analysis of data for tax purposes so tax professionals no longer have to.
Achieving accuracy with speed and efficiency
Businesses working with Data Classifier can see a day’s work turn into an hour’s work.
Mastering complexity and controlling governance
Provides transparency with a full audit trail and easy to use management reporting. Preserve the visibility of why tax decisions are made. Work towards a better automated future.
Enhancing process with pioneering technology
Brings the latest technology to the tax department with the added benefit of automatic web based updates.
Inspiring action with confidence
Lowers compliance risk by allowing targeted reviews by tax professionals and reducing human error of processing high volumes of data.
Dynamism with unrivalled scalability
No matter how big, small, dynamic or different, Data Classifier adapts to your business needs through our flexible service delivery model and pricing structures.
Controlling governance with complete visibility
Preserve the visibility of why tax decisions are made. Work towards a better automated future.
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Data sets:
Data Classifier is an adaptable platform, that can be deployed on a variety of data sets, including:
Corporate tax
Fixed assets - capital allowances
Employment taxes
VAT partial exemption methods
Product file categorisation
Insurance premium tax
VAT coding
Employee expenses
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How it works
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Data upload
Data is uploaded and mapped to the predefined fields.
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Rule creation / Machine Learning
Rules relating to the data are defined by the user for the appropriate categories of tax treatment. Machine learning can also be used in place or in combination with user defined rules. The number of rules and categories is fully flexible so the product can support data classifications in multiple areas of tax across different jurisdictions.
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Data classification
The data is automatically classified into each category based on the rules. This is done by an algorithm interpreting the rules which can make use fuzzy word matching and/or machine learning. The product has a number of additional features specially designed to assist in tax analysis including apportionments, contras, partial exemption special methods, and PAYE settlement agreements.
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Review
The data classification can be reviewed using a combination of built-in tools and reports.
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Output reports
A report detailing the tax outcome is downloaded from the product. We have a number of commonly used tax return and tax analysis reports in areas including VAT, Insurance Premium Tax, Employment Tax and Corporation Tax including Capital Allowance calculations.
How it works
-
Data upload
Data is uploaded and mapped to the predefined fields.
-
Rule creation / Machine Learning
Rules relating to the data are defined by the user for the appropriate categories of tax treatment. Machine learning can also be used in place or in combination with user defined rules. The number of rules and categories is fully flexible so the product can support data classifications in multiple areas of tax across different jurisdictions.
-
Data classification
The data is automatically classified into each category based on the rules. This is done by an algorithm interpreting the rules which can make use fuzzy word matching and/or machine learning. The product has a number of additional features specially designed to assist in tax analysis including apportionments, contras, partial exemption special methods, and PAYE settlement agreements.
-
Review
The data classification can be reviewed using a combination of built-in tools and reports.
-
Output reports
A report detailing the tax outcome is downloaded from the product. We have a number of commonly used tax return and tax analysis reports in areas including VAT, Insurance Premium Tax, Employment Tax and Corporation Tax including Capital Allowance calculations.