Innovate Tax Launches New Master Data Cleansing Service to Drive Global Compliance
BOGNOR REGIS, UK – Innovate Tax, a leading provider of automated business technology solutions for indirect tax, has announced the launch of its new offering, TaxMaster™. This unique service is designed to assist enterprise IT and tax teams in managing their master data and achieving global compliance in the era of tax digitalisation.
TaxMaster™ utilizes a three-stage process to carefully scrutinize, cleanse, and manage existing and newly captured tax data. This service is the first of its kind to offer a full solution for mending, maintaining, and managing master data. The goal of TaxMaster™ is to empower tax professionals to audit, engage, and enrich their data.
Founder and Managing Director of Innovate Tax, Andrew Bohnet, states, “Having spent more than 10 years advocating for the importance of comprehensive, accurate, and complete master data, we are thrilled to be able to go beyond simple data checks and reports and provide real value to businesses seeking to eliminate the risks that typically emerge from poor quality tax data.”
TaxMaster™ is a disruptive response to traditional API-based services, offering a truly end-to-end solution. It includes a governance and risk management audit tool, automated email outreach campaigns, and technology-driven data appending services specifically for tax data.
As digital initiatives such as the EU’s VAT in the Digital Age (ViDA) proposals and global e-invoicing mandates continue to emerge, there has been a sharp shift towards accountability in data integrity for businesses and tax teams. Despite this, many businesses struggle to adapt their tax compliance processes and demonstrate conformance to regulatory changes.
One critical aspect of compliance for tax teams is the accuracy and validity of Tax Registration Numbers (TRNs). These numbers are required in compliant e-invoices and are a legal requirement in many tax jurisdictions worldwide. TaxMaster™ addresses this issue by leveraging Innovate Tax’s suite of tax technology tools, including the award-winning LimeLyte® Entity Manager, to validate and verify TRNs. It also utilizes automated email outreach campaigns and a multi-channel research program to fill any data gaps.
Nathan Farmer, Commercial Director at Innovate Tax, explains, “TaxMaster™ is new, but the problem it is designed to resolve has been around for some time. Whether it’s a merger or acquisition of businesses, a new jurisdictional mandate, or simply a scratch that’s never been itched, master data governance is fast becoming a key element of any tax control framework and by extension any audit defense position.”
Innovate Tax has been developing and testing TaxMaster™ for the past 24 months, and it is proven to fill gaps within customer and supplier data and accurately validate the accuracy of information. The company’s goal is to help businesses achieve more reliable and timely tax determination and enhanced compliance in global jurisdictions.
For more information on the availability and pricing plans for TaxMaster™, visit https://innovatetax.com.
About Innovate Tax:
Founded in 2012, Innovate Tax is a leading provider of automated business technology solutions for indirect tax. The company’s core solution integrates with popular ERP systems, including Oracle and SAP, to automatically calculate and apply the correct amounts of indirect tax payable. Innovate Tax has also received critical acclaim for its flagship automated TRN validation and verification tool, LimeLyte® Entity Manager. The company has headquarters in the UK and operates globally, with operations in the US, Netherlands, the UAE, and India.
Contact Information:
For all press and media enquiries, please contact Tom Witham, Editor.
Email: twitham@innovatetax.com
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