Better understanding of a client leads to better tax advice
The world is demanding greater transparency of tax paid and the evidence for those decisions. Certain tax authorities are increasingly asking for access to detailed financial data and supporting evidence and clients’ expectations are to have access to technology to augment tax advice.
The digitisation of tax is therefore moving at a faster pace than audit and other accounting services and at the same time, the spotlight is on the advice given like never before.
The pressure is on the firms and is increasing but this demands greater use of client’s data both from the finance systems but also from the contracts (suppliers, clients, leases etc) and other unstructured data sources.
Intelligent data solutions for tax advisory
The digitisation of tax has focused predominately on the digitisation of regulations and applying them to client data. The problem is that the client data remains in many different formats. Data can be structured, for example, an Enterprise Resource Management System, but data is more often unstructured, such as invoices, contracts etc.
Tax-specific Knowledge Graphs
Engine B is focused on solving these client data problems by providing tax-specific Knowledge Graphs that allow tax advisors to interrogate and analyse client data in a powerful, context-driven way.
A Knowledge Graph is a means to connect and represent knowledge in a graph-like format. A Knowledge Graph can sit on top of existing databases or on our Common Data Models to link data together, combining both structured and unstructured information.
Engine B’s tax specific Knowledge Graphs allow tax advisors to:
- Access the data they need in unstructured documents.
- Normalise client data into a standard and predictable model but maintain complete lineage back to the client’s underlying systems.
- Search for documents and data by various attributes and analyse the data using intelligent context-driven views.
- To create hypothesis views. For example, if you want to know which suppliers are based in China due to a change in import duty or you want to understand what lease contracts don’t have a termination clause then our Knowledge Graphs can present these for you.