Today I’ll be running through the Review and sign-off function in Konsise. The process around the preparation, review and submission of a tax return is pivotal to a company’s ability to be able to achieve compliance while maintaining accuracy and the separation of duties. Otherwise known as efficient tax workflow management. The Konsise review function automates the process while maintaining internal controls and a full audit trail. Konsise has multiple methods of review. Experience shows us that organisations review their monthly filings, such as VAT and payroll, differently to the more stringent processes inherent to a corporate income tax filing. Konsise can be configured to have,
- First, no review process at all
- where the preparer completes their work and submits without a third person review.
- Secondly, an any of review
- where any designated person can provide the third party review prior to submission.
- Thirdly, specific person review
- where designated individuals can review in a predefined order.
For example, a divisional CFO can review followed by the group tax manager and finally the group CFO prior to submission taking place. Importantly, this can be configured for every tax type in the group, providing a useful flexibility.
The Review and sign-off uses the Konsise workflow and notification system so users will get an email notification regarding their tasks.
All activities are recorded on the History tab, which shows
- the activity,
- who performed the activity,
- and the time it took place
In summary, the Review and sign-off automates tax submissions and approvals while maximising controls and oversights. Thank you for watching this video. Konsise tax management software has a number of other useful features which I will cover in subsequent videos.