Grasping Artificial Intelligence for tax automation
Miss Manjula Muthukishnan MD, India Operations, Avalara says” GST regime can help save a lot of manual effort. Not too many people have understood this,” Goods and Services Tax(GST) has been a host to perform automated operations from filing returns to everything attached with it. The development of tech-based solutions and automation has been the strenuous effort of GST. Avalara is trying to use AI in solving the tax operations.
“Look at the way the entire GST regime has worked—mandating the returns online, bringing up e-bills and then the multiple target dates for compliances—it has actually forced a number of organisations to move in that direction,” she adds.
The prevailing pandemic has necessitated many businesses to move further online, thereby increasing the demand for tools and solutions that can ease their need for GST.
The business community, especially SMEs, are just getting started with the process of automating their taxation and bookkeeping workflows and this presents a huge opportunity for various solution providers like Avalara. Engineering is our primary bread and butter. There have been significant contributions from our Pune and Chennai teams,” Muthukrishnan says.
She further adds that Avalara is looking for talents to contribute in technical accounting and taxation in addition to the in-house accountants and tax lawyers. The company is looking to reach the developer community in a much deeper way.“We are actually coming out with a significant program in terms of improving our developer community integration. Otherwise, typically, we’ve been very open in terms of hosting a lot of technology platforms, where AI and ML are discussed and experimented in detail to streamline and automate processes,” Muthukrishnan explains.
Traditional markets are not any easier and regulations and deadlines are the primary reasons to move things online and the need for simple products to design is increasing, and challenging to cover the complete length and breadth of the GST regime, all the while without forgetting the price of products.
“Customers also ask us about security and privacy. This is an area of constant supervision and we need to take this confidence to the market, to the customers,” says Muthukrishnan. She adds that they only comprise the transaction data of enterprises and the users remain anonymous.