Intelligent Automation for Optimized Validation

One of the key objectives of different services offered by professional services organizations; primarily those offering Tax, Audit and Accounting services is compliance management and adherence. This is compliance with standards set by tax authorities like IRS in the US or HMRC in the UK. It is also compliance with reporting standards set by IFRS or other regulatory bodies based on the industry/ sector and jurisdiction/ country /region.

Professional services organizations and their end customers put in significant effort and money towards the same as the process today is quite manual. This effort is primarily towards filling up various forms by the end customer as well as for data and document verification of these forms by professional services companies before submitting to regulatory bodies.

Also, given that both these steps are done manually today, the cases of error when filling up the forms as well as the validation being missed out are quite high, leading to delays and rework.

Validation-as-a-Service resolves both these issues by offering a compliance automation platform that works across the whole cycle by introducing AI in the process. The automated process has forms pre-filled based on historical data, thereby reducing end customers’ effort and money to fill up entire forms again. The AI-based validation engine also ensures auto-validation by a machine that keeps learning with every form that it validates, thereby taking the accuracy to as close as possible to 100%, again reducing error and rework.

 

The Service in Action

Current State >>

A process called Form 990 in the US that charitable trusts and political entities can avail to get tax exemption under section 501(a). For this, there are about 106 different forms that need to be filled. Also, need to report exempt activities, finances, governance, compensations paid and fill additional schedules as required.

Professional tax consultants then need to verify, cross-check and validate these details before submitting to the IRS. On an average, the time spent on each entity is about 30 hours, and each customer typically has about 10 entities, that is about 300 hours of manual effort per customer. Plus, additions in case of error and rework.

Future State >>

Pre-populate the forms based on last filing information and pre-filled forms available for initiator to review and submit. Achieve significant reduction in effort, time and errors.

AI-based automatic validation of forms against available documentation, results presented to advisors, consultants for quick verification and handle anomalies. Corrected anomaly decisions fed back to decision-making engine for future cases - train the engine.

With ‘Validation as a Service’ the effort reduced by 90% and rework being almost zero.

 

 

Differentiators

automation

Automation

Automation in form pre-filling & document validation, conversion of physical document into validated artefacts and end-to-end automation across functions

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artificial intelligency

AI

It has learn-on-the-go model to continuously improve validation engine accuracy. The absence of manual intervention brings down the error probability to an ABSOLUTE ZERO

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serverless

ML

The continuously learning platform will ensure more efficient reporting & easier compliance with regulatory demands

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efficiency

APIs

The cloud adoption model ensures cloud-based APIs & apps to support the service

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Features

  • Automation of manual processes in compliance adherence
  • Continuous improvements in validation accuracy using AI & ML
  • OCR capable APIs
  • Scalable, Cloud-based WebApp with integration to client applications
  • Savings due to reduced infrastructure and man-power cost

Why Hexaware?

Hexaware is the right-sized IT partner for you. We have a tradition to maintain strong relationship with our existing customers. We fearlessly introduce automation in services and have deep industry experience in implementing these services for other clients.

Contact us for a hassle-free compliance process through our automation solution.

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