Today Innovate Tax launched LimeLyte® Entity Manager, a new tool designed to transform VAT number validation and master data cleansing for tax teams. The technology connects directly with the world’s major tax authority portals, including those in the UK, Switzerland, Norway, Australia and the VIES platform for the European Union, ensuring VAT numbers and other critical data can be accessed and validated in huge volume in a matter of seconds.
Andrew Bohnet, founder and head of product development at Innovate Tax, said: “We’re so excited to bring a pioneering product to the market and to our portfolio of automated tax solutions. We have spent the last 10 years helping our clients understand the importance of data in the tax compliance process and this is the first of our tools that helps them find, resolve and most importantly prevent issues from happening.”
LimeLyte® Entity Manager not only validates the status of a VAT number, but also scrutinises and cleanses master data at every stage from entry to eventual use. After reformatting any VAT number, it performs multiple data validation checks before it even attempts to contact the appropriate tax authority. Its simple traffic light system ensures any red flags are highly visible to users, such as the name that the tax authority has registered for the VAT number matches that of the customer, allowing for rapid correction.
Once a VAT number has been approved, the tax authority confirmation code is saved and can be used as evidence of validation; negating the requirement to manually save details of validation requests or take screenshots, as recommended by HMRC. Additionally, if a user’s accounting system changes any of the data it is holding, LimeLyte® Entity Manager retains a record of each alteration to ensure full traceability.
LimeLyte® Entity Manager has been tested and developed in BETA by several of Innovate Tax’s global clients, helping them not only to validate VAT numbers faster and more accurately than ever before, but also to prepare and perfect master data ahead of new digital regulations.
Innovate Tax today launched LimeLyte® Entity Manager, a new tool designed to revolutionize the way tax teams validate VAT numbers and manage master data. The technology connects directly with major tax authority portals, allowing users to access and validate large volumes of VAT numbers and other critical data in a matter of seconds.
Andrew Bohnet, founder and head of product development at Innovate Tax, said: “We’re so excited to bring a pioneering product to the market. LimeLyte® Entity Manager goes beyond being a quick, superficial number checker by being useful in the ways that matter most to tax professionals.”
LimeLyte® Entity Manager not only validates the status of a VAT number, but also scrutinizes and cleanses master data from entry to eventual use. It performs multiple data validation checks, and its traffic light system alerts users to any red flags. Once approved, the tax authority confirmation code is saved and can be used as evidence of validation. Plus, the tool retains a record of each alteration to ensure full traceability.
The product has been tested and developed in BETA by several of Innovate Tax’s global clients, helping them to validate VAT numbers faster and more accurately than ever before, and to prepare for new digital regulations.
Innovate Tax, a leading provider of automated business technology solutions for indirect tax, has launched LimeLyte® Entity Manager, a new tool designed to revolutionize the way tax teams validate VAT numbers and manage master data. The technology connects directly with major tax authority portals, allowing users to access and validate large volumes of VAT numbers and other critical data in a matter of seconds.
Andrew Bohnet, founder and head of product development at Innovate Tax, said: “We have spent the last 10 years helping our clients understand the importance of data in the tax compliance process and this is the first of our tools that helps them find, resolve and most importantly prevent issues from happening. LimeLyte® Entity Manager goes beyond being a quick, superficial number checker by being useful in the ways that matter most to tax professionals.”
LimeLyte® Entity Manager not only validates the status of a VAT number, but also scrutinizes and cleanses master data from entry to eventual use. It performs multiple data validation checks, and its traffic light system alerts users to any red flags. Once approved, the tax authority confirmation code is saved and can be used as evidence of validation. Plus, the tool retains a record of each alteration to ensure full traceability.
The product has been tested and developed in BETA by several of Innovate Tax’s global clients, helping them to validate VAT numbers faster and more accurately than ever before, and to prepare for new digital
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.