Many law firms and companies, particularly tax consultancy firms and accountancy firms, have relied on Opti.Tax. Since the start of this year, we’ve seen a lot of new users join us, all of whom have chosen Opti.Tax because of the property tax. It’s definitely worth them taking a look at the other features and topics the software covers. Senior Consultant Wolfgang, who is also a co-founder of hsp, discussed precisely this with our content and PR specialist Martin. The software covers topics such as procedural documentation, transfer pricing, tax compliance, internal control systems, e-balance sheets, anti-money laundering, digital financial reporting and annual accounts. So it’s high time to take a closer look at the full package.
What many of the new users don’t realise is that Opti.Tax was originally developed for e-accounts. The idea behind it was electronic balance sheet The idea of mapping this as a taxonomy came from the tax authorities. The hsp wanted to offer a user-friendly programme in this area. Once the solution for e-balance sheets had been finalised, the team realised that, in essence, they could also include the Federal Gazette support. After all, the Bundesanzeiger also used – and continues to use – the exact same taxonomy. No sooner said than done. Following an upgrade to the programme, Opti.Tax was therefore able to handle both E-Bilanz and the Bundesanzeiger.
When developing the e-balance sheet, the developers realised that special and supplementary balance sheets were also required. So these features were also integrated into Opti.Tax. As it is not just the commercial balance sheet but the tax balance sheet that is transferred, this aspect also had to be covered – and so the integration of the annual accounts was born. As banks also work with the taxonomy, a function was integrated to enable data to be forwarded from Opti.Tax to the finance department. As this often involves loans and Creditreform also works with the taxonomy, it became possible to retrieve ratings within Opti.Tax.
In order to cover further topics, hsp CEO Paul Liese came up with the idea of setting up a dedicated taxonomy. To clarify: a taxonomy is essentially nothing more than a long checklist, a sort of complex questionnaire. Opti.Tax can be expanded time and again with new taxonomies that cover different areas of focus. This makes the software far more flexible than solutions that do not operate on a taxonomy-based system. The subject area of documentation has now been added, opening up entirely new possibilities for users. From within the documentation, the section Internal control system (ICS) accessed, then the field Tax Compliance Management System (TCMS). Further milestones were achieved with the implementation of the money laundering and transfer pricing documentation features. As Wolfgang’s explanation makes clear, Opti.Tax has now become a multifunctional tool. A brand-new addition to the platform is property tax.
A prime example of money laundering
Wolfgang explains what capabilities Opti.Tax has in relation to all the topics covered, using the area of Money laundering. The law requires businesses to check the source of incoming funds. This primarily involves gathering information about customers. In theory, this requirement is intended to prevent money from illegal sources being laundered. Until now, Germany has been a haven for money laundering. Admittedly, the situation today is not noticeably any different; many transactions can still be carried out anonymously and in cash. However, in business practice, the tax authorities require information on the origin of the money.
The law requires this not only of the buying and selling parties, but also of everyone who works with them. This means: tax advisers too. Tax advisers are ‘obliged entities’ for the purposes of anti-money laundering. This means that tax practice firms must comply with the relevant guidelines issued by the Chamber of Tax Advisers. This is where Opti.Tax comes in. hsp has obtained the relevant information from the Chamber of Tax Advisers and is developing a taxonomy that takes this into account. This enables money laundering risks to be identified. Tax advisers must, in their own best interests, encourage their clients to take a diligent approach to the issue of money laundering. The primary focus here is on establishing a risk analysis.
Risk analysis is also on board
Essentially, the Risk analysis to assess the probability of occurrence and the severity of the loss should it occur. This can be presented in a matrix showing which risks exist and what their potential consequences are. What does this mean for a tax consultancy? It is a requirement to be able to demonstrate to the Chamber of Tax Advisers that a risk analysis has been carried out. However, an analysis is not carried out solely out of a sense of duty. If a company accepts money whose source has been concealed, the persons liable risk criminal consequences. The company should therefore take timely measures to prevent, or at least make it more difficult, for such a risk situation to arise.
How can the Opti.Tax software help with a risk analysis? The software features a risk analysis function with built-in guidance. This involves comparing the data entered or already available against a checklist. Tax compliance works in much the same way, with the only difference being that a different checklist is used. This is why the feature could be integrated so quickly. From a technical perspective, risk analysis and tax compliance are not necessarily linked. However, in terms of the process itself, the procedures are practically identical.
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