A unique tool with a wide range of features

Hamburg, 12 May 2020 – Hamburg-based hsp Handels-Software-Partner GmbH and the W+ST Group (a medium-sized tax consultancy and auditing group with 550 employees) are collaborating to make tax compliance management easier for their clients. With the taxonomy software Opti.Tax by hsp From the May release onwards, users will also be able to map their tax compliance in a systematic manner. To this end, W+ST’s subject-matter expertise will be technically implemented in the Opti.Tax solution and integrated into the taxonomies.

Compliance is an ongoing concern for many tax consultancy firms and businesses. It must be continuously documented, mapped out and demonstrated. With the new features added to Opti.Tax, the topic of tax compliance management systems Law firms now have a user-friendly tool that offers conceptual solutions to tax law problems and is also easy to use. The product is unique in Germany – as a rule, many law firms and companies still use in-house solutions that are not particularly user-friendly.

„Our approach complements Opti.Tax’s technical solution very well for the Procedural documentation, “as tax compliance is a related issue,” says Andrea Treib, a member of the W+ST Group’s Executive Board.

Instead of a bottom-up approach involving lengthy checklists, the solution adopts a different methodology: a top-down approach modelled on the methodology of traditional risk management systems and based on the guidelines issued by the Institute of Public Auditors in Germany (IDW). The fundamental tax-relevant processes are recorded, together with the available representations and documentation. This is followed by a risk assessment. Based on this, the tax-relevant processes are assessed in depth using targeted questions. This makes tax compliance more targeted, more efficient and simpler. The aim is – tailored to the specific organisational structure of the company – to keep track of the key tax risks.

Opti.Tax and TCMS

Through this collaboration, hsp is strengthening its market position and market acceptance. „We can now offer software that covers the areas of procedural documentation and tax compliance,“ said Managing Director Paul Liese. This provides a useful extension to the range of functions offered by the tried-and-tested tool. Over the course of 2019, W+ST had developed a system to support clients in implementing tax compliance. The Microsoft Access-based tool used for this purpose essentially meets the requirements of practice. However, the software solution now being developed offers greater ease of use and opens up the possibility of making the system available to other professionals and companies as well.

„We’d had tax compliance management on our radar for a long time, so the enquiry from W+ST – which was looking for a more user-friendly technical solution – was a perfect fit,“ Liese continued.

The necessary changes are currently being incorporated into the Opti.Tax taxonomy, and the reporting and calculation rules are being updated. The new features are expected to be available with the June release.