Transfer pricing documentation with Opti.Tax in day-to-day practice

The Transfer pricing documentation presents many tax advisers with major challenges – particularly when manual processes and tools such as Word or Excel reach their limits. Simon Hoffmann, tax adviser at the tax consultancy and auditing firm Dr Daum & Partners in Karlsruhe, has experienced this change first-hand. In his day-to-day work, he has been using the Opti.Tax software solution for around three years – and talks about the challenges, successes and his own personal lessons learnt when dealing with digital documentation.

Simon Hoffmann works primarily in the audit department at Dr. Daum & Partner. In particular, he deals with transfer pricing documentation, an area that only came onto the firm’s agenda a few years ago following enquiries during tax audits. As the clients had not yet prepared such documentation, the firm looked around the market for suitable software solutions – and came across hsp and Opti.Tax.

Whilst many law firms initially use makeshift tools such as Word and Excel for transfer pricing, Simon Hoffmann opted for a specialised tool right from the start. The versatility of the software solution proved to be a huge advantage in the long run, although it made the initial learning curve more difficult. This was because, at that time, there were no help videos available directly within Opti.Tax – unlike today, where relevant guidance is automatically displayed for many individual items. Yet, despite the initial challenges, Simon Hoffmann and his team managed to get to grips with the system.

Tax adviser Simon Hoffmann explains how the software’s usability has improved significantly over the years. Many support features have now been implemented, and hsp’s development team has also greatly enhanced the overview of the Opti.Tax Cloud – the platform where clients manage their projects and tasks. This makes collaboration between the firm and its clients considerably easier.

The expert notes that the Opti.Tax software guides the user step by step through the documentation whilst they are at the computer. The advantage is that you really can’t forget anything – a basic structure is already in place. This is a major advantage over the notorious „blank page“ in Word or Excel. The cloud is also indispensable for Hoffmann and his clients, as it is used to assign tasks, communicate and exchange data. It saves both the firm and its clients a great deal of time.

Simon Hoffmann’s law firm had also initially considered working with Word and Excel templates. However, the drawbacks soon became apparent: a high risk of errors, significant maintenance effort, a lack of version control and confusing data structures quickly led to the decision to look for specialist software. Accordingly, the expert recommends not using stopgap solutions in the first place, but instead opting straight away for a professional specialist tool such as Opti.Tax. Particularly when he considers the annual updates, Hoffmann strongly advises against programmes such as Word and Excel.

Another strong argument in favour of Opti.Tax: the support and the culture of feedback. Simon Hoffmann, too, has already contacted hsp on several occasions to put forward suggestions regarding the programme. Over time, all the adjustments have been implemented, enabling Hoffmann to use the software in the way he needs to in his day-to-day work at the practice. He also notes that clients these days are often impatient when changes need to be made. That’s why, with support that’s accessible and responsive, he feels well looked after in his role as a tax adviser.

Are you looking for a high-performance software solution for your transfer pricing documentation? I’d be happy to introduce you to our solution during a free, no-obligation online meeting.

Possible topics for our discussion:

• Does our solution meet your requirements?
• Does Opti.Tax offer all the features you need?
• Are all the necessary interfaces on board?

Click the button to go straight to the online booking page. I look forward to seeing you.

Yours, Paul Liese