Technoserv Consulting introduced a digital tax monitoring system for RusHydro

2021: Implementation of digital tax monitoring system

The company Technoserv Consulting"" April 1, 2021 announced the development of a tax monitoring system for one the Russian power of the holdings of PJSC "." RusHydro The updated remote mode of interaction Federal Tax Service of Russia with will reduce the cost of tax administration, optimize reporting and minimize risks.

The main plus of digital monitoring is the organization of direct information interaction FTS Russia and the taxpayer with the possibility of requesting and responding to a motivated opinion both from the Federal Tax Service and Russia PJSC RusHydro, exchanging documents and uploading detailed reporting on working with the system. The system, created on the basis ERP of -resolutions, provides employees of the Federal Tax Service of Russia with online access to RusHydro tax reporting indicators. The solution provides full detail, everything information is available on the platform, up to copies of primary documents and accounting and tax registers.

The introduction of the tax monitoring system will allow RusHydro to increase tax transparency and reduce operating costs, automate accounting programs, reduce the period of verification of financial statements from 5 years to 1 years and 9 months, which is required by Russian law (paragraph 5 of article 105 26 of the Tax Code of the Russian Federation), as well as reduce the number of requested documents and the time for their preparation.

The enhanced internal control system allows the company to carry out warning control procedures at the level of operations of the accounting system: to monitor possible tax risks in a timely manner and make management decisions to reduce or eliminate them. Also, PJSC RusHydro will be able to promptly provide tax authorities with information on controversial situations when taxing transactions and further adjust its accounting policy to reduce risks. In addition, participation in tax monitoring demonstrates the openness, reliability and sustainability of the company.

It took 6 months to implement and configure all the business processes of the system with Technoserv Consulting specialists, RusHydro's stringent requirements for the implementation dates and basic software were taken into account. Technoserv Consulting specialists managed to combine a versatile functionality within one system - control over data disclosure, availability of primary information of accounting system reports, as well as the flexibility of a dedicated tax inspector's workplace with the ability to generate all the necessary reports.

Together with RusHydro, we implemented a project that requires non-standard solutions and approaches, and maximum customer engagement. With the help of ERP-tools, a full-fledged "workplace" was created for business interaction with tax authorities. As of April 2021, the Tax Monitoring IE in RusHydro PJSC was launched into industrial use, "said Vladimir Chubanov, project manager at Technoserv Consulting.

Automation of tax monitoring made it possible to debug many processes, develop an internal control system and increase the assessment of its reliability from "controlled" to "managed," said Yulia Medvedev, director of the Corporate Accounting and Reporting Department - Chief Accountant of RusHydro. - Thanks to digital tools, the relationship between supervisory authorities and business goes to a qualitatively different level - they become more transparent and more effective. It is large companies that can fully feel this, which were the first to face a regulatory requirement to automate accounting systems. The introduction of digital tax monitoring reduces the financial costs of administering tax reporting, minimizes the risks of penalties, reduces the labor costs of submitting documents and decryptions to tax authorities, and at the same time increases the level of reliability of data. In addition, the taxpayer receives investment bonuses: a company with a transparent reporting system causes more confidence in the market. But most importantly, we get for ourselves a working tool of the internal control system.