LONDON, November 26 /PRNewswire/ --
- The Chancellor's recent mandatory 2.5 per cent reduction of VAT rate requires businesses to locate, scrutinize, and adjust thousands of spreadsheets
Trintech Group Plc (Nasdaq: TTPA), a leading provider of integrated financial governance, transaction risk management, and compliance solutions offers a comprehensive solution for businesses wanting to rapidly locate and adjust spreadsheets to be compliant with the recent 2.5 per cent VAT rate reduction. By proactively inspecting spreadsheets and detecting potential VAT errors, companies can avoid fines and penalties following tax recovery audits performed by Her Majesty's Revenue and Customs.
A majority of large businesses use spreadsheets to calculate their VAT liabilities. Given that the VAT rate has not changed for a considerable number of years, it is likely that the location and state of spreadsheets utilized in corporate VAT calculations may not be properly understood. Furthermore, the process of locating, adjusting, and testing VAT rates deeply embedded in complex spreadsheets is both a labour intensive and time consuming task.
Trintech's xlNET spreadsheet management solution, in partnership with Prodiance, provides a suite of automated applications to assist in achieving rapid compliance with the recent change in the VAT regime. The xlNET e-Discovery module can be used to rapidly scan corporate servers to locate spreadsheets that contain or are likely to include embedded VAT rates. The xlNET Spreadsheet IQ module, a spreadsheet debugging tool, can be utilized to trace complex VAT calculations and highlight discrepancies in complex formulas. The xlNET Spreadsheet Compare tool provides side-by-side comparisons of updated spreadsheets to ensure that they are now VAT compliant. Additionally, the xlNET Enterprise Spreadsheet Management module offers capabilities to monitor and control VAT and other important corporate spreadsheets to ensure that adjustments are properly authorized, documented, and controlled.
The recent mandatory VAT changes provide an excellent opportunity for businesses to properly assess risk, remediate, and control key corporate spreadsheets used in VAT and other calculations, said Tony Bethell, Trintech's Vice President of Sales for Europe, Middle East, and Africa. xlNET's spreadsheet management solution can help to minimize overall costs associated with the mandatory VAT rate adjustments and streamline the effort needed to place spreadsheets under proper control.
Trintech will be hosting a webinar on 27 November, 2008 to provide insights on how spreadsheet errors can be eliminated through the use of technology. A demonstration of Trintech's comprehensive xlNET solution will be presented. For more information or to register for this event, please visit http://tinyurl.com/5cbpfn.
About Trintech Group
Trintech Group Plc (Nasdaq: TTPA) is a leading global provider of integrated financial governance, transaction risk management, and compliance solutions for commercial, financial, and healthcare markets worldwide. Trintech's recognized expertise in reconciliation process management, financial data aggregation, revenue and cost cycle management, financial close, risk management, and compliance enables customers to gain greater visibility and control of their critical financial processes leading to better overall business performance.
Over 600 leading global organizations realize the benefits of Trintech's configurable and highly scalable solutions everyday, including 7-Eleven, Accenture, Allianz Life North America, Ameren, Bank of Nevada, Barclays Bank, BAE Systems, eBay, Ericsson, Farmer's Insurance Group, Kinder Morgan, Regal Entertainment, Rohm and Haas, Sears, UPMC, Verizon Wireless, Vodafone, Wyndham Worldwide, and YUM! Brands Restaurants.
Trintech's technology enables our customers to ensure their internal financial processes are optimized, improve performance through stronger management of revenue and cost cycles, ensure the accuracy and integrity of financial data, improve the quality and efficiency of the financial close process, as well as reduce the risk of material weaknesses and restatements.
For more information on how Trintech can help you increase confidence in business performance and reduce financial risk, please contact us online at http://www.trintech.com or at our principal business office in Addison, Texas, or through an international office in Ireland, the United Kingdom, or the Netherlands.
Trintech -- 15851 Dallas Parkway, Suite 900 -- Addison, TX 75001 -- Tel +1-972-701-9802 Trintech UK Ltd. -- Warnford Court, 29 Throgmorton St. -- London EC2N2AT, UK -- Tel +44(0)20-7628-5235 Trintech Technologies -- Block C, Central Park -- Leopardstown, Dublin 18, Ireland -- Tel +353-1-293-9840 Trintech -- Cypresbaan 9 -- 2908 LT Capelle a/d Ijssel, The Netherlands -- Tel +31(0)10-8507-474 Trintech Press Contact: Dallas: Purvi Parakh, Marketing Communications Manager, Trintech Tel. +1-972-739-1611. email: purvi.parakh@trintech.com
Purvi Parakh, Marketing Communications Manager of Trintech Group Plc, +1-972-739-1611, purvi.parakh@trintech.com
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