About the customer
Corona Industrial is a Colombian multinational with a history of more than 140 years in the manufacture and marketing of products for the home, construction, industry, agriculture and the energy sector. In 2021, the company set out to improve its tax area with a focus on three key areas.
Industry:
Manufacturing and marketing of products
Date
September 2020
Location
Colombia
DIAGNOSIS
To address the specific needs of Corona Industrial in terms of its tax area, an exhaustive diagnostic process was carried out in collaboration with SAViOS. This diagnosis included the identification of problems and challenges in the tax area. Analysis of the quality of information recording and tax calculation, evaluation of existing control mechanisms and automation possibilities, and review of the efficiency in the generation of reports and periodic closings.
SOLUTION
Based on the diagnosis, an implementation plan was designed and executed to address the identified areas of improvement. The solution included:
- Improvements in the process of consolidation and extraction of information for VAT reporting.
- Increased audit validation coverage for tax codes.
- Optimization of the calculation of the ICA provision, achieving a 95% reduction in the report generation time.
DATA
Los resultados de la colaboración entre Corona Industrial y SAViOS incluyeron:
- Reduced VAT reporting time by 61%.
- Increased audit validation coverage to 80%.
- Optimization of the calculation of the ICA provision by 95%.
- Successful implementation of SAP S/4HANA to improve process efficiency.