Prodiance eDiscovery Helps UK Firms Quickly Adjust Tax Related Spreadsheets for New VAT Rate

2 December 2008

Prodiance Corporation, a leading provider of Governance, Risk and Compliance solutions, today announced a new VAT discovery template for Prodiance eDiscovery, providing an automated solution to help UK firms quickly locate and adjust value added tax (VAT) rates that are hard coded in complex, tax related spreadsheets.

For some UK firms, adjusting to last week’s reduction in the VAT rate from 17.5% to 15% may be as simple as updating a database setting or updating a few eCommerce settings on a web site. However, for many this adjustment will require locating all VAT related spreadsheets, and accurately adjusting values that are hard coded in input cells, formulas, macros, and queries. While capabilities to search for VAT rates are available in Microsoft Office Excel on a per spreadsheet basis, making adjustments across hundreds and even thousands of tax related spreadsheets may prove an overwhelming and error prone task for many firms.

"With Prodiance eDiscovery, UK firms can quickly scan any and all network drives and content repositories to identify VAT related spreadsheets using an advanced pattern matching algorithm, and highlight any files with VAT values that require updating," said Dr. Soheil Saadat, president and CEO of Prodiance Corporation. "Using Prodiance eDiscovery and the new VAT discovery template, UK firms can leverage market leading technology to make the adjustments faster and with greater accuracy."

Once identified, VAT related spreadsheets can be categorized according to their complexity and financial significance and assigned a high, medium or low risk rating. Any high risk spreadsheets can then be brought under control of Prodiance Enterprise Spreadsheet Manager, which enforces versioning, access control, change control and provides configurable dashboards and reports to monitor the status of controlled spreadsheets. Prior to being used in production, updated VAT spreadsheets can be reviewed as part of an automated certification process which enforces checks and balances to ensure that proper spreadsheet documentation, testing and optimization requirements are satisfied.

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