Category Archives: Omnitrack

Stay up to date with the latest features of our centralised reporting portal, Omnitrack.

Upcoming webinar: DAC6 for multinationals – An overview of VinciWorks’ DAC6 reporting solution

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Any company that undertakes international tax arrangements could be affected by DAC6. Reports may be made by professional advisers, known as “intermediaries”, that advise on the arrangements, but where an arrangement is organised in-house or the intermediary cannot report for another reason, the responsibility falls on the taxpayer to file their own report.

VinciWorks has been in close consultation with HMRC, other tax regulators and over 100 leading international firms to establish the implications of the EU Directive and build a reporting solution to help businesses comply.

Join us for a short meeting where we will be covering the core features of our software and give guidance on how international businesses can use it to report and track transactions.

If you have any questions regarding our solution that you would like answered during the meeting, enter them in the space provided below. We will also allow time during the webinar to ask questions.

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DAC6 reporting – Customising and building workflows

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DAC6 is a European regulation aimed at reducing international tax evasion and promoting transparency. DAC6 requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report some aggressive cross-border tax arrangements. These “mandatory disclosure requirements” (MDRs) are relevant for tax transactions that cross EU borders in which it seems that the primary purpose of the transaction is a tax advantage.

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New Omnitrack feature – Export to XML enabling DAC6 reports to HMRC

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In order to integrate Omnitrack into other systems, a robust API is required on both ends. Data needs to be automatically inputted into Omnitrack and data should be easily exported.

In addition to exporting data to Excel, PDF and CSV, Omnitrack allows data to be exported in XML format in order to integrate with other systems.

Example: integrate DAC6 reporting with tax authorities

DAC6 requires tax lawyers, accountants and tax advisers to report certain tax arrangements to local European tax advisers. This process can be automated and streamlined with Omnitrack. In order to report a DAC6 transaction, the data must conform to the tax authority’s “schema”. Omnitrack automatically manipulates the XML file to fit each tax authority specifications.

DAC6 reporting portal – New dashboard to stay on top of deadlines

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One of the most important aspects of DAC6 compliance is making sure intermediaries report transactions within the reporting deadline. Having consulted with over 50 leading international firms and HMRC, we have updated the DAC6 portal dashboard to make it easier for administrators to stay on top of deadlines. Our customisable dashboard will allow firms to easily track when a deadline is approaching, see what’s overdue and review what has been reported.

What are the key features of the new DAC6 portal dashboard?

1. Clear overview of the status of reports

Screenshot of DAC6 reporting portal dashboard

Failure to submit a report can result in a fine from HMRC. The dashboard gives a clear, customisable visual overview of the upcoming deadlines and overdue reportable transactions.

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DAC6 reporting portal feature update – Set up automated reminders

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Under DAC6, special entities, known as intermediaries, must log certain cross-border transactions that may have a tax implication and where necessary report these to local tax authorities. They should therefore start registering and keeping track of all cross-border transactions. VinciWorks has consulted with 50 leading international firms, as well as HMRC, to build a best-practice DAC6 reporting solution. The portal allows intermediaries to record all cross-border transactions while guiding them on which transactions require reporting.

Keeping track of all DAC6 reports

When it comes to DAC6 reporting, how do you make sure matters are not falling through the cracks? At matter intake, partners are unlikely to have all the details of the transaction and there needs to be a way to trigger the DAC6 review at a later time. To solve the problem, we have added a new feature that allows administrators to build flexible reminders that will trigger emails to the relevant parties when a submission needs to be reviewed or has an upcoming reporting deadline.

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Omnitrack feature update – Add conditional logic on multi-select fields

VinciWorks continues to develop its Omnitrack form builder to make using our data collecting and reporting tool even easier and more efficient.

What is the Omnitrack form builder?

Rather than spending hours creating and sending out long and tedious Microsoft Excel, Word or PDF forms, the Omnitrack form builder allows administrators to easily build forms with conditional logic. All the data collected from the forms can easily be aggregated into graphical charts that are updated in real-time.

Conditional logic – How have we improved the form builder?

Conditional logic allows administrators to easily ensure only the most relevant questions appear each time a form is being completed. For example, when completing a form for DAC6 reporting, a transaction that doesn’t involve a cross-border element between EU countries will result in considerably fewer questions in a form than a transaction that does.

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Omnitrack feature summary – Create graphical reports in seconds

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Understand your data by instantly creating charts and graphs

What is Omnitrack?

Omnitrack is a centralised reporting and tracking tool that replaces traditional, yet outdated data management processes such as emails, spreadsheets and long PDF and Word forms. It allows anyone to identify a risk, complete staff surveys or carry out reporting requirements. Compliance managers can then easily track and analyse incoming data. Collecting and storing data relating to all areas of compliance in a central portal adds structure, efficiency and transparency to the compliance process.

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Omnitrack feature update – Add and arrange form builder questions with ease

Screenshot of the Omnitrack form builder

VinciWorks has made several updates to the Omnitrack form builder to make using our data collecting and reporting tool even easier and more efficient.

What is the Omnitrack form builder?

Rather than spending hours creating and sending out long and tedious Microsoft Excel, Word or PDF forms, the Omnitrack form builder allows administrators to easily build forms with conditional logic. All the data collected from the forms can easily be aggregated into charts that are updated in real-time.

The main advantages of using our form builder to create questionnaires and surveys as opposed to Excel or similar systems are:

  • Choose from a host of form templates that can easily be customised
  • Use conditional logic to build a dynamic form that contains only the questions relevant to each individual completing the form
  • Easily duplicate forms and edit them so you don’t have to start from scratch
  • Seamless collaboration between admins so that all collected data appears in one central portal
  • Capture all edits to the form in our “audit trail” so you can revert back to a previous version of the form
  • All data collected stays in one central location and is updated in real-time. This means that all reports will always be up-to-date
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New Omnitrack feature – Ready-to-go form template library

We regularly carry out updates to our reporting tool, Omnitrack, to make it easier for administrators to build forms, collect data and analyse that data. One of our biggest developments to date is the addition of a library of best-practice templates covering GDPR, DAC6, health and safety, whistleblowing and more.

What is Omnitrack?

Omnitrack is a reporting and tracking tool that helps businesses shape their culture to encourage all employees to engage in the risk management process. It allows anyone to identify a risk, with high priority issues escalated to the risk management team. Omnitrack replaces traditional, yet outdated data management processes such as emails, spreadsheets and long PDF and Word forms. Collecting and storing data relating to all areas of compliance in a central portal adds structure, efficiency and transparency to the compliance process.

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