Intern - Accounting

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Project Title:
GST - Input Tax Reconciliation and Validation Process Improvement

Description:
Singapore GST Input Tax reconciliation and validation process is conducted monthly to ensure the accuracy of amounts and rates for Tax team to file GST return. Current validation process is highly manual which accountant need to spend 700 hours annually. This project aims to design a systematic approach and exploring automation opportunities to make the reconciliation and validation process more efficient. Students will have the opportunity to learn about the Account Payable process, Indirect Tax, and accounting treatment.

Scope:

• Understand Indirect Tax and conditions for claiming GST incurred (Input Tax)
• GST reconciliation and validation process
• Partner with multiple teams to uncover struggles in the process
• Design a systematic approach to valid and reconcile GST incurred
• Publish validation and reconciliation incompliance data to stakeholders
• Explore and recommend potential automation solution

Supporting Team:

• GL Accounting
• Account Payable
• IT
• Strategy Accounting
• Tax

Deliverables:

• A systematic approach to perform Input Tax reconciliation and validation and publish the finding
• Recommend automation opportunities

Stretch Goal:

• Propose process redesign and elimination after identifying certain difficulties.

Requirement:

Degree or equivalent experience in Accounting, Finance, Business