I am Amanda Oppong Berantuo, a Data Analytics intern at SCG. I have a bachelor’s degree in actuarial science. My internship at SCG allowed me to explore the relationship between data analytics and taxation. My role involved assisting the tax team in analyzing data to optimize tax processes, ensure compliance, and accurately report tax liabilities.
Getting Started with Tax Data Analytics
Before joining SCG, I had limited knowledge or interest in tax data analytics. I knew it involved using analytical tools to interpret tax-related data, but I was yet to grasp its practical applications and complexities.
SCG’s comprehensive orientation program helped to shape my understanding. Tax data analytics immediately captivated me with its potential and complexities. The training sessions covered income tax, value added tax, and techniques for cleaning and analyzing data. These gave me a solid foundation for my upcoming tasks.
Practical Experience
Besides enhancing my understanding of data analysis, tax regulations, and financial principles and this experience helped me to develop practical skills that are essential in today’s professional world.
Below are some of the key responsibilities:
- Blending Data Analysis with Tax Knowledge: This experience allowed me analyze revenue and receivables to identify the taxable components. It involved examining financial statement records, including sales figures, income statements, and accounts receivable reports. With data analysis, I pinpointed patterns and certain areas that need more in-depth examination. This thorough examination ensured that all declared tax obligations and taxable income were accurate.
- Preparing and Assessing Tax Returns: I helped prepare and assess tax returns to ensure they complied with the law. I worked closely with the tax team to gather all the financial data, such as income statements, expense reports, and other relevant records. I then examined and confirmed these records were accurate and compliant with the most recent tax rules and regulations.
- Teamwork and a Supportive Environment: A key aspect of my internship experience was working with others. Among SCG’s core values are teamwork, mutual respect, and understanding of diverse viewpoints. Being able to have conversations with coworkers and superiors was beneficial. I received directions and regular feedback from my superiors and colleagues. I felt encouraged to seek guidance, ask questions, and strive to improve because of the supportive atmosphere at SCG.
Key Learnings
- One of the most significant lessons learned was the importance of accuracy and diligence in all tasks. I learned how even minor discrepancies can have substantial consequences, highlighting the significance of a comprehensive data validation and review procedure.
- I have a reasonable knowledge of tax laws and have learned to compute a variety of taxes. Working with the tax and data teams exposed me to the workings of the tax system.
Challenges
I encountered challenges that have contributed to my professional growth. A major challenge was mastering tax laws and applying them accurately to our financial data. Understanding the details of tax laws and how they affect different aspects of the business was daunting. This required me to invest substantial time in learning and interpreting these regulations.
I learned the basics of financial accounting to help me handle financial data accurately. Handling financial data requires a high level of precision and attention to detail, errors could certainly affect the integrity of computed taxes.
These challenges helped to hone my analytical skills, understanding of tax regulations, and improving my ability to communicate effectively.
Conclusion
To conclude, I had an amazing time during my internship at SCG and gained practical knowledge about tax data analytics. I learned several data analytics techniques, the practical application of tax principles and financial accounting. This experience has helped my professional and personal development.
Amanda Oppong Berantuo
