Staying compliant with tax requirements is stressful enough when everything runs smoothly. However, managing tax compliance becomes increasingly complex as your company grows, making simplifying tax management a top priority.
Evaluating your current corporate tax solutions
As your business expands, so must your technology. Without careful planning, a corporation can end up with inefficient, disparate solutions that don’t integrate.
For example, the hub of an efficiently run business is its Enterprise Resource Planning (ERP) software system, such as SAP. Corporations rely on their ERP to ensure the integrity of business data, generate accurate calculations, and create visibility into company performance.
To ensure compliance, a company may add one solution to its ERP for transaction taxes in the United States, and one for consumption taxes in Europe. It may also have another for generating invoices. The result is a complex technology system comprised of apps that don’t talk to each other.
Staff time is drained as they coordinate data and monitor each solution to ensure everything is synchronized and running correctly. Getting a complete view to have confidence in the truth of the data is a painstaking process that eats up productivity.
This is an expensive, inflexible, and risky approach to technology that can compromise tax compliance, data security, and sensitive information.
But there’s a better approach: a single, trusted corporate tax solutions provider that integrates seamlessly with SAP.
The benefits of staying with a single vendor for corporate tax solutions
When your tax tech stack is built on solutions from a single vendor, you get the integration that simplifies processes and drives productivity—and, ultimately, profitability for a thriving company. You don’t have to switch between apps to update tax policies and product details, collate data, or synchronize sales channels. All data and rules live in a single program for quick updating or retrieval. Connecting new apps is simple and smooth.
By harnessing the power of integration, you unlock three advantages:
- Increased security: When solutions from multiple vendors connect, it frequently leaves a gap that bad actors can exploit. Plus, each vendor has a different degree of access to your organization’s network and data—and those access points can become vulnerabilities. With a single vendor that produces integrating solutions, you don’t have to worry about that. The solutions fit together like a puzzle, leaving no gaps of vulnerability. There’s a single point of access that can be safeguarded like a bank vault.
- Reliability: When you connect solutions from multiple vendors, you risk incompatibility, possibly leading to errors and even downtime as an app crashes. However, solutions from the same provider should connect seamlessly and work together to propel productivity, not hinder it.
- Efficiency: As noted, managing discrete solutions can drain staff time. When you have solutions from a single vendor, you can integrate workflows, scale automated tax determinations, and better manage tax liability and planning. This will increase overall efficiency—and generate savings.
SAP’s assurance of smooth integration: SAP Endorsed Apps
SAP knows these benefits, and that’s why it created the SAP Endorsed Apps category. These premium-certified apps have been tested to ensure they integrate with SAP to allow you to create a best-run business.
Furthermore, the SAP Endorsed App status denotes a higher level of security and reliability based on additional technical quality checks. This is because SAP only gives premium certification after stringent testing to ensure the app is reliable. Once a partner has been invited to participate, their solution undergoes a series of rigorous tests conducted by the SAP Integration and Certification Center (SAP ICC), during which code is analyzed and custom recommendations for enhancing and optimizing the solution are provided.
As a customer, you can take comfort in the knowledge that SAP has evaluated these partner apps with a premium-certification approach, which means less risk to your organization.
ONESOURCE: Increase productivity, not headaches
Three Thomson Reuters’ ONESOURCE products have earned SAP Endorsed Apps status:
- Indirect Tax Integration for S/4HANA Cloud—Public Edition (U.S.): The industry standard for real-time end-to-end tax management for U.S. sales and use taxes, excise taxes, as well as exemption management. Excise tax is not included in premium certification evaluations by SAP.
- Tax Provision for SAP S/4HANA Cloud (U.S.): This integration makes provision journal entries available for SAP S/4HANA using SAP Business Technology Platform (BTP), increasing accuracy, lowering risk, and speeding the financial close.
This means you can be sure that Thomson Reuters has done everything to ensure ONESOURCE sits nicely within SAP. When you use these ONESOURCE programs in combination with SAP, you get an integrated corporate tax solution that propels productivity, not headaches.
“Achieving premium certification only comes after stringent testing, and this recognition for three ONESOURCE solutions as SAP Endorsed Apps gives customers added confidence that they have the right software in their tax tech stack to run and support their intelligent enterprises,” said Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters.
