Benefits of integrated tax software for your corporate tax compliance
As many indirect tax professionals are well aware, corporate tax compliance is serious business. Being non-compliant can result in hefty penalties and interest charges for companies. One example is the far-reaching sales and use tax impact of the 2018 US Supreme Court ruling in South Dakota v. Wayfair, Inc. With compliance requirements evolving, markets growing, and e-commerce opportunities expanding at an unprecedented rate, those challenges are only increasing.
If your business includes an e-commerce platform, meeting your obligations has become more complex and demanding. Aside from the vast number of tax jurisdictions available, your indirect tax teams also have to deal with international tax challenges such as value-added tax (VAT) and goods and services tax (GST). These changing tax rates add another layer of complication to your corporate tax compliance – each tax rate change must update different tax systems across the organization. It becomes a time-consuming task for the tax department to ensure tax compliance.
Imagine what it would be like if you could make one change to your tax system and have it automatically flow to all of your systems, accurately aligning them to your organization’s global compliance and business requirements. From a single centralized point of control, you could configure your systems to calculate your indirect taxes in a particular tax jurisdiction according to your specific needs. Any changes you make would automatically apply throughout the systems integrated with your tax engine.
Such real-time updating, cloud-based tax management solutions exist. With an integrated tax software solution, you can take advantage of a wealth of benefits, from improved agility and performance to better availability.
Most modern corporations whose goal is to stay tax compliant decide to use integrated tax software. It is the only way to automate the end-to-end tax automation process and allow your indirect tax department to spend more time on the activities that bring value to your business.
This whitepaper shows how these corporations benefit from integrated tax software and how it helps them stay tax compliant.
- What are the benefits of an integrated indirect tax software solution?
- How do you make sure an integrated tax software solution works with your core business systems?
- Does the integrated tax engine consider international taxes? If so, from how many countries?
- What is the cost of integrating cloud-based, integrated tax software for corporations? Does it require any maintenance or ongoing costs?