Thomson Reuters tax solution streamlines and simplifies.
Inefficiencies and errors in indirect tax management can lead to unnecessary processing costs, amounting to an estimated 6% of a company’s operating expenses. This is due, in part, to the reliance on manual indirect tax processes. Global supplier tax is extremely complicated, and given the pace of regulatory change, inefficiencies are not surprising.
There is a crucial need to stay current with an ever-expanding volume and variety of data that requires processing, and a growing pressure for increased efficiency and accuracy. Senior management, for example, wants the total landed cost to include accurate VAT/GST codes to reduce error and increase transparency. Although it is the suppliers’ responsibility to provide accurate information, an error at this stage would have downstream implications, such as the removal of tax credits.
To address the complexities and costs associated with indirect tax management, it is essential for procurement managers to adopt advanced technological solutions. By leveraging automation and integrating robust tax management software with existing procurement systems, organizations can streamline their processes, minimize errors, and enhance overall efficiency.
Thomson Reuters offers a comprehensive solution that integrates seamlessly with platforms like Coupa, Zycus, and SAP Ariba, providing procurement managers with the tools needed to optimize their operations and achieve better financial outcomes.
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