It is time to reimagine more than business processes. It is time to reimagine customer relationships, data, markets, supply chain, workforce and more. Enterprise Resource Planning (ERP) solutions, tax engines and other business compliance software can deliver results and should help achieve strategic organizational goals.
Tax departments are often the single largest consumer of financial information within an organization, yet they typically face difficulties in acquiring timely data from accounting and other source systems at the appropriate level of detail to support their VAT compliance, and indirect tax planning activities. This may lead to excessive administrative burdens, overpaid VAT or, in the worst case, underpaid VAT positions, which could result in future VAT assessments and fines.