Automating Taxes to Enable Growth
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Key Takeaways
⇨ Taxes are one of the top areas where organizations choose to focus their automation investments.
⇨ Tax automation solutions allow companies to scale their business without having to worry about tax implications.
⇨ Companies that delay in automating key processes run the risk of falling behind their competition.
For organizations operating on slim margins, bolstering efficiency is a paramount concern. SAPinsider’s recent AI and Automation in Finance Benchmark Report found that 26% of SAP organizations said they need to improve the accuracy and efficiency of their current business processes, making it one of the most commonly-highlighted priorities among all respondents.
Automating manual and repetitive processes has proven to be one of the key steps that most companies can take when aiming to cut costs and improve efficiency. Taxes are one of the top areas where organizations choose to focus their automation investments. Automating tax processes can reduce expenses, boost agility, and mitigate the risk of manual errors.
Many SAP organizations are turning to SAP partners like BSI to find a tax automation solution that fits their needs and allows them to scale their business without having to worry about tax implications.
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Customer Success Story
BSI recently shared the story of a food distribution company that needed help with its payroll tax process. The major food distributor had over 20,000 employees across multiple states. With a large and geographically spread-out workforce, the organizations realized that processing payroll taxes manually was no longer an option. This process not only absorbed too much time from the tax team, but also introduced the possibility of significant errors that opened the company up to the risk of an audit.
After a consultation, the food distributor decided to use BSI’s TaxProfileFactory solution. This option automatically determines and provides required withholding forms for employees. It also automatically tracks ay updates in regulations across the U.S., so companies can remain up to date on their tax burden.
With growth in mind, the company wanted to leverage the automation capabilities of TaxProfileFactory. This solution gave the food distributor the ability to manage local payroll taxes for a growing and shifting workforce automatically.
Leveraging Automation to Enable Growth
Automation technologies are becoming more and more commonplace among SAP organizations. Companies that delay in automating key processes run the risk of falling behind their competition. Automation solutions like TaxProfileFactory give companies the ability to free up their tax teams from manual and repetitive tasks, allowing them to work on projects that add value to the organization.
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