Avoiding Tax Traps with BSI
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Key Takeaways
⇨ Tax determination can be one of the most complex issues that companies must address, especially as they grow and expand operations into different tax jurisdictions.
⇨ To help SAP organizations overcome these challenges, Business Software, Inc. (BSI) offers its TaxProfileFactory™ solution.
⇨ TaxProfileFactory integrates with SAP deployments that are on-premise, in the cloud, or hybrid
As more and more SAP organizations move to SAP S/4HANA, finance teams are able to leverage the advanced capabilities enabled through SAP S/4HANA Finance. Among the most crucial advancement now available is the ability to infuse automation into the tax process.
In SAPinsider’s recent SAP S/4HANA Finance Benchmark Report, 53% of survey respondents said that tax technology that helps track changes in tax regulations and their impact was either important or very important to their overall SAP S/4HANA Finance strategy.
Tax determination can be one of the most complex issues that companies must address, especially as they grow and expand operations into different tax jurisdictions. These tax burdens are constantly shifting, and manually updating them requires significant effort, at best. At worst, this can result in audits and adjustments to future filings and paychecks.
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Automating Headaches Out of Taxes
To help SAP organizations overcome these challenges, Business Software, Inc. (BSI) offers its TaxProfileFactory™ solution. It creates tax profiles based on employee locations by country, state, local, and other territories. These profiles are created either automatically or on-demand, eliminating the need to go back and adjust paychecks at any point in the future.
TaxProfileFactory meets the needs of SAP organizations by utilizing BSI’s TaxLocator technology to automatically update any new tax requirements. This process, when done manually, is time consuming and takes employees away from other work that they could be doing to reduce their company’s tax burden. It also drastically reduces the chances of a manual error in the payroll process.
TaxProfileFactory integrates with SAP deployments that are on-premise, in the cloud, or hybrid. The solution also automatically provides all necessary forms to authorities to complete all applicable compliance requirements.
Another chief concern of SAP S/4HANA Finance users is data privacy. Financial organizations must ensure that all personally identifiable information is kept safe to avoid malicious actors and pass audits. TaxProfileFactory undergoes SOC Type 2 audits to ensure that all sensitive data is protected.
Conclusion
SAP organizations around the world are aiming to streamline outdated processes and infuse automation to improve efficiency. When looking at what areas to target for process improvements, taxes and payroll are a great place to start – these essential functions often have significant room for improvement.
SAP companies can leverage solutions like TaxProfileFactory from BSI to improve efficiency, reduce the chances of manual errors, and free up staff to spend more time on tasks that contribute to the organization’s business goals.
