Jun 30, 2024
•2 minute read
Global Tax Management
Research Webinar: Global Tax Management 2024SAPinsider delves into the shifting priorities in taxation and technology, emphasizing the significant impact of digital transformation and the adoption of SAP S/4HANA on finance and tax functions. It reveals the key drivers shaping tax priorities and projects, highlighting new solutions tax professionals are investing in. The rapid changes in global tax regulations have made control and governance the primary concern for 43% of businesses, underscoring the challenges of compliance in a complex tax landscape. In 2024, integration and visibility are paramount for tax teams due to the multitude of business applications supported by SAP customers. Budgets for global indirect tax compliance remain stable or are increasing, with 63% of survey respondents affirming this trend. E-filing and tax control frameworks are increasingly being implemented, while investments in personnel and tax localization tools are growing to address the intricacies of local laws and meet global compliance demands through digital strategies.
Global Tax Management 2024 – Benchmark ReportSAPinsider delves into the shifting priorities in taxation and technology, emphasizing the significant impact of digital transformation and the adoption of SAP S/4HANA on finance and tax functions. It reveals the key drivers shaping tax priorities and projects, highlighting new solutions tax professionals are investing in. The rapid changes in global tax regulations have made control and governance the primary concern for 43% of businesses, underscoring the challenges of compliance in a complex tax landscape. In 2024, integration and visibility are paramount for tax teams due to the multitude of business applications supported by SAP customers. Budgets for global indirect tax compliance remain stable or are increasing, with 63% of survey respondents affirming this trend. E-filing and tax control frameworks are increasingly being implemented, while investments in personnel and tax localization tools are growing to address the intricacies of local laws and meet global compliance demands through digital strategies.
Jun 28, 2024
•1 minute read
Vertex Creates Unified Tax Solution for Worldwide Tax VisibilityTo help companies with shifting tax burdens and responsibilities, Vertex recently announced that it is bringing together the North American tax Accelerator and its Vertex Chain Flow Accelerator for VAT/GST to offer a single, unified, worldwide accelerator, Accelerator+ for SAP ERP. The solution automates tax calculations based on these rates, so organizations consistently have an accurate view of their tax burden. Providing this window into tax requirements is a key priority for CFOs. Having real-time tax information allows finance leaders to set aside just what they need for taxes, freeing up capital for other investments within their SAP landscape.
May 16, 2024
•2 minute read
Webinar: Global Tax Management 2023 – Benchmark ReportLast year's research on global tax management confirmed the importance of digital transformation in finance and tax functions, facilitated by initiatives such as SAP S/4HANA migration, automation, and AI/ML. This report explores how the priorities of SAPinsiders in various aspects of taxation and technology have evolved and how organizations have adapted their global tax management strategies in this ever-changing landscape.
As global tax regulations evolve rapidly, control and governance challenges have emerged as the foremost concern for businesses, with 51% identifying it as a significant pain point. This suggests an intensifying struggle to maintain compliance in a complex tax landscape. While more SAPinsider organizations plan to adopt third-party tax engines, consistent integration with ERP and other applications remains challenging, slowing utilization and posing difficulties for aligning tax management with broader business systems.
Download the benchmark report to read the full data analysis from 128 members of the SAPinsider community and receive recommendations for your global tax management plans.
Aug 5, 2023
•1 minute read
Avalara’s Guide to Avoiding Five Common Sales Tax Registration MistakesSales tax can be burdensome for organizations of any size. Small businesses may face the largest struggle when it comes to sales tax registrations, as they likely do not have a taxation expert on their staff. Many small business owners who lack expertise are forced to comb through tax legislation to ensure they pay what they owe in each jurisdiction. Any errors in this process can lead to costly audits.
To help companies determine their correct sales tax registration, Avalara released a list of five common mistakes businesses commonly make when registering for sales taxes.
In this article, we will examine each of those mistakes and how to avoid them. Small businesses should always be cognizant of the different regulations in each state where they do business and stay up to date on filing registrations in new states. They should also deregister in states that they exit. Of course, one of the simplest ways to overcome these issues is to rely on an automated solution.
Jul 19, 2023
•3 minute read
Managing and Automating Payroll Tax DeterminationsOrganizations of all sizes can struggle to keep up with the pace of change in the tax landscape. Federal, state, and local regulations are constantly in flux, and some teams may struggle to keep up. Compounding these issues, many enterprises still rely on manual tax processes. This can cause errors and take excessive amounts of time to execute.
More and more, tax teams are searching for a digital transformation of tax and finance through solutions like automation, AI, and machine learning.
For help, organizations often turn to third-party partners like BSI and their TaxProfileFactory solution. The product can help maintain employee tax profiles for federal, state, local, and territory taxes. It also creates these profiles on-demand to eliminate any future adjustments.
To demonstrate how TaxProfileFactory can help organizations with their payroll tax onboarding processes, BSI shared a recent customer success story that highlights how versatile the solution is.
In this article, we will highlight the unique challenges faced by BSI’s client and the solutions they used to address their issues.
Jul 14, 2023
•2 minute read
Global Tax Management 2023 – Benchmark ReportLast year's research on global tax management confirmed the importance of digital transformation in finance and tax functions, facilitated by initiatives such as SAP S/4HANA migration, automation, and AI/ML. This report explores how the priorities of SAPinsiders in various aspects of taxation and technology have evolved and how organizations have adapted their global tax management strategies in this ever-changing landscape.
As global tax regulations evolve rapidly, control and governance challenges have emerged as the foremost concern for businesses, with 51% identifying it as a significant pain point. This suggests an intensifying struggle to maintain compliance in a complex tax landscape. While more SAPinsider organizations plan to adopt third-party tax engines, consistent integration with ERP and other applications remains challenging, slowing utilization and posing difficulties for aligning tax management with broader business systems.
Download the benchmark report to read the full data analysis from 128 members of the SAPinsider community and receive recommendations for your global tax management plans.
Jun 30, 2023
•1 minute read
Vertex’s Chain Flow Accelerator for Indirect Tax Receives SAP Certification for Integration with RISE with SAP S/4HANA CloudVertex, a leading tax technology solutions provider, has received SAP certification for its Chain Flow Accelerator tool, which simplifies tax complexity. The tool has been integrated with RISE with SAP S/4HANA Cloud, offering enhanced capabilities for transaction creation, configuration, and visualization to improve Value Added Tax (VAT) determination and efficiency.
The tool's application is particularly relevant in Europe, where tax management has become increasingly complex. Companies dealing with cross-border supply chains need to ensure consistent VAT treatment at every transaction stage, requiring continuous data management and configuration in their ERP systems. These tasks are typically manual, complex, and demand specialized tax expertise and IT support.
Jun 30, 2023
•1 minute read
Rethinking Your Approach Towards Global ComplianceThe digitization and increasing complexity of tax has necessitated that most organizations rethink their approach to global compliance management. Rapidly changing regulatory guidelines and tax laws have made manual processes difficult to maintain. In addition to increasing the burden on internal tax teams to get things right. While the strategy may differ depending on the system you operate on, there are automation tools available to reduce time and resources spent on tax compliance.
Attend this webinar to hear how SAP users are incorporating tax automation tools from Sovos to drive their digital transformation and centralization initiatives.
Discover new ways to face the future of tax compliance with confidence, including insight into:
The importance of reliable uptime and readily available data
How Sovos integrates with SAP and what system(s) you need to integrate
Best practices around global tax compliance as you consolidate into a single instance in your SAP S/4HANA migration
Jan 31, 2023
•1 minute read
EMEA Organizations Face Corporate Minimum Tax Uncertainty in 2023The effects of an ever-evolving regulatory landscape continue to impact enterprise tax teams across the globe. Findings from SAPinsider's Global Tax Management benchmark report, particularly for EMEA-based organizations, point to corporate income tax compliance as among the most significant regulatory updates impacting their workloads (42% of EMEA-based respondents). Unfortunately, this compliance burden will only increase for EMEA organizations heading into 2023, as the European Union recently adopted a minimum corporate tax framework that continues to shift the global taxation landscape.
Jan 10, 2023
•2 minute read
Events
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