Vertex Retail Solution

Few could argue that retailers face extreme and unique challenges in their efforts to comply with state and local tax regulations. The difficulties of managing the taxability of multi-channel transactions demand an equally unique tax automation solution that will:

• Effectively and consistently reduce exposure to the penalties, fees and audits often experienced by high-volume transaction businesses
• Increase compliance with Sarbanes-Oxley
• Substantially reduce the cash reserves that retailers customarily set aside to cover audit assessments, penalties, and fees; and potential class action suit settlements
  
  

Vertex^® Sales Tax O Series^® Retail Solutions have been specifically designed to enable retailers to centralize the management of tax transactions, whether in-store, online or worldwide and never again need to question if their records and figures are accurate.

Benefits

• Quicker Payback: The Vertex Retail Solution utilizes a centralized service-oriented architecture that reduces implementation and tax set-up costs for the tax department; and, installation and maintenance costs for the IT department
• Sarbanes-Oxley Compliance and Audit Defense: Centralized tax results, activity and security logs, and SAS 70 certified data which supports process documentation procedures contribute to greater compliance with Sarbanes-Oxley
• The Last Tax Solution You Will Need to Purchase: The flexibility of Vertex O Series Retail Solution will accommodate growth resulting from mergers and acquisitions, new lines of business, new products, the addition of new sales channels, and global expansion.
• Greater Operational Efficiency: Vertex® automated tax solutions significantly reduce the time and resources spent managing the complex tasks associated with tax compliance
• Contributes to A High-Value Tax Department: Because Vertex software automates most of the manual processing, research, filing and reporting tasks, you can focus on strategic tax planning and take advantage of emerging opportunities for even greater savings and compliance.

Features

• Incorporates National Retail Federation Standards: Vertex is an active, integral partner with NRF in the development of XML messaging standards through the ARTS committee for next-generation Point of Sale environments and tax management.
• Robust Tax Research: Includes tax rates and taxability rules for over 8,000 U.S. taxing jurisdictions and more than 160 countries around the world, which are updated monthly by Vertex research professionals
• Multiple Point of Sale System Support: Vertex O Series integrates seamlessly with your store-front, catalog and Web based point of sale systems allowing you to manage sales tax from one central instance
• Store Level Processing Solution: The Vertex Sales Tax O Series for POS provides local calculation at the store to provide consistent and accurate tax calculation across all stores. However, all maintenance is at the central full O Series instance minimizing IT costs.
• Automatically and accurately determines Situs and the appropriate taxing jurisdictions for transactions based on the information available for origin, administrative origin, destination, and administrative destination
• Accommodates special tax considerations like exemptions from tax, special rates, tax holidays
• The same solution also manages taxes on your purchases: Verification of the tax charged by your vendors and the accrual of any use tax due on procurement will be based on the rates and taxability rules maintained by Vertex and updated monthly
• Vertex O Series considers retail specific transaction items before returning the final tax amount including:
  • Refunds
  • Delivery charges
  • Rental charges
  • Restocking fee, Non-merchandise fees
  • Sale of Warranties
  • Component/Packaged issues
  • Delivery Method Taxability
  • Multiple ship to locations
  • Drop shipments
  • Service Charges
• Generates Signature-Ready Returns based on the consolidated transaction results
• Applies any special calculation rules and rounding rules including bracket schedules

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Learn more about Vertex Retail Solutions or contact us today.