Solutions

Vertex^® Retail Solutions

Retailers are often faced with a myriad of tax challenges including:

• Tax complexities that result from multi-channel transactions
• Send sales and tax holidays
• Extrapolated penalties, fees and audits from high volume transactions
• The impact of Sarbanes Oxley has also contributed to the retailers’ angst over sales tax. 

At a time when compliance has become increasingly difficult, retail tax departments are under closer scrutiny by regulators and their own senior management to accurately predict the level of cash reserve required to cover back taxes, fees and penalties resulting from audits. 

Vertex O Series Retail Solutions – The Option with an ROI

In the past retailers had two choices to cope with the increased complexity of retail tax management; either increase reserves to account for penalties and shortfalls or increase tax office head count.

Vertex believes there is a better way to increase efficiency and lower costs through full tax automation. The benefits realized by automating for tax compliance are tangible, substantial and apparent in a short period of time after implementation:

A Scalable Retail Enterprise Tax Asset

Working with retailers and tax and technology leaders, Vertex has developed a system and associated processes that enables our retail customers’ to automate tax to:

• Handle current operations
• Accommodate a 5-10 year growth plan
• Support new lines of business, products, services with the same asset
• Support mergers, acquisitions by rapidly implementing a tax shared service

Leveraging Vertex’s 30 years of tax process expertise,  acumen from team members with years of hands-on retail experience and our close working relationship with Association of Retail Technology Standards (ARTS) we developed The Vertex O Series for POS specifically to meet the challenges facing multi-channel retail organizations. . 

Vertex O Series Retail Solution Features

• A single, central installation that supports all retail locations and sales channels, and reduces the costs associated with tax setup and maintenance for both the tax and IT departments.

• Assurance that all sales channels apply the same accurate tax calculation, while consolidating transactions to make compliance and filing of returns easier.

• The result – increased store uptime and increased revenues from uninterrupted sales transactions.

• A unique combination of research content and flexibility that couples Vertex extensive taxability research with options to let retailers use their own product or product group codes for fully automated tax management

• Signature-ready returns based on the consolidated transaction results that further minimize compliance efforts.

• Calculation of accruals and verification of vendor-charged taxes that support the management of tax on purchases.

The Vertex Retail Solution Team

Our Retail Solution Team has practical real-world experience  surmounting retail tax challenges like disparate retail channels, merchandising, complexities of the product supply chain, send sales, and tax holidays. 

Vertex Consulting Services

The final component of the Vertex Retail Solution is our Consulting Services.  The Vertex Consulting approach revolves around a simple but critical goal: Enabling your tax department to raise its business value with the effective tax management that accurately and efficiently supports compliance, and ensures that your tax data is compiled in a manner that optimizes its utility for your entire organization.  For more information on the specific consulting services available, go to http://www.vertexinc.com/Services/vc/.

For more information download the Vertex Retail Solutions brochure (PDF 164 KB / 2 pages)

To talk to someone about how Vertex can enhance the tax processes in your Oracle environment fill out a product inquiry form or call us at 800.355.3500.