Vertex Innovation Awards
Now in its fourth year, the Vertex Innovation Awards honor Vertex customers that have discovered new and innovative ways to leverage their Vertex products or services to implement improved efficiencies within their corporate tax departments. Spend some time learning more about this year's winners and their contributions to the betterment of corporate taxation.
Concentra: Gary Chedekel & Bob Patterson
In order to be able to contend with the apportionment for multiple entities and quickly and efficiently calculate estimated tax payments, Concentra designed a tool to import the various apportionment factors into Microsoft Access. This allowed Concentra to import directly into an Excel workbook and into Vantage Tax after making minor adjustments. As a result of Concentra's solution implementation, they were able to save time in both keypunching and scenario modeling.
Tetra: Ann Tucker
Tetra and Vertex customized the Vertex O Series connection with JDE to pass additional fields, allowing the passing of data to the Vertex Reporting and Analysis tool that was not available in their reporting software. This resulted in better calculations and a more accurate picture of which of their services qualify for a manufacturing deduction for sales tax. Additionally, implementing Vertex O Series allows Tetra to use logic that sets up additional impositions to calculate a special servicing tax on some of their services.
Univar: Herman Vlug & Stephan Heinsch
Dureal is a division of Univar N.V. that has a presence in 14 European Union countries and growing. Their indirect tax requirements are somewhat complex and consistent with standard European VAT. To efficiently manage and keep up with the requirements, Dureal implemented Vertex O Series and became the first Vertex client to implement O Series VAT using SAP. The project included a full implementation and, as described by Univar, resulted in a potential savings of $2.4 million (US) per year. Savings that are achieved through the correct VAT treatment of business transactions, IT/accounting, advisory costs, avoidance of penalties/interest paid and so on. Univar states that the implementation versus automating the Tax solution in SAP directly contributes to cheaper and easier maintenance, less need for VAT expertise, significant drop in coding/reporting error rate, enhanced audit trail, and a high level of VAT compliance.
Nestle: Nestle FICO/Tax team
Nestle was awarded the first ever Vertex Design Partner Innovation Award for their visionary application of data management and work flow technology within the corporate tax function, as well as their active and ongoing product design guidance. Nestle also distinguishes themselves through their strategic guidance to Vertex leadership.
Honorable Mentions:
Vulcan Information Packaging, a Division of EBSCO Industries
EPCO, Inc. – Information Technology and Tax Department
WS Packaging Group, Inc.