Vertex Inc.,the leading provider of corporate enterprise tax solutions,today reported that the company’s Managed Services experienced robust growth in 2012 as demand for tax services increased. For the full year 2012, Vertex Managed Services grew revenue by 81 percent,primarily attributable to a 47 percent increase in clients served. Vertex manages over $1 billion in tax funds and processes in excess of 115,000 returns per month for its clients.
The growth comes as corporate tax departments are under increasing pressure to manage more with less, including the manually intensive processes associated with processing and filing returns. The result is that resources are diverted from higher level,strategic activities such as audit defense and compliance assurance.
“Our clients need more time to look upstream,” says David Henkin, Vice President of Managed Services for Vertex Inc. “Corporations of all sizes continue to face an increasingly complex sales and use tax environment, and the heightened audit scrutiny associated with this means companies must find new ways of managing tax processes.”
By outsourcing processes like returns, among others, companies are able to better handle returns compliance and manage the high volume of data associated with sales and use tax returns. Partnering with Vertex Managed Services allows companies to manage expectations surrounding audit risk and added complexities, including new electronic filing mandates, changing tax laws, changing tax rates, and changing tax forms.
Vertex began offering dedicated managed services in 2006 to provide companies confidence in the accuracy and timeliness of their entire returns lifecycle. Since then,the company has grown its tax and funds management capability, experiencing a 60 percent increase in managed services staff and an expanding service portfolio with the addition of exemption certificate management services in 2012. Henkin says he expects strong growth to continue in the company’s Managed Services in 2013, including the introduction of Business License Services to the company’s Returns Outsourcing and Exemption Certificate Management offerings.
“Our customers are looking for more efficient ways to gain greater visibility into processes that impact their compliance,” said Henkin. “A managed service solution is a strategic move for them that can be implemented quickly, with low risk.”
Since 1978, Vertex, Inc., has been a leading provider of tax technology and services, enabling companies of all sizes to realize the full strategic potential of the tax function by automating and integrating tax processes, while leveraging advanced and predictive analytics of tax data. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for every major line of tax, including income, sales and consumer use, value added and payroll. Headquartered in Pennsylvania, and with offices worldwide, Vertex is a privately held company that employs over 900 professionals and serves companies across the globe.