Improving Tax in the Procure-to-Pay Process
In this infographic, we show the benefits experienced by tax, procurement, and IT professionals when a tax engine is added to your P2P (procure-to-pay) process.
With the implementation of tax technology, your organisation can see a multitude of benefits – from improved tax accuracy for your tax teams, to less maintenance for your IT teams.
How can you optimize tax in the P2P function?
Because tax engine functionality is more robust than native ERP or procurement systems, it increases accuracy and efficiency ― in addition to improving vendor relationships with streamlined invoice approval. A single tax engine supports multiple financial systems across sales and purchasing, improving scalability. And cloud deployment eliminates system hosting and maintenance, saving time and resources.
Tax team benefits:
- Reduced need for in-house tax research
- Improved tax accuracy
- Enhanced scalability
Procurement team benefits:
- Automated and standardized tax coding
- Increased accuracy and efficiency
- Improved vendor relationships
IT team benefits:
- No need for continual tax updates
- Improved scalability
- No hosting and maintenance with cloud deployment
Why add a tax engine for procurement?
Integrate a tax engine to improve tax accuracy and streamline procurement processes. Learn how in this video.WATCH VIDEO