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This core business system can be a megastar of digital transformation – but only if it plays a strong supporting role in tax.
At many businesses, enterprise resource planning (ERP) systems have been in place for a decade or more – a decade in which we’ve seen the rise of cloud, mobility, artificial intelligence and a host of other disruptive technologies. A recent Vertex and Oracle whitepaper explains how legacy ERP systems are at risk of falling behind the pace of digital transformation and lays out a compelling rationale for investing in a modern platform: Digital Transformation Demands a New Approach to ERP. My colleague Marc Duclos also dives deeper into this whitepaper in a previous blog.
The report also explains why tax awareness is an indispensable component of any future-ready ERP software: “Given the broad impact that ERP has on organizations, it’s easy to overlook the importance of tax compliance, but the cost and risk of adopting a solution that doesn’t adapt to changes in tax laws can throttle the agility of the entire company.”
These advantages are too big to ignore, the report concludes. Tax-aware ERP can “eliminate much of the pain of tax compliance, providing customers with end-to-end tax management while lowering the cost of ownership and reducing audit risk.”
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information. The views and opinions expressed in Tax Matters are those of the authors and do not necessarily reflect the official policy, position, or opinion of Vertex Inc..
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