Many companies leverage their ERP platform for basic tax calculation only to quickly realize that they need a tool with greater capabilities. That’s where a tax engine comes in. By connecting a tax engine to your native ERP your organization can leverage a whole host of benefits. Check out the infographic below to better understand why the features and functionality of a tax engine are far superior than just your native ERP for tax calculation.
ERP platforms are foundational financial and operation systems, but their tax capabilities can be limited. Here are five ways you can streamline tax calculation by adding a tax engine to your ERP. First, you can replace manual research with automated updates of tax rules and rates for tens of thousands of jurisdictions worldwide. Second, you can eliminate monthly tax content updates by eliminating the need to update content in multiple individual systems. Third, you can leverage significantly more data fields from each transaction for more precise calculation. Fourth, you can centralize tax across sales and procurement. Finally, you can get consolidated and detailed reporting from a single source instead of piecing together reports from multiple systems.