A partnership is often referred to as a two-way street, alluding to the give-and-take dynamic of the parties involved. This dynamic of mutual understanding and collaboration, along with established objectives, result in the most effective partnerships. These attributes are demonstrated once again in the latest product and solution released from the two-decades-long partnership between Vertex and enterprise technology provider SAP.
In October 2016, SAP and Vertex announced that the Vertex Enterprise Connector for SAP BPC had achieved SAP certification as powered by the SAP NetWeaver technology platform. The connector integrates with the SAP BusinessObjects Planning and Consolidation (BPC) application via SAP NetWeaver, providing customers with an automated integrated provision solution using Vertex Tax Accounting.
The Vertex Tax Accounting application uses tax-sensitive data from SAP BPC to perform tax provision calculations and reporting in an automated, integrated way, which includes handling:
- Current tax expense and an organization’s current tax position;
- Deferred tax expense;
- Prior year adjustments and true-ups;
- Journal entries and account reconciliation; and
- Footnotes and audit reporting.
The Vertex Enterprise Connector for SAP BPC applies the attributes of an effective two-way partnership: it automates extracting data from SAP BPC and enables the tax department to generate tax journal entries in Vertex Tax Accounting, which then feeds data back into the SAP software.
The certification of this connector confirms that Vertex successfully supports business processes running in SAP, while providing users with an automated, integrated global provision solution, as explained by my colleague Paul Beirnes, Director of SAP Solutions Practice at Vertex. As importantly, the certification also demonstrates the ongoing success of the Vertex-SAP partnership, whose objective remains as the continual improvement in meeting our shared customers’ business needs.
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.