Whether your business is looking to expand into more states (or countries), adding ecommerce options or exploring any number of other digital needs, integrating a tax engine with your ERP can be essential to ensuring positive growth. Organizations can see reduced maintenance costs and lessen the burden on internal teams, while also experiencing increased accuracy in filing taxes and a smaller audit risk.
If your company is implementing a new ERP, then it is especially important to consider a tax engine because you’ll need more than the native rates and or capabilities in the ERP. Essentially, leveraging a tax engine can accelerate the digital transformation of financial core applications by removing the manual processes associated with tax compliance. This allows your team to focus on other strategic initiatives and take your company to the next level.
Let’s explore three key areas impacted by using native rates/functionality of an ERP versus having a tax engine in place.
Source: SOVOS
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