Only Taxmarc™ has the SAP expertise and analytics skills turning real-time accessible information into useful and actionable insights.
Via Taxmarc™ Tax Engine all VAT relevant transactional data of legal entities operating on the same SAP platform could immediately be made visible and accessible as this information is separately stored in one database in SAP.
That means real-time insight – without facing run-time issues – of the company’s blue print without the need of performing a manual transaction mapping exercise first.
The advantage is no more ‘guessing’ as detailed information is accessible. That means a clear understanding of key risk factors in real numbers as the full potential of data is used for your organization.
The unlimited slice and dice options could help:
- benchmarking between entities or VAT registrations;
- detect patterns, risks and opportunities
- detective controls opportunities;
- planning opportunities;
- financial analysis;
- supply chain analysis;
- customer analysis;
- working capital improvement;
Auto generated reports based on the right data sets would be available in any format (e.g. cross-border transactions, inter-company, per country, per plant, per BU).
The Taxmarc™ set up is client flexible and can be tailored to the tax or other departments specific needs and wishes including the amount of transactional detail to be shown.
Detective control for both indirect tax and beyond
Taxmarc™provides a ‘Continuous Controls Monitoring’ tool also for stakeholders beyond indirect tax as ‘guessing the numbers’ is something of the past.
It enables that company’s resources and external advisors do not spend time on further reducing risks that are already at an acceptable level.
Without spending extra money a manager is more in control and can act proactively as transactions can be reviewed and quantified real-time. From an indirect tax perspective:
‘whether the correct VAT determination has been applied.’
Error detection and quantification goes beyond indirect tax as it is also essential for transfer pricing, internal audit, finance, business, legal, etc:
An example: ‘export controls’ could impact the company’s reputation when e.g. certain listed goods are delivered at certain destinations. Taxmarc™ functionality can be used to set up an early warning systems or even block transactions automatically from happening
Impact analysis and forecasting
This Taxmarc™ functionality provides immediate access to all relevant transactional data and optimizes planning and forecasting in general:
available ‘what if’ option to investigate how does this decision affect our aim
Foresee future risks long before they manifest themselves
Link your business strategy to advance analytical possibilities to improve decision making capabilities. A business change can be simulated via ‘what if’ with real-time data and its impact can be quantified.
- Beyond indirect tax this should improve processes for management of e.g. transfer pricing, for logistics and warehouse locations management, cash-flow planning, etc.
- Many stakeholders can benefit from this functionality, it is accessible real time and it should improve both internal and external effective communication because you can talk numbers.
- It will support buy-in from other departments and ease the writing of problem statements and business cases with the aim to realize sponsorship for change and better management of the Executives own KPIs as real numbers have actually been used.
Within Taxmarc™ Tax Engine this Data Analysis tool is integrated in SAP self without interface and queries, BW or an ABAP can be run. With this, problems regarding performance, format of reports and interpretation of data definitely belong to the past
Without the purchase of the Taxmarc™ Tax Engine this is done via a self-written SAP program (ABAP), so the data can be extracted from SAP in a uniform way
Other Data analytic Providers in the market
Other data analytics providers need to gather also all relevant transactional data from various SAP tables and databases first to have the same visibility of the company’s blue print and to be able to link transactions between entities such as inter-company chain transactions with drop shipments (ABC transactions).
A big part of that work is often a manual exercise that could cause an increased risk of ‘false positive’ outcomes during analysis. Such semi-automated exercises would normally take a considerable amount of money, time and effort to generate all relevant transactional data.
Something to consider when a business case has to be written and what the real saving is when this is all done in an automated fashion and also immediately becomes available without run-time issues.
A good way to estimate the potential value of a solution is to imagine how much you could actually save if the real problem was completely eliminated.
Director Strategy & Sales Taxmarc™