Richard Cornelisse

Data Analytics on all VAT relevant data within SAP

In Audit Defense, EU development, Indirect Tax Automation, Processes and Controls, SAP add on, SAP add on for VAT, SAP for VAT, SAP SLO renaming tax codes, System Landscape Optimization, VAT automation on 23/05/2014 at 10:35 pm

In 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 stored separately in one table in SAP. That means real-time insight – without facing run-time issues – into the company’s blue print without the need of performing a manual transaction mapping exercise first.

A clear understanding of key risk factors in real numbers is possible as detailed and relevant data used for your organization are available. There is no need for “informed guessing” anymore. Auto-generated reports based on the relevant data will be available in any format. Examples include specific reports for cross-border transactions, intercompany, per transaction type, per tax reporting country, per dispatch country, per SalesOrganisation/Division.

The Taxmarc™ set-up is flexible and can be tailored to the tax’s or other departments’ specific needs and wishes including the amount of transactional detail that needs to be reported.

Detective control for indirect tax and beyond

Taxmarc™ Data Analytics provides a ‘Continuous Controls Monitoring’ tool that could also be used by stakeholders beyond indirect tax. The method of ‘guessing the numbers’ is something of the past. It enables that company’s resources and external advisors to focus on what really matters because they do not need to spend time on further reducing risks because they will already be at an acceptable level.

Without incurring additional costs, the company is more in control and can act proactively as transactions can be reviewed and quantified in real-time.

Impact analysis and forecasting

This enables foreseeing future risks long before they manifest themselves:

  • By linking your business strategy to advance analytical possibilities, decision-making capabilities can be improved. 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 contribute to buy-in from other departments and ease the writing of problem statements. In addition, it will support 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.

Taxmarc™ SAP solution2

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