Every day we experience the increasing influence of connectivity, processing power and big data, it stimulates worldwide communication and trade; resulting in increased corporate control and the combat of the tax authorities against tax fraud. Whereas in today’s world the ability to change is essential to the survival of business; Indirect Tax processes need to be able to adapt easily to both changes in business and legislation.
At Tytho, we understand that Indirect Tax processes are part of streamlining your business, and in order to achieve this companies are taking a newly standardized approach of embracing Tax Technology and Tax Automation.
However, automating these processes is easier said than done as there is no such thing as an out-of-the-box solution. This is where we come in, we are here to unburden your company, prevent oversights and make Tax Automation work for you.
Our team of Indirect Tax Automation experts understand the steps required to create a flawless Indirect Tax process:
We take your IT, Supply Chain and Tax landscape into consideration every step of the way; from start to finish Tytho will be your partner in Indirect Tax Automation. That's what we call better business.
Our expertise lie in the experts we employ, who are focused purely on tax technology, tax automation, and process improvements; we have been in your shoes and therefore understand your needs. Our team has built this unique skillset overtime, they have a background in IT and/or Tax and therefore understand law and code. We know it is about more than just ERP settings; your entire business is of importance and our experts understand supply chain, master data, finance, IT and tax characteristics.
We know the market and we know what’s available, regardless of which ERP system or off-the-shelf tax software product you use. Our goal is simple: make the system so sustainable that it can deal with changes in the supply chain, as well as changes in tax law. We help you treat the cause, not the symptom!
(*) ERP’s and Tax software products like: SAP, Oracle, Netsuite, Lawson/M3, Navision, Microsoft Dynamics, others, Thomson Reuters-Onesource & Global Next, Vertex O-series & Accelerator, and Avalara
The alignment of your business with your IT and Tax, without forgetting the importance of master data. We’ve dealt first hand with tax automation pain-points: lack of communication between departments (being informed late or not at all), inadequate master data, and the difficulties surrounding determining the right solution.
Implementing sustainable solutions in the (ERP) systems is often a challenge. Historically, certain processes will have been created and systems will have been configured; multiple patches will have been applied, resulting in incomprehensibility for the tax, IT and finance teams. Leading to difficulties when trying to reach a single source of truth: where the tax treatment, customer facing documents, and reports all contain the same – correct – data.
It all concludes with tax reporting: ensuring the right reports for VAT, GST, SUT and other Indirect Taxes are available in your system(s); ensuring Intrastat reporting and other registers/ledgers can be easily reconciled to your tax reports; and having all your transactions on hand either in SAF-T or other types of audit files that are required by law.
We perform health checks on existing VAT, GST, and SUT system set-ups; we assist in Tax Technology vendor/solution selection processes; and we offer Tax Automation implementation services. At Tytho, we are able to assist you in order to achieve compliance by implementing process changes and/or solutions.
Do you recognize the "if only I knew how to..." feeling? Well, we can provide you with specialized Tax automation training that is tailored to your needs. We offer, for example, training on SAP & Tax, OneSource (including Global Next) and Vertex (including Accelerator) in our own environment.
Through gaining an understanding of our clients needs and all the best practices, we have been able to develop solutions within SAP that are very close to standard SAP. Our products include: Tytho ITL Determination, Tytho ITL VAT number validation tool, and Tytho ITL tax codes with validity periods.
We have the resources and more importantly expertise to offer both functional and technical support. Regardless of if you have chosen our Tytho ITL solutions, those of our trusted partners, a native ERP or a custom-built solution; we can provide the support you need.
ONESOURCE Indirect Tax Determination tax engine, from Thomson Reuters, integrates with all financial applications to consolidate global tax policy in one central location. It applies the most up to date and accurate tax logic to determine the product taxability to your financial transactions. The process gives any user, in any corporation the ability to deliver specific tax content and set-up specific tax rules across their network.
To find out more about how Tytho can implement ONESOURCE into your ERP system get in touch.
Vertex Indirect Tax O Series is a 'tax engine' that automates tax decisions and tax coding within ERP/billing systems, greatly reducing the risk of human error. Vertex Indirect Tax O Series automatically maintains and updates global tax rates, rules and regulations, easing the burden for business of keeping up-to-date with the changing nature of tax.
As well as ensuring accurate consistent tax determination within the ERP, Vertex Indirect Tax O Series and related products provide enhanced analytic and statutory reporting capabilities.
To find out more about how Tytho can implement Vertex Indirect Tax O Series into your system get in touch.