How to Manage Indirect Tax Compliance and Mitigate Risk in the P2P Process
Managing indirect tax compliance is a complicated exercise. As procurement activities and indirect tax processes intersect, the risks of getting tax calculations wrong can be high and the consequences costly. At the time an invoice reaches accounts payable, if the vendor’s tax amount is not validated, then there can be an over or underpayment of tax. When companies pay potentially thousands of invoices in a year, these errors can have a significant impact on their bottom line. Improper calculation of indirect tax means the tax department could spend valuable time correcting errors or dealing with audit penalties.
In this on-demand webcast, presenter Larry Mellon, Tax Director in the Vertex Chief Tax Office, discusses the importance of efficient and accurate indirect tax management in the procure-to-pay (P2P) process and examines how tax automation technology can be integrated into procurement systems to manage compliance, mitigate risk, and reduce manual effort.
The webcast will cover:
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The challenges of managing indirect tax with complex sales and use tax rules and numerous touchpoints in the supply chain.
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How tax automation in allows businesses to replace manual processes, reduce errors, take advantage of cost savings, and avoid surprises.
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Tips for implementing tax automation technology.