Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced an enhanced International Tax Management Engine designed to streamline geographic-specific tax calculations, while bringing broad global compliance services and document accuracy and automation to Accounts Payable (AP) customers. Customers can set custom rules that enable automatic tax rate calculations tailored to their business practices and geographies throughout workflows, fully automating tax entries for both invoices and accruals.
“Our robust Tax Management Engine provides a complete solution for automating tax activities within the AP flow in countries across the globe, so customers can focus on strategic business initiatives,” said Sudarshan (Suds) Ranganath. “This service increases the speed of invoice processing and removes the time-consuming process of managing discrepancies. And with e-compliance reforms on the horizon, this will help customers avoid potential penalties for incorrect tax declarations.”
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Key benefits of Corcentric’s International Tax Management Engine include:
Enhanced accuracy and efficiency
- Automates complex tax calculations to drastically reduce manual tasks, helping to ensure reliable accuracy across all transactions.
- Enables customers to handle tax computations with confidence, minimizing the risk of human error and freeing up resources to focus on core business activities.
Comprehensive global compliance
- Adapts to the evolving regulatory landscape, particularly in regions with strict e-invoicing and e-compliance mandates.
- Simplifies compliance with detailed configurations, allowing tax applications to reflect regional requirements down to each transaction’s unique context.
- Empowers customers with precision and efficiency, helping them stay compliant and competitive in an increasingly regulated environment.
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Broad support for diverse tax models
- Value-Added Tax (VAT) for global applications.
- Sales tax with tailored regional configurations.
- Compound tax structures for multi-jurisdiction transactions.
- Intra-community taxes for cross-border compliance within economic regions.
“Thanks to the features offered by the new Tax Management Engine, we were able to configure the application to automatically return the correct tax code based upon each supplier’s VAT regime (exempt, collection, debit, etc.),” said Jonathan Dengel, finance project manager at BUT International. “This means we no longer have to worry about selecting the correct VAT when entering purchase requests, which significantly reduces the risk of tax errors.”
Corcentric offers a full suite of Managed AP solutions that combines service, technology, and financing to work as an extension of a customer’s back-office, optimizing end-to-end workflows. From invoice receipt to approval routing to purchase order (PO) and receipt of goods matching, Corcentric helps customers reduce costs, increase accuracy, and offer real-time visibility into invoice and expense status.
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Source – prnewswire
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