As we embrace the digital evolution unfolding at a phenomenal pace, we are also seeing expectations from technology change drastically. The key objective has shifted from mere efficiency to overall effectiveness and the focus has moved from shareholder to stakeholder. Along with profit, people and the planet have become important performance indicators. While organizations place great emphasis on these business transformation objectives, the operating model for tax and compliance often remains entrenched in legacy systems. In such cases, Excel sheets and manual activities predominate the majority of operations even today.
Key decisions about ERP design have major implications on indirect tax (such as sales/use, value added tax, goods and services tax), as well as international tax which are not immediately apparent to or understood by non-tax resources. For instance, an Indian manufacturing company had to revisit and redesign their entire enterprise structure because of the way their transactions were tax treated for inter-state movement of goods.
Infosys and Vertex jointly brings you the ability to leverage tax and compliance as an enabler of value creation that generates a tangible and positive impact for all business stakeholders.
Native ERP tax calculation functionality often considers a limited amount of data when calculating tax. The capability of Infosys Tax Transform to enrich data with external sources not only improves accuracy, but also enhances your audit performance.
Infosys Tax Transform can be integrated with multiple transaction systems across your company. Since tax is calculated in one place, the IT department no longer needs to update the content in each individual system. When you choose cloud deployment, the tax engine provider handles the content updates automatically, thereby eliminating internal steps.
Infosys Tax Transform centralizes all tax calculations, keeping data and reporting in one place. This also gives you an end-to-end view while saving time and effort spent in piecing together reports from multiple systems.
The data-centric approach of Infosys Tax Transform helps you close gaps and leverage missed opportunities without increasing the level of taxation. The solution also helps you find opportunities for tax optimization.
