Vertex Enterprise for VAT Data Collection, Compliance and Analytics. 12 April :10 15:45 (CEST)

Transcription

1 Vertex Enterprise for VAT Data Collection, Compliance and Analytics 12 April :10 15:45 (CEST)

2 Presenters Stephanie Nowak, Global Client Leader More than 18 years experience in the software development industry For the past 8 years her focus has been in Value Added Tax (VAT). She has worked to automate the calculation and reporting needs of her international clients. Working to leverage Vertex Enterprise to solve real tax issues Anne Fraley Client Engagement Leader Over 20 years of experience in financial statement audit and state and local tax consulting For the past 8 years her focus has been on Sales and Use Tax, where she has spent her time focusing on compliance, consulting and technology needs of her clients in various industries including retail, manufacturing, hospitality, telecommunications and leasing Currently working with tax departments to understand the value that Vertex Enterprise can bring to their daily tax activities including reconciliations, compliance, and audit management 2

3 Objectives Upon completion of the session, you will be familiar with Vertex Enterprise s: Ability to automate the collection of data Unify and enrich for tax purpose Leverage of a Unified Data Model (UDM) to maintain credibility of your data Provide for transparency of data Improve quality reporting and analytics 3

4 Vertex Enterprise Tax Platform Vertex Enterprise is a platform that supports the requirements of the Tax function by unifying the data, applications, and analytics into a single architecture. Fundamental precept of Vertex Enterprise is that tax-relevant data resides in a central repository, where it represents a fact-based single source of truth for Tax. 4

5 Vertex Tax Performance Engine 5

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7 Business Issue: VAT Data Management Complexities Added costs and time for staff managing data, not taxes Exposes the company to risk audit attention and penalties Staff constantly make decisions based on access to real time data, given the multiple data sources and formats this can lead to: Lack of or incomplete audit trail Inconsistent, non-repeatable processes Risk based on turnover in staff Challenges in keeping up with and integrating legislative changes Risk management concerns 7

8 Automate Month End Manual Process VE STEPS 1. Unify Import/Map 2. Validate 3. Enrich 4. Access for reporting 1 x setup then an agent performs monthly 8

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10 Import in Minutes No IT Interface Need Take existing source data format and simply identify data columns 10

11 Immediate Access to Source Data 11

12 Map to Unified Data Model (UDM) SOURCE UDM MAP MENU Simple import of unstructured data- format is driven by UDM 12

13 1 x Mapping and Real Time Execution SOURCE UDM MAP Get Rows executes mapping logic on source data for real time validation 13

14 Validate Correct Tax or Currency Rate SOURCE ERP MASTER DATA MAP API call out to VIES site VIES Response 14

15 Enrich Non-Vertex O Series Data for Returns SOURCE UDM MAP Translate source system tax outcomes to Return codes (Vertex or other) 15

16 Enrich-Intrastat Logistics, Filing Categories Infer intrastate logistics data from product codes, or join with Master data facts Drive filing categories off of cost centers for Personal Use etc. 16

17 Generate Return Output All Sources Unified Reporting format includes all 5 sources could be Vertex or Outsourcer format 17

18 Automation and Improved Return Accuracy Total from all sources for this entity in Belgium Capital goods identified in VE due to enrichment 18

19 Business Issue: VAT Compliance Process Automate complex manual month end process to remove the risk and associated costs, VE allows: Educated staff to make decisions in advance audit trail of what was done repeatable process Staff focused on compliance not data management Legislative changes managed centrally for all source systems Gives control to the tax professional Automation Agent technology identifies new file each month Auto Import Auto run existing mapping Notify once all sources are processed Unified returns process 19

20 Once You Have Quality Centralized Data 20

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23 Summary VE at its core recognizes that quality of data matters VE understands that source systems and businesses will change, be it ERP upgrades, mergers, acquisitions, and therefore provides tax professional control to manage that change Fundamental precept of VE is that tax-relevant data resides in a central repository, where it represents a fact-based single source of truth for Tax 23

24 Contact Information Stephanie Nowak Vertex Inc. Telephone: Anne Fraley Vertex Inc. Telephone:

25 Thank You!