How to Manage Indirect Tax Compliance and Mitigate Risk in the P2P Process

Overview

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 is usually called upon to solve the problem, spending valuable time correcting the error or dealing with audit penalties.

In this webinar, we’ll discuss the importance of efficient and accurate indirect tax management in the procure-to-pay (P2P) process and examine how tax automation technology can be integrated into procurement systems to more effectively manage compliance, mitigate risk, and reduce manual effort.

We’ll cover:

• The challenges of managing indirect tax with so many complex sales and use tax rules and touchpoints in the supply chain
• How automation in tax determination allows businesses to replace manual processes, reduce errors, take advantage of cost savings, and avoid surprises
• Tips for implementing tax automation technology