Don’t overlook tax technology when digitally upgrading your business

With the coronavirus disruption accelerating the need for digital transformation, company leaders must ensure that tax considerations are not left out of the planning. Now, more than ever, government entities will be looking for creative ways to recoup losses, and tax in the P2P process may be one of the areas that draws scrutiny.

This is a problem for companies both large and small that are facing choices about how to automate their operations. Procurement professionals are not always armed with enough tax knowledge or experience, nor should they be accountable to make the correct tax decisions on invoices for their organization. Tax technology can be a force multiplier by baking in that expertise into every transaction across the business, making it an important part of an organization’s procurement transformation.

In the first article in our look at tax issues and digital transformation, we noted that problems with tax transactions include overpayments or underpayments, penalties for not complying with the patchwork of regulations across state and national borders, the risk of audits and the lack of tax expertise in departments that handle technology — like IT, sales, finance and procurement.

Tax technology can curb these problems, add visibility and help businesses grow with confidence.

Let’s look at the three key points that will help you determine if your organization is behind in the race to Indirect Tax in Procurement Transformation.

Agility Matters — getting connected to suppliers right when you need them

agility

On Thursday, November 5, we will bring together experts to engage in a Q&A on supplier connectivity to help us understand how we create, and why we need, supply chain resiliency. Hamish McKechnie-Sharma, an Associate Partner, Consultancy, UK from Ernst & Young, and Tony Harris, a Global VP Network Solutions at SAP Procurement, will partake in this open and informative discussion. Both have a track record of building resilient and agile supply chains.

Business Intelligence to Transform Procurement