Transcription
Vertex Enterprise for VAT DataCollection, Compliance and Analytics12 April 2016 15:10 – 15:45 (CEST)
PresentersStephanie Nowak, Global ClientLeader More than 18 years experience inthe software development industry For the past 8 years her focus hasbeen in Value Added Tax (VAT).She has worked to automate thecalculation and reporting needs ofher international clients. Working to leverage VertexEnterprise to solve real tax issuesFollow us at #VertexExchangeAnne Fraley – Client EngagementLeader Over 20 years of experience infinancial statement audit and stateand local tax consulting For the past 8 years her focus hasbeen on Sales and Use Tax, whereshe has spent her time focusing oncompliance, consulting andtechnology needs of her clients invarious industries including retail,manufacturing, hospitality,telecommunications and leasing Currently working with taxdepartments to understand the valuethat Vertex Enterprise can bring totheir daily tax activities includingreconciliations, compliance, and auditmanagement2
Objectives Upon completion of the session, you will be familiar withVertex Enterprise’s: Ability to automate the collection of data Unify and enrich for tax purpose Leverage of a Unified Data Model (UDM) to maintaincredibility of your data Provide for transparency of data Improve quality reporting and analyticsFollow us at #VertexExchange3
Vertex Enterprise – Tax PlatformVertex Enterprise is a platform thatsupports the requirements of the Taxfunction by unifying the data,applications, and analytics into a singlearchitecture.Fundamental precept of VertexEnterprise is that tax-relevant dataresides in a central repository, where itrepresents a fact-based single source oftruth for Tax.Follow us at #VertexExchange4
Vertex Tax Performance Engine Follow us at #VertexExchange5
Follow us at #VertexExchange6
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 timedata, given the multiple data sources and formats this can lead to:–––––Lack of or incomplete audit trailInconsistent, non-repeatable processesRisk based on turnover in staffChallenges in keeping up with and integrating legislative changesRisk management concernsFollow us at #VertexExchange7
Automate Month End Manual ProcessVE STEPS1.2.3.4.Unify –Import/MapValidateEnrichAccess for reporting1 x setup then an agentperforms monthlyFollow us at #VertexExchange8
Follow us at #VertexExchange9
Import in Minutes – No IT Interface NeedTake existingsource dataformat and simplyidentify datacolumnsFollow us at #VertexExchange10
Immediate Access to Source DataFollow us at #VertexExchange11
Map to Unified Data Model (UDM)SOURCEUDMMAPMENUSimple import of unstructured data- format is driven by UDMFollow us at #VertexExchange12
1 x Mapping and Real Time ExecutionSOURCEUDMMAPGet Rows executes mapping logic onsource data for real time validationFollow us at #VertexExchange13
Validate – Correct Tax or Currency Rate SOURCEERPMASTERDATAAPI call outto VIES siteFollow us at #VertexExchangeMAPVIESResponse14
Enrich Non-Vertex O Series Data for ReturnsSOURCEUDMMAPTranslate sourcesystem tax outcomesto Return codes(Vertex or other)Follow us at #VertexExchange15
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.Follow us at #VertexExchange16
Generate Return Output – All SourcesUnified Reportingformat includes all5 sources – couldbe Vertex orOutsourcer formatFollow us at #VertexExchange17
Automation and Improved Return AccuracyTotal fromall sourcesfor thisentity inBelgiumCapital goodsidentified in VEdue to enrichmentFollow us at #VertexExchange18
Business Issue: VAT Compliance ProcessAutomate complex manual month end process to removethe risk and associated costs, VE allows: Educated staff to make decisions in advance audit trail of what was donerepeatable processStaff focused on compliance not data managementLegislative changes managed centrally for all source systemsGives control to the tax professionalAutomation Agent – technology identifies new file each month Auto Import Auto run existing mapping Notify once all sources are processed Unified returns processFollow us at #VertexExchange19
Once You Have Quality Centralized DataFollow us at #VertexExchange20
Follow us at #VertexExchange21
Follow us at #VertexExchange22
Summary VE at its core recognizes that quality of data matters VE understands that source systems and businesseswill change, be it ERP upgrades, mergers, acquisitions,and therefore provides tax professional control tomanage that change Fundamental precept of VE is that tax-relevant dataresides in a central repository, where it represents afact-based single source of truth for TaxFollow us at #VertexExchange23
Contact Information Stephanie Nowak Vertex Inc. Telephone: 484-595-5849 Email:stephanie.nowak@vertexinc.comFollow us at #VertexExchange Anne Fraley Vertex Inc. Telephone: 706-816-6019 Email:anne.fraley@vertexinc.com
Thank You!
Apr 12, 2016 · Vertex Enterprise – Tax Platform. 4. 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 r
