Tax Automation in Oracle > Global Tax Solution

An Indirect Tax solution should be about achieving total compliance. Ours does, but we can also provide $600,000 in savings per year!

Recent studies have shown we can save on average one to five days a month on Indirect Tax procedures from invoice entry, tax processing and tax reporting. There are also costs you might not have considered linked to tax. For example, poor tax data increases the time to perform the audit, the extra time needed for a tax audit, lost money in incorrectly recovered tax, not recovering tax on expenses, fines received for non-compliance, external accounting firms processing local books, are just some of the examples where poorly processed tax will cost your company.

For a project of 40 countries globally with an average employee cost of $250 a day, the following are the estimated savings per year.

0.5 days saving per month for 40 countries

@ $250 per person per day = $60,000 a year

1 days savings per month for 40 countries

@ $250 per person per day = $120,000 a year

5 days saving per month for 40 countries

@ $250 per person per day = $600,000 a year

Even for a 5 country roll out with 2.5 days savings per month the yearly savings would be almost $40,000.

The real saving however is the fact that you will no longer receive any fines. You will have such a solid tax solution the tax group can monitor and track every transaction, identifying tax issues as they appear – greatly improving efficiency and eliminating the risk of non-compliance.

Why our solution is key to your success

Time and time again we find that when assessing Oracle eBTax or Fusion Tax created by another integration partner, the solution is built from scratch instead of utilising one that is tried and tested. Consultancies make a fortune from their clients mapping all the processes and trying to develop the solution with them with limited understanding of Oracle but copious knowledge of indirect tax and their own business procedures. It would be like translating a book from English to German literally word for word; the sentence structure would not make sense and while you would probably get a rough idea of what is going on you would not have the complete picture, a potentially risky scenario.

We know the tax module inside out. We know the work involved and we know the other modules that use tax . We understand the flow of data and where tax will affect the various business processes. We work as translators between the various processesses. We take what the tax department requests and advise them on how Oracle will best handle them. We bring the solution with what we call the 80/20 but on a recent project of 37 countries, some 99.96% of the tax rules were out of the box! We always ensure our client tax requirements are met and have never failed to achieve this.

The solution is easy

Innovate Tax have created a third party tax solution without it being a third party product.

We have taken the complexities associated with setting up a truly global tax solution in Oracle, using the Oracle Tax Engine and the restrictions associated with the time it takes to manually configure tax in Oracle and packaged it so we can deliver a full global tax offering in a matter of hours.

Our entire configuration uses standard Oracle functionality. Add to this the enhanced reporting, compliance and analytical tool (TCM) that we have developed, the support packages to maintain your tax investment – and it looks like the days where third party tax engines used to dominate are over. Oracle and Innovate Tax together provide the most cost effective tax solution on the market with the best Oracle support for any Indirect Tax solution!

While we can help you integrate a third party tax provider either, as a combination of Oracle for AP and the third party solution for AR or using the third party provider entirely. We can provide you with a tax solution that is built in Oracle and bespoke to your requirements, hugely reducing costs.

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