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For many growing companies, the decision to convert the central enterprise resource planning (ERP) system is driven by the need to maintain the growing complexity and speed of global digitalization. Many common business activities-compliance, compliance, e-investing, reporting, risk management, modeling, analysis, project management, and more-requires global access to real-time data. If a company’s Legacy Business System cannot handle this task, they need to be upgraded or replaced.
Generally, this upgrade consists of adapting the ERP system like sap Or OrangeWhich acts as the main focus or “source of truth” for the company’s daily business activities.
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The benefits of ERP system
Although ERPs provide maximum performance and data efficiency to many different business units, they are especially beneficial for corporate tax departments. Transfer to ERP system, and from argument, can give rise to a dramatic change on how the tax department He works and what he can get.
There are some of the many benefits providing a new ERP system for corporate tax departments.
1. Corporate tax works smooth
One of the key benefits of the Central ERP system is that it often reduces the inheritance of the elderly business culture. ERP systems centralize data, allowing tax departments to access data from several departments.
Getting better and faster access to the latest financial data also makes tax reports, tracking compliance, tracking, and meeting the deadline, which reduces the possibility of fines, fines and audit. Is
Importantly, one together with ERPS AI-driven tax engine Also provide electricity to the tax departments Make tax calculations automatically And enable the real -time reporting of financial data. By eliminating the need to use the spreadsheet for manually collecting data and reporting, the tax departments can focus on more strategic and value -driven tasks, thus As a prediction, scenario modeling, business intelligence, and supply chain analysis.
2. Tax data management and
Another important advantage of the central ERP system is how it is easier to dramatically Manage tax data While at the same time, by increasing the flexibility, utility and value of this data – providing high security and control.
ERPS tax personnel make it possible to fully see a company’s tax data, including its tax liabilities, applicable rules and rates, transaction history, invoicing protocol and other related financial data. This makes 360 degrees Degree Meeting Tax Planning Very easier, and it provides tax departments with information they need to guide better decision -making, which is the leadership of the department in an organization. Can help establish the character.
When the tax is paired with automation, ERPS guarantees accurate calculations, eliminating tax errors, and receiving permanent data permanently. Clear, transparent data Helps companies reduce IT management costs And the department’s tax saving increases the overall confidence in the ability to identify the tax strategies.
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3. Tax compliance and risk management
One of the basic responsibilities of any tax department is that various tax rules and regulations remain. ERP System makes it easy and improved in several ways:
- Automatic, error -free tax calculations accelerate compliance, which reduces the risk of fines and audit.
- Compliance with international tax rates, rules, and regulations when properly using the third -party tax solution is automatically.
- Real -time reporting capabilities make it easier to fulfill the deadline.
- Access to standard, permanent, real -time financial data reduces surprises.
- ERP tools allow deep, more accurate tax reviews and predictions.
ERPS also improves the company’s risk management capabilities through reliable, real -time financial data, which can be analyzed to identify the possibility and severity of potential financial risks. The modeling capabilities of the scenario can also help companies develop a risk -dealing strategy and, once this strategy is established, the risk parameters can be automatically monitored and flags.
4. Modeviation and Scale
Although ERPS is powerful, they cannot do everything. Fortunately, ERPS, such as Oracle and SAP, are designed to accommodate third -party ad on modules that enhance and improve ERPS capabilities and performance.
For example, most ERPS does not include the contint content to use tax rules changing the rules and regulations. They are also limited to different types of tax calculations and complexities they can act. When together with a content supported A third -party tax resolution Like Thomson Reuters One SourceERP’s shortcomings can be turned into a strong power.
Scaleability, the company’s growing capacity, is another important advantage of cloud -based ERP. Together, ERP modification and scaleburable flexible companies need to adapt to such business facts such as:
- Integration, acquisition and discrimination
- Developing or changing a business model
- National and international extension
- International e -invoicing And real -time reporting mandate
- Demands both inner and external kinds of data
AI-ENHANCED ERPS
Although still at the early of its development, the integration of artificial intelligence (especially Artificial intelligence producing [Gen-AI]) The corporate tax departments in ERP systems have the potential to revolutionize their data, structure and use methods.
AI-Driving ERP System Providing Extremely of the Extreme Change Capacity are:
- Integrated, harmonious datas that unite all the related data of taxes
- Active risk management and automatic compliance monitoring
- Real -time tax calculations, reporting, and compliance
- Automatic data rating and reconciliation
- Improved in forecast, data analysis, and supply chain modeling
- More precise and strategic tax plan
Many of these ERP abilities are already in a shape or in another form. However, AI-enhanced ERPS promises to expand and expand these abilities by acting on a large amount of data, before it identifies unidentified statistical patterns, tax strategies of a company Provide “learning”, and predictions and suggestions based on a company’s deep structure analysis. Famous data universe
ERPS and digital changes
The term “digital change” refers to the process that the company upgrades and increases its technical infrastructure to stay competitive in the digital period.
For growing companies, adopting a hybrid or cloud -based ERP system is the focus of this change. It works for central data storage for all corporate business functions and, with third -party aid on modules, enhances the capabilities available for the enterprise to a great extent.
Once installed, ERPS also enables widespread utility of work flu that saves time, increases productivity, improves individual performance, and companies have more expensive and creative business opportunities Empower to follow.
Realistic, companies that reach a certain size cannot expect to grow and compete without ERP’s help. Legacy computers system and manual tax processes can be enough to a certain point, but once a company reaches this tipping point, it has little choice of ERP solutions and hugging everything. I make such a decision.
However, ERPS represent an important investment of time and money. Thomson Reuters’ joint skills can ensure a smooth implementation process with SAP and Oracle and can provide maximum ROI to any company’s digital change.
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