In the ERP world, SAP is a well-known name. However, when it comes to the automation of the tax provisioning process, the name SAP doesn't often come up in conversations. While SAP offers a wide range of enterprise solutions and has a strong presence in financial and accounting systems, its visibility in the tax provisioning space is relatively limited. Until now.
Tax provisioning is a critical aspect of financial management for organizations. It involves calculating in accordance with applicable tax laws and regulations. Manual tax provisioning processes can be time-consuming, error-prone, and resource-intensive. As a result, many multinationals are increasingly turning to automation solutions to streamline and optimize their tax provisioning activities.
In recent years, there has been a growing demand for comprehensive tax provisioning tools that integrate seamlessly with ERP systems, such as SAP (S/4HANA). Several third-party software vendors have emerged in the market, offering specialized tax provisioning solutions that can be integrated with SAP ERP systems to enhance tax compliance and efficiency.
One such solution is SAP Analytics Cloud (SAC). Although primarily known as a powerful analytics and reporting platform, SAC also offers functionalities for tax provisioning. By leveraging SAC’s capabilities, organizations can automate various aspects of the tax provisioning process, including data collection, tax (rate) calculations, and financial reporting.
Taxvibes and Finext joined forces to develop a tax provisioning solution within SAC. This collaborative effort resulted in the creation of the SAC Tax Reporting solution, which is built upon a proven Tax template developed by Taxvibes specialists and widely adopted by numerous multinational corporations worldwide.
By combining Taxvibes’ expertise in tax provisioning and tax reporting and Finext’s extensive experience in SAP solutions, the collaborative partnership aimed to address the specific needs and challenges faced by organizations in their tax provisioning processes. The objective was to provide a comprehensive and efficient solution that integrates seamlessly with SAP Analytics Cloud, leveraging its powerful capabilities for data analysis, reporting, and integration.
To witness the capabilities of the SAC Tax Reporting solution in action, we invite you to watch our demo video. This video provides a firsthand demonstration of how the solution integrates with SAP Analytics Cloud, leveraging its advanced analytics and reporting functionalities to simplify tax provisioning tasks. Watch the recording of the demo video back down this page.
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