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Taxaccord owes its origins to a long and successful relationship with the world's largest supplier of routers and switches for the Internet, corporate networks and telecommunication systems.
From the beginning of their presence in Europe in 1996, the professionals who now drive Taxaccord were responsible for ensuring the company remained VAT compliant without disrupting their aggressive market growth objectives in EMEA (Europe Middle-East and Africa). As no ERP system or any other product supported these requirements, this meant designing and building one of the finest Value Added Tax solutions in Europe. Core concepts in this solution include:
| Positive processing |
This means finding a
specific, positive reason for applying
a tax treatment to a transaction. If a reason cannot
be found then a tax treatment involving least compliance
risk is chosen. Other systems, when lacking information,
usually just apply tax = 0 at this point.
That positive reason is recorded in an
easy-to-view audit trail for future reference. |
| Reconciliation |
Before any tax reporting or VAT filings
take place, an automated reconciliation between
sub-ledgers, the general ledger and tax reporting
data takes place. Differences and inconsistencies
are highlighted allowing action to be taken if necessary. |
| Tax Compliant Invoice API |
Provides a link to the tax engine for all
tax-relevant invoice elements, for EU and country
level compliance. Available for all invoice types
including remittance, intercompany and pro-forma
invoices. A simple update can instantly
bring all your invoices into line on a global basis
without IT intervention. |
| Data retention |
Electronically stored but 100% reproducible
invoices, tax reports and the audit trail are retained
for the maximum number of years required by your
most stringent tax authority. |
| “Legal” and “Commercial”
requirements |
The main aim of a tax solution is
compliance with tax authority requirements, but
it must also meet other business objectives, including
cost-efficiency, streamlined processing, integration,
performance and customer satisfaction. |
In 2003, this company chose Sabrix as its global transaction
tax determination engine and selected the future Taxaccord
professionals to integrate Sabrix into the tax solution
in Europe. This met with such success
that Taxaccord was formed and currently supports the Sabrix
implementation globally (including US, Canada, Japan,
Australia and the EU) from offices in Amersham, UK and
San Francisco, US.
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