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.