The Sovos team is looking forward to meeting procurement leaders at SAP Ariba Live in Las Vegas, March 5-7. Booth 212.
Procure-to-Pay Tax Compliance Challenges Remain
We’ve been gathering insights from the Americas’ SAP Users’ Group (ASUG) into the challenges tax compliance, procurement, finance & accounting, and IT are having regarding incorrect sales tax charges and/or use tax accruals on purchases, and how this is contributing to audit risk for their organizations.
While I won’t yet be sharing details of the survey in this particular post, I will acquiesce that many tax professionals are still in the dark as to the frequency of sales and use tax errors on invoices within the procure-to-pay process.
They are also spending too much time verifying the accuracy of tax charged on vendor invoices and having trouble gathering the necessary purchasing data from various systems.
Improving The Accounts Payable Process
A Q4 2017 PayStream Advisors market study identified a high number of discrepancies and exceptions as one of the top pain points for invoice management.
Companies who have adopted some kind of invoice management or procure-to-pay automation solution have begun to see improvements in average processing time, cost and discounts captured, yet 30-40% of North American businesses making more than $100M in revenue still fall between Novice (mainly paper) and Mainstream (some eInvoicing) in terms of maturity. Innovators should receive 32% or more of invoices in an electronic invoice format, with invoice routing and approval workflow process fully automated from receipt through payment.
Visit us at SAP Ariba Live – March 5-7
Those using SAP Ariba have begun transforming Accounts Payable into a strategic asset. If you would like to learn more about how Sovos can support an even more effective payable process with SAP Ariba, visit us in the SAP Ariba Live Marketplace during the event, March 5-7, for a live demo of our latest procurement-related innovations.