Streamlining Accounts Payable Internal Controls with Audit Accuracy

March 5, 2018 Alex Forbes

If you’re interested in improving your accounts payable internal controls while streamlining your use tax self-assessment process, look no further than Sovos Use Tax Manager.

Many companies have begun digital transformations to automate their procure-to-pay processes, moving away from paper invoicing. Regardless of how they are managing the process today, automation is still not enough. Paying invoices faster doesn’t result in paying accurate invoices faster.

 

 

 

Use Tax Self-Assessment

Is your company managing hundreds or even thousands of purchases from employees across the country to run the business, increasing concern about audit risk and the time-consuming effort it requires of your finance and accounting teams?

Vendor Invoice Validation

How are your teams managing vendor invoice validation today, and how many invoices are actually being reviewed for incorrect tax treatment? Are you aware of how much money your business is losing due to inaccurate charges or not assessing the correct use tax based on sales nexus, where good or services are being used, or how they are used within your company?

Often times, there isn’t enough time to inspect every invoice due to sheer volume. Spot-checking only the largest invoice amounts – because those with the knowledge to accurately assess correct tax treatment on POs and invoices can’t get access to the necessary data, or they require IT involvement to pull vendor invoice data and miss early payment discount deadlines – is either slowing down the process, or causing increased audit risk.

Reduce Audit Risk – without Slowing Down the Accounts Payable Process

If there was a better way that worked with your existing systems and process when and where you needed it to ensure better sales and use tax accuracy and audit defense on purchases for your business, wouldn’t you want to take that approach?

Wouldn’t having a solution to easily consolidate and enhance your purchase data for correct sales and use tax determination and allocation when and where you needed it (batch vs. real time), in the hands of your team members who know tax best, sound like a game changer?

Sovos Use Tax Manager – The Intelligent Way to Manage Your Use Tax Obligation

For growing businesses with multiple purchasing points across many jurisdictions, Sovos Use Tax Manager is the most accurate cloud software available, giving tax teams the visibility and control they need to ensure sales and use tax compliance in the Procure-to-Pay process by delivering the capabilities to save money, improve efficiency and reduce risk.

Safeguard your business against the burden and risks of procure-to-pay sales and use tax compliance. Schedule your demo today.

 

Take Action

Learn how Sovos Use Tax Manager can safeguard your business against the burden and risks of procure-to-pay sales and use tax compliance, give your tax team the visibility and control needed over tax data on every purchase – without slowing down your Accounts Payable process.

 

 

The post Streamlining Accounts Payable Internal Controls with Audit Accuracy appeared first on Sovos Compliance.

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