Strengthen your procurement process with effective indirect tax solutions

Watch our on-demand web cast to hear subject matter experts from Vertex and KPMG discuss strategies to navigate complex tax landscapes and how you can improve your tax decision-making through the implementation of a tax technology:

• Understand the role of indirect tax in procurement
• Gain actionable tips for a successful procurement platform implementation – from stakeholder alignment to pain point identification
• Learn how to synchronize procurement, tax, and IT teams for seamless collaboration in support of compliance.  

By understanding the tax functionality of your procurement system and integrating tax technology you can optimise tax management for compliance and efficiency throughout the process.

Ask these questions:

• How do tax considerations impact the accuracy of your procurement and overall business efficiency?
• Why should procurement professionals grasp the complexities of tax regulations?
• What are the challenges when integrating tax processes into modern procurement systems?
• How can seamless ERP integration prevent costly tax errors in your procurement process?
• What role does real-time reporting play in staying compliant with global tax regulations?
• Are your systems equipped to manage the evolving complexities of indirect tax and procurement?

Understanding the link between procurement and tax is not just about compliance—it's about unlocking value and reducing financial risk. Yet, too often, this connection is neglected, leading to costly errors and inefficiencies. Managing indirect tax in procurement is a complex, multi-step process where every stage counts.

• Starting with the task of ensuring accurate vendor information, such as addresses and registration numbers, is essential.  
• Properly defining ship-to locations and commodity codes plays a significant role in determining the correct tax application.  
• As procurement progresses, it’s important to integrate tax calculations into the purchase order stage, reflecting the true cost of goods or services, including potential tax liabilities.  
• Training employees on selecting the correct commodity codes and entering accurate ship-to addresses also helps prevent tax calculation errors.
• Goods receipt or service entry stage confirms the amounts determined during the purchase order phase and creates consistency.  
• Invoice verification stage validates the vendor-charged tax against expected amounts and managing any discrepancies, including implementing tolerance thresholds for minor differences.
• For cross-border transactions, special attention is required for reverse charges and VAT regulations.

Automating indirect tax and procurement management with Vertex can simplify the entire process, across all your transactions, globally.

Indirect tax in procurement management can feel overwhelming, especially when every step, from vendor information to cross-border transactions, carries significant implications for tax management. But rather than viewing it as an insurmountable challenge, this is where the right tax technology can make all the difference. Automating tax calculations and integrating them into your procurement processes not only reduces human error but also provides peace of mind. With a reliable solution in place, you’ll have the confidence that your business is compliant, your tax liabilities are accurate, and your team is freed up to focus on growth, not endless manual checks. Take this as an opportunity to streamline, simplify, and future-proof your approach to tax management

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