Handling Multi-Taxes with Sage Intacct
What are the major concerns in financial management of Multi-taxing in midsize or large Global enterprises? What solutions are expected and needed in the complex multi-entity, multi-currency and multi-taxing environments? How sage Intacct has been successful for the 5th year in a row, in evolving cloud solutions to meet and resolve all the criteria of the digital business organizations?
Overview of Requirements
In the current Digital Global era, thousands of organizations are spanned across multiple domestic states, multiple countries and even multiple continents. Financial management requires a complex chain of integrated calculations, consolidations, audits in each aspect of transactions or workforce.
Right from inventories of stock, payrolls, invoices, assess revenues and liabilities etc, the major issues are:
- transparent, multi-dimensional, error-free visibility in reporting and audits
- payability across precise conversions to multi-currency for each transaction
- most importantly accurate multi-taxing in compliance with the jurisdictions of each location.
Multi-Taxing
Every transaction in a business involves end-to-end tax liability like use tax, sales tax etc. For example transactions with India require compliance with centralized domains of VAT, GST etc. But if we take transactions in or with Canada, the compliance has to be an integration within the multiple jurisdictions of territorial as well as provincial taxes – in short the Form T2203. Compliance with the taxation at each point of sale calls for a complex integration of accountability, calculations, invoicing and deployment.
Sage Intacct Software
It is a core cloud software for multi-dimensional Financial management which has evolved in different domains since its inception in 1999. Developed by Odysseas Tsatalos and David Chandler Thomas, the software has won many accolades in terms of awards, recognitions and is the only one endorsed by the AICPA. The software offers tailored business management suites streamlined with each aspect of business accounting and workforce integration.
What sage Intacct offers
The functionality and provisions of this can be concised with Intacct as an acronym:
In – Inventories (multi-entities), Invoices, Integration (centralized)
T – Tracking Transactions, Taxes, Taxability (compliances)
A – Audits, Accounting (multi-dimensional), Accuracy, Assurance ( all simplified)
C – Calculations, Centralized reports and visibility (across multi-entity, multi-currency)
C – Consolidations, Compliance (end-to-end multi-taxing)
T – Time management, Timelines (multiple)
Tax Compilation
Capital management of multi-taxable proceedings of different entities at both points of each transaction, demands:
- End-to-end tracking of changing taxation on each entity and deals and
- Generating invoices in compliance to each end-user tax liability as per the legislations of the concerned entity, province, nation, continent etc.
- Ensuring accuracy and precision in all calculations and consolidations
- Transparent centralized integration of multi-dimensional taxabilities for prompt reports and audits
- Meeting timelines in different time zones – consuming minimum time for maximum profitability.
Sage Intacct not only complies with all the above requirements but also customizes the cloud software in terms of the scale of complexity and size of the enterprise. It credits itself with at least 4 feature-rich updates every year.
Cloud Nine Multi-Taxing with sage Intacct
The reason for its endorsement by AICPA and the recognition as the best software for financial management in Global organizations is its automated and flexible usage. The complexities of end-to-end taxability has been packaged into a very flexible platform.
- The automated tracking the changing laws of taxation allows a hassle free updation and accounting
- The User-friendly, unified core built-in infrastructure ensures not only a cloud 9 multi-dimensional management but also cloud accuracy and visibility.
- Visible growth in the rates of auditability and profitability due to its rapid updates and reports adds to the professional credibility of the organizations streamlined through sage Intacct.
In a nutshell, sage Intacct architects the complexity of multi-taxing into a simplified hassle-free Cloud Nine experience with the Impact features scaling new heights each year.