Industry Insider - Vertex [Retail]

Here’s how Vertex helps directors of accounting ensure RETAIL accuracy and regulatory compliance. Industry Insider Automate International Tax Calculations Move more quickly into new regions without SUT/CUT/VAT/GST liability. Support Omni-Channel Sales Remain unified across sales channels (brick-and-mortar, ecommerce, marketplaces, etc.) for both B2B and B2C. Ensure Compliance Stay on top of policies including tax holidays, tiered taxes, threshold and compound taxes, origin and modified origin states, and bracket taxes. See how our partner Vertex tackles challenges in the retail industry. From big-picture problems to the specific needs of a director of accounting, Vertex has it covered. Vertex enables organizations to streamline global tax determination from invoice to cash for B2B and B2C commerce. Keep reading to see how Vertex can help a director of accounting streamline tax calculations to ensure cross-channel compliance.

The Solution Vertex helps retailers seamlessly manage complex tax rules. Avoid overpaying for transactions. Improve address accuracy. The Challenge: Other tax technology solutions The Challenge: Inaccurate to/from shipment on the market count abandoned carts as addresses can result in lost deliveries as well transactions, which can add up to hefty fees. The Solution: Vertex does not penalize retailers as penalties and fines for noncompliance. for abandoned carts, ultimately helping to save The Solution: Vertex’s address validation and cleansing improves the accuracy and them money and encouraging long-term growth. tax area ID for a more precise calculation, helping to ensure packages arrive at their intended destination. Improve refund accuracy and timeliness. Save time with built-in The Challenge: Finance teams need to ensure returns are processed within the retailer’s return tax rules. policy window and that sales taxes are refunded The Challenge: Retailers are responsible and recorded in the proper ledger. for pre-populating applicable tax rates The Solution: Vertex provides retailers with an before a sale happens in accordance with easily referenceable and auditable lookup of tax dates and rates for more accurate full or the proper jurisdiction. The Solution: Vertex continually updates partial refunds. and maintains tax content across sales tax jurisdictions worldwide to ensure compliance with local rules and rates.

The Scenario Vertex solves Francine’s In this example, let’s imagine how a director challenges by helping her to: of accounting can use Vertex to improve accuracy and operational efficiency. Assign the proper address. Vertex uses a database of more than 163 million addresses, giving you the power to choose the one you want. Save time on tax research. Vertex maintains and updates tax content across more than 20,000 global sales tax jurisdictions, saving you time. Francine Finance Eliminate penalties for abandoned carts. Vertex only counts completed sales in transaction volume, Director of Accounting so you only pay for the sales you complete. Quickly process refunds. Francine manages financial Vertex maintains more than 1 million historical dates and reporting and accounting rates, helping you adhere to unlimited refund timelines. operations, ensuring accuracy and compliance with regulatory standards. She is responsible for Her Goals: Her Challenges: implementing accounting • Help ensure more accurate • Time-consuming policies, procedures, and tax calculations address verification systems to enhance financial • Optimize payments and • Magnitude of tax rules efficiency and inform strategic document flow of funds and policies decision-making. • Maintain revenue reporting • Penalties for abandoned carts • Slow and inaccurate refunds Learn more about Vertex