Avalara, Inc., a provider of tax compliance automation software for businesses of all sizes, has expanded the capabilities of AvaTax with AvaTax for Accounts Payable. The enhancement provides a comprehensive solution built into AvaTax that is designed to automate tax calculation and compliance for purchases. The solution ensures more accurate tax calculation by identifying both over- and underpaid taxes on purchases.
A recent Avalara survey found that a growing number of businesses are turning to automation to manage tax on purchases, with 53% of respondents citing complex and ever-changing tax rules and rates as among their most significant challenges. Many respondents highlighted the dire need for tax solutions that integrate with their existing purchasing systems. Over half (52%) of respondents indicated that solutions that seamlessly automate complex tax scenarios across their business systems would also improve their compliance footprint.
“As an end-to-end compliance platform, AvaTax offers businesses a singular solution for managing both sales and purchases, consolidating their tax compliance efforts into one efficient system,” said Jayme Fishman, Chief Strategy and Product Officer at Avalara. “Using our cloud-native approach to software development, AvaTax for Accounts Payable not only simplifies the compliance process, but also provides greater visibility and control over tax obligations, helping Avalara customers stay compliant with ease.”
Without the right systems and processes in place, underpayments and overpayments are inevitable, and both have financial implications and inherent risk. AvaTax for Accounts Payable helps companies avoid these risks.
Key enhancements include:
- Consolidated global tax compliance in the cloud: Sales and purchase compliance functionality across a broad spectrum of areas and geographies all in one unified platform, as part of Avalara’s journey to empower its customers to remain compliant while transacting with anyone, anytime, anywhere.
- Robust and flexible functionality for complex use cases: Customers benefit from being able to allocate tax automatically with customized and advanced transaction rules to simplify decision-making. Calculation on purchases leverages the same powerful content that Avalara is known for, including the ability to handle complex scenarios with advanced rules.
- Integration with business applications: AvaTax for Accounts Payable seamlessly integrates with popular purchasing systems through pre-built integrations and API capabilities, as well as supporting batch uploads of purchase transactions, ensuring a smooth and efficient workflow across multiple purchasing systems. Both batch and real-time transactions are seamlessly accessible and actionable through a consolidated dashboard.
Avalara AvaTax uses automation to calculate tax for sales and purchasing activities within businesses around the world. To learn more about how your business can benefit from Avalara’s tax solutions, click here.
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Tags: Accounting, Sales Tax, Small Business, Taxes
