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News

SAP Simplifies Regulatory Tax Reporting

Posted on
 
  • Efficient management of regulatory reporting obligations worldwide
  • Unified user experience and full transparency on global and local levels
  • Cloud deployment for fast adoption and timely integration of changed rules

SAP SE (NYSE: SAP) today announced the launch of SAP S/4HANA® for advanced compliance reporting, a new solution that helps corporate finance executives manage statutory reporting. It allows companies to manage, execute and analyze country-specific regulatory reporting processes worldwide, providing a unified user experience and full transparency on a global and local level.

 

This solution is relevant for all corporations, particularly those with global operations that involve complex, regulatory indirect tax reporting across different countries. The administrative effort of managing different deadlines, formats and accuracy is high, which is both costly and bears the risk of noncompliance. Keeping up to date with frequent legal changes is a challenge and an additional cost driver.

 

SAP S/4HANA for advanced compliance reporting helps tackle these challenges and greatly reduces the need for manual intervention, resulting in higher productivity and a reduced total cost of ownership. The risk of noncompliance and its associated costs are also significantly reduced.

 

"Chief financial officers and heads of tax are challenged with guaranteeing compliance on regulatory requirements in every country in which they operate," said Thack Brown, general manager and global head of Line of Business Finance at SAP. "With constant changes to legal tax and existing reporting requirements, a single solution to manage all legal reporting requirements is key. SAP S/4HANA for advanced compliance reporting allows companies to centrally execute and supervise the entire process including analytical insights, adjustments, corrections, adherence to deadlines and submission to authorities, all from a single dashboard. This is the only way to execute regulatory mandates with accuracy and efficiency."

 

Unified Dashboard and Value-Added Legal Reporting Enables Transparency and Efficiency

 

A unified dashboard provides full transparency and control of the end-to-end process, including scheduling, workflow, reporting status, embedded analytics, drill-down to reported data and complete audit trail. This facilitates execution across different countries. All reports can be directly submitted to government authorities, helping ensure accuracy and on-time delivery for regulatory obligations like VAT (value-added tax), GST (goods and service tax), WHT (withholding tax), SAF-T (Standard Audit File for Tax) and asset reporting.

 

"Keeping pace in today's digital age requires a live view of legal reporting activities at all times," said Mickey North Rizza, VP of Enterprise Applications and Digital Commerce research practice at IDC, a global provider of market intelligence. "SAP S/4HANA for advanced compliance reporting provides a solid foundation to meet this market need with a framework that is scalable and country-specific, reducing complexity."

 

Intelligent ERP: The Core of Digital Strategy

 

SAP S/4HANA is an intelligent ERP suite designed specifically for in-memory computing. SAP S/4HANA is the digital core that connects enterprises with people, business networks, the Internet of Things, Big Data, and more. 

 

SAP S/4HANA for advanced compliance reporting is natively integrated with the SAP S/4HANA Finance solution and is also available in SAP S/4HANA Cloud as well as the on-premise software.

 

For more information, visit the SAP News Center. Follow SAP on Twitter at @sapnews.

 

About SAP

 

As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 355,000 business and public sector customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

 

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

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