How does the story begin?
The implementation of our automated tax solution was completed in tandem with a planned migration to Oracle Cloud ERP, through which Myonex would manage all financial transactions.
While Oracle Cloud ERP has been developed as a flagship software platform with modern businesses in mind, it differs from its on-premise predecessors when it comes to customisation options; often considered essential for many global businesses that have become accustomed to adapting systems in line with internal demands, for whom tax determination was no different. Indeed, users of Oracle Cloud ERP must manage tax using only its standard functionality.
Myonex recognised the limitations of its new ERP and entrusted us with the integration of our world-class automated cloud tax solution, which is designed for seamless compatibility with Oracle Cloud’s standard functionality and ensures compliance within all the tax regimes in which it operates.
What did Myonex require?
Myonex has three physical premises around the world, located in the US, UK and Denmark. However, that’s only part of the story.
In addition to its three bases, it is registered for tax in Germany, Austria, Switzerland, Spain, Ireland, the Netherlands, Romania and Australia. By trading in 11 countries, Myonex required a solution that would determine the relevant tax for all transactions between any combination of those nations and apply it accurately.
Myonex also needed technology that offered the flexibility and functionality to meet the unique nature of the pharmaceuticals industry, which features a higher proportion of exemptions and drop shipments than many other sectors.
What did the project entail?
Our team of experienced Oracle Consultants implemented our award-winning inFlyte™ solution within Myonex’s new Oracle Cloud ERP – loaded with all the tax logic for the 11 tax regimes it pays and collects taxes in.
We also worked to ensure Myonex’s configuration would empower its team to seamlessly manage several processes that are unique to the pharmaceuticals industry – more about that in The results.
By implementing our solution, Myonex has benefited from:
- Full visibility and compliance in each of the three countries in which it is based, as well as the ability to automate tax in a further eight jurisdictions in which it trades.
- The option to run reports for all countries directly from our solution, empowering its tax team and driving a high level of trust.
- Adherence to key legal obligations, such as ensuring all tax documents are produced and printed with the relevant legal messages in place.
- A feature that allows its tax team to quickly and easily flag exempt vendors; especially crucial for Myonex as many hospitals are typically exempt from VAT.
- Compliance with complex drop shipments. Standard Oracle functionality does not cater for this specific issue, but by reconfiguring our logic we were able to create a adapted setup for drop shipments using the data drivers already in place as part of our core inFlyte™ solution.
As the project neared completion, Myonex identified an additional need for its tax setup. As the business expanded and its physical locations and tax registrations grew, the number of intercompany transactions passing through its ledgers substantially increased.
Our flexible approach has allowed us to integrate functionality within its tax configuration to allow the tax team to automate the processing of intercompany transactions.
What does the future hold?
The story does not end here. We’re currently working on an exciting development with Myonex to add Danish tax content to its US entity.