IBFD cuts tax filing time from 1 week to 1 day with Innovate Tax solution
The International Bureau of Fiscal Documentation (IBFD) is the world’s most prestigious and respected authority on cross-border taxation.
For over 80 years, IBFD has been the undisputed global authority on all things tax. Aside from boasting the world’s most comprehensive and curated tax library, the IBFD spearheads independent research and has garnered acclaim for its cutting-edge approach to training and educating thousands of tax professionals.
It’s of little wonder therefore, that the IBFD is held in such high esteem by scores of clients including SGS, Nissan and even the Ministry of Finance of India (to name but a few).
What the IBFD don’t know about tax isn’t worth knowing…
Selling someone a dream and walking away at the first sign of trouble is a story we hear of too often in the tax technology industry, but at Innovate Tax it certainly isn’t our style.
Instead, we guarantee all our clients ultimate peace of mind that their bespoke automated tax solution will offer reliability, adaptability and efficiency – and ultimately deliver their desired results for years to come.
However, we know it’s one thing for us to promise it and quite another for the world’s most distinguished tax authority to support that view while praising the impact our system has had on its financial operations.
That’s why we were so thrilled this week to hear from IBFD with glowing feedback – some three years after we implemented our industry-leading InFlyte™ solution for the Amsterdam-based organisation.
Here’s what Daan van den Bosch, Solutions Architect at IBFD, had to say about the transformation IBFD has achieved since working with Innovate Tax:
Back in 2017 we were facing a couple of challenges in regards to our tax determination in Oracle; we were about to move our warehouse from the UK to the Netherlands, had to start using GST in Malaysia and needed to start charging sales tax in a couple of states in the US. The way we had setup our tax engine was inflexible and only designed for VAT MOSS.
We started using the standard solution from Innovate Tax and I am still happy with it. During the project you guys gave me more insight into how this thing should really work and we are still happy with its flexibility.
Also, our reporting has improved significantly. Finance used to work the first week of each period solely on tax filing and now it has been reduced to one day at most!
As you can imagine, our team of Functional Consultants who implemented the solution for IBFD back in 2017 were delighted to discover the benefits of their hard work are still being felt by the tax authority’s Finance Team in the shape of an 80% decrease in the time required to complete tax filing.
To receive such praise from IBFD, which we regard as the world’s premier authority on tax, has given us all a boost.
If our solution can work for Daan and his team, we’re more confident than ever it can work for any business!