Don’t be fooled, when it comes to indirect tax, having an analytical tool that looks only at historical data is not going to do it for you – why you may ask?
Everything in indirect tax is driven by compliance. Let's face it, the main gatekeeper for compliance is how we report our data. Unless you've been living peacefully on a remote island, you'll know that pretty much every global economy has either already adopted new technology to scrutinize tax compliance, or is planning on doing so imminently...
That's why it's crucial to explore ways of reducing tax fraud and make sure the correct tax is paid; all the new technology ventures either feature faster reporting of data or the collection of even more data. Many tax authorities are capitalizing on ‘Big Data’ where they analyze vast amounts of data to make sure it's correct. So, if you have a mistake in your data - one that you may have manually corrected elsewhere - this will be flagged and the authorities potentially alerted.
The answer is LimeLyte®, our real-time analytics manager. LimeLyte® swiftly checks your data to highlight potential compliance risks. For example, within as little as fifteen seconds, LimeLyte® can tell you that an AP invoice entered in a particular country has a potential tax problem that you can jump on and get it resolved straight away.
This real-time approach is so effective because those users who have made a mistake get to correct it in the system (providing a full audit trail) and they are far less likely to make the same mistakes again. In fact, we have seen a huge 95% drop in user issues for some clients when the ability to check the data is known.
The mantra ‘prevention is better than cure’ is a known truth - LimeLyte® provides the ERP transaction visibility and transparency that you have been desperately waiting for.
Finance Team (end users)
You'd be forgiven if you weren't aware of tax mistakes being made - nine times out of ten, they only come to light during an audit! Regardless, the financial and legal consequences can be huge for any company if they fail to uphold tax compliance.
LimeLyte® is a tool used by your tax department so they can track any potential issues made around the tax determination on transactions and then let you know immediately if you need to make a change.
There are two great benefits for you here; the first is that you get to correct any issues before you have paid or processed the invoice, allowing you to make changes to the transaction immediately.
Secondly, you're able to learn from mistakes you might otherwise not know about and maintain boasting rights that you're doing your job correctly.
The best part? This will minimize any extra work making corrections later on, meaning you'll only get better and better at what you do.
You can shift the responsibility of the tax management to your tax department as they now have the visibility of the tax setups and rates without having the capability to change anything.
This reduces any demands form the tax teams looking for information. The large number of analytics and reporting available also minimizes any requests to build bespoke reporting for tax.
There is no use putting in a tax reporting solution if the data going into these reports is wrong, and the purpose of LimeLyte® is to ensure that that data is perfect.
LimeLyte® shifts the focus of a tax team from frantically trying to find issues (making time consuming and now often non-compliant manual adjustments at the end of the month when it is too late) to when the issue happens - freeing up the month end for a faster close.
inFlyte™ is our award winning automated tax determination offering, featuring our RapidInstall™ tool for Oracle eBTax.
inFlyte™ customers benefit from an implementation package that delivers up to 150 (and growing) already pre-configured tax regimes with full best-in-practice regime to rate flow and full tax automation.
This pre-configured trove of eventualities means that you are covered for hundreds of scenarios from all industries as standard, so that when inFlyte™ is installed, there is very little left to do.
Your special or unique tax requirements are created and added into our core solution and - you guessed it - inFlyte™ takes care of migrating the new configuration through all your instances until it reaches production.
That’s potentially hundreds of days of configuration done in a matter of minutes with 100% accuracy.
If you want to pretty much guarantee that you will go live on time and within budget, look no further than inFlyte™.
Quite often there is an urgent need to make changes to your tax automation yet trying to find a resource to do this, whether internally or externally, is a roll of the dice.
Even if they do manage to make the changes that you think you need, you're worried that their actions might impact other logic that may not have been properly tested, or the end result is simply impossible to maintain.
inFlyte™ overcomes these worries with a truly global solution, installed in a matter of minutes, to get you up and ready for testing in a couple of days. inFlyte™ boasts hundreds of tax scenarios already built-in so that out of the box, you already have a fully automated working tax solution.
To give it a bit of context: for one of our clients, we managed to have 37 countries ready for testing after starting a project in just three days!
inFlyte's powerful yet flexible structure is like a newly built home on a large plot of land - ready to live in but can be decorated to taste, with plenty of room for extensions. In real terms, this means you have a tax framework structure that is capable of adapting to your business' needs, including any new tax logic for niche tax scenarios applicable only to your organization.
inFlyte™ also enhances the information that is captured each time the tax is calculated. This gives you greater visibility of your reporting data you need as well as augmented logic to enable real-time analytics (see LimeLyte®).
Imagine having a truly global tax solution that does not cut any corners, is designed to be future proof, maximizes visibility and minimizes user issues – that’s the power of inFlyte.
Finance Team (end users)
A user entering invoices in the Payables module should never have to choose the tax rate from a defaulted tax code from a Supplier Site: this has been proven to be the biggest risk area for incorrect tax determination.
inFlyte™ creates a fully automated tax solution that is specific to the respective country for which you are entering invoices.
It comes with preventative logic to stop users making a mistake in the first place, e.g. a rule to override a reverse charge on a foreign purchase, even if a user has set the tax treatment as being 'exempt'.
inFlyte™ takes the risk out of user entry by shifting the responsibility of the tax selection; users don't need to make any tax overrides because inFlyte's tax logic does it all for you.
By the same token, inFlyte™ actually helps to increases productivity for end users.
inFlyte™ is quick to use too! It was designed to improve the speed of entry by removing the manual tax input process. In fact, clients have reported experiencing a 25% reduction in the time it takes to enter an AP invoice with the inFlyte™ solution.
We're not lying - tax is complex! It stands to reason that the technology behind automated determination is correspondingly intricate, wouldn't you agree?
Even the most experienced Oracle DBAs rarely have the insight needed to create a fully compliant solution. It's simplistic to think that familiarity with Oracle ERP, ability to generate a few tax rules will be sufficient to withstand complex transaction outcomes and tax treatments.
Anyone can create a rule in eBTax, but without the knowledge of existent variables applicable, e.g. differential rates for goods and services across multiple jurisdictions etc., you are exposing yourself to huge risk from financial penalties - and that's a very basic example!
inFlyte™ is the rapid delivery of a beautifully crafted tax structure that makes the whole process appear simple. inFlyte replaces manual user configuration, which can take days and days for just a single tax regime.
Using a standard supported Oracle process we download the configuration from our repository, which is then loaded into your test instance. We then add the bits specific to you such as the 'Operating Units' to which the tax regimes are linked and the GL code etc., et voilà! You have a working solution.
We then use the same process to migrate to the next instance, but this time the source instance is your own instance, and all the extra set up carried out is copied - so migrating the tax solution across 20 instances is done in minutes not months. inFlyte™ speeds everything up and ensures 100% accuracy.
Just remember, tax must be handled with surgical precision or risk huge fines. So, if your team says that it ‘can give eBTax a go’, ask yourself: would you rather be treated for a risky procedure by a surgeon or a firstaider?
With a greater emphasis on responsibility for the data you control and sign off, and in some jurisdictions personal liability too, do you really want to take the risk when it comes to tax determination?
There are ever-increasing demands from tax authorities across the world, which are asking for more data, faster.
Recently, some countries have announced that they will now do the tax return for you, based on extracted data. This means your data has to be 100% perfect.
It is no longer acceptable to wait until the current month-end to find and manually adjust tax issues - this is increasingly becoming frowned-upon actively by the tax authorities.
You need a solution that gets the tax right first time and, if there is an issue, allows changes to be made at source to capture a full audit trail.
inFlyte™ was created under the modus operandi of ‘compliance without compromise’; you don't have to settle for anything less.
Your tax solution is not just about the determination of a tax code. The reporting, analytics, training and maintenance of the implemented system are important considerations for you.
You've also seen previous IT projects fall down in the past due to lack of engagement after 'go live', and you want to protect the business' investment and your reputation!
But you know that tax is complex and when there are global requirements in the mix, well, it's no mean feat to put it mildly.
That's where BriteLyte™ - our full tax solution offering for Oracle - comes to the rescue.
inFlyte™ uses our RapidInstall™ methodology to implement your tax automation in a fraction of the time versus traditional methods. inFlyte's globally-compatible infrastructure supports a standard naming convention across multiple country implementations. Because of this structure, we can also provide other tools and services to support the project including: tax matrices, test scripts, user guides, training videos, interface best practice whitepapers, and tax reporting.
LimeLyte® connects to your Oracle database to analyse tax data for compliance issues. This is incredibly useful during inFlyte™ implementation, as LimeLyte's diagnostic capabilities can identify potential changes and/or confirm that the solution is working against your parameters. Post-implementation, LimeLyte is your system 'health check' so you're able to see whether the solution is being used correctly by end users. BriteLyte™ clients also have exclusive access to additional LimeLyte® functionality, such as the ability to flag transactions with 'Tax Unknown' code.
Another exclusive for BriteLyte™ customers, is access to our new TwiLyte™ Support Portal. TwiLyte™ is a rich repository of videos, how-to guides, usage reports and learning. You can manage end user progress through the training courses to ensure each member of the Finance Team is fully conversant with the tax process. We provide courses on tax entry, the LimeLyte platform and indirect tax knowledge; all customized to your organization.
Setting up a maintainable tax engine that a) meets all your requirements and b) minimizes the impact to the user, requires specialist knowledge and talent (and that only comes with years of tax and IT experience)!
That’s why it’s important to partner with a Tax Technologist and not a Tax Advisor for your tax engine.
As Tax Technologists, we build the bridge between the Tax Advisor, the Tax Manager and the IT Team. It’s our job to interpret what has to happen, then make that a reality, all whilst making sure your global structure isn’t compromised and is kept future-proof.
Think about it this way: it’s in our interests as much as it is in yours that your solution works not just for now but in the future too; we’ll be the ones maintaining it for you and we definitely don’t want to be fixing preventable problems all the time!
Our Tax Integration Team is trained never to cut corners and think bigger when it comes to designing the core logic of our solution. That’s why, when you talk about your requirements, we understand them – how often can you say that for someone from IT with no tax knowledge?
No matter how advanced the solution, we know that mistakes still happen. Armed with this knowledge, we have enhanced our tax logic to capture more information during the tax determination process. This has resulted in the creation of our cutting-edge, real-time dashboard analytics tool, LimeLyte® that will - within fifteen seconds of a transaction being entered – let you know of a potential tax error.
The benefits of a functional tax analytics tool are becoming increasingly essential. Take real-time reporting for example; you need to make sure the data is right – at or just after entry - or issues will be flagged by the tax authorities. Analytics tools that only do this at the end of the month therefore are inherently risky.
LimeLyte® mitigates that risk and is included as part of our BriteLyte™ package.
Finance Team (end users)
Finance Teams have a lot to contend with, without the added responsibility and pressures that come with calculating and entering indirect tax. That’s why our aim has been to minimize and reduce this particular burden on Finance Teams.
With a specially designed user interface, Finance Teams are far more productive with our simplified indirect tax capture process, whilst allowing the user to maintain full control.
If the Tax Team spots an issue using the LimeLyte® tax analytics tool (included), they can notify the Finance Team for quick correction.
This has proven invaluable for many Finance Managers for team productivity and accuracy, as singular or recurrent mistakes are caught in their tracks and shows if there is a need for staff development.
Better still, we offer continuous online training via the TwiLyte™ portal - also great if you have a new starter to a shared service center, you can stop them from starting until they have done the tax awareness courses.
Want/need to go live from start to finish in just 10 days? If so, BriteLyte™ is definitely for you.
That said, just like many things in life, sometimes patience can be a virtue. We recommend providing as much lead-time as possible, as most projects require both solution and process to change – that’s no small undertaking.
Yes, of course we can load the tax configuration in record time, but always bear in mind that the best results happen when time is spared to make sure it is fully tested and the processes are also in place.
BriteLyte™ takes care of every aspect of your tax project, right from the get-go.
- Need a custom work around? Check.
- Need to customize the tax logic and have it fully supported by Oracle? Check.
- Need a standard way to interface data into Oracle for tax? We have whitepapers already written
- Need help project managing? We have an entire PM team dedicated to tax.
It’s time that you thought about sitting back and letting us do our thing – it might just result in one of your most successful projects ever…
Did you know that you can get a return on your investment in a matter of weeks with BriteLyte™?
It's true! Whether it's ending the pointless under and over-payments of tax or simply reducing the number of costly human errors, the positive financial impact of a well-structured tax automation solution can be huge.
The cost justification and return on investment of undertaking such a project can easily be found in a million and one different ways. But, don't forget that your business also has its own legal obligations to be compliant for tax – or risk some pretty hefty fines and penalties.
With business solutions built around the compliance requirements for each country, BriteLyte™ will give you the confidence in your compliance you deserve.