Vertex announces launch of Vertex O Series automated VAT solution

Tax technology solutions company Vertex Inc. has announced the launch of its Vertex Value Added Tax O Series product in the UK and Ireland. Aimed at tax professionals in multi-national organisations, the product enables centralised tax management and significantly reduces the complexity and cost of VAT recordkeeping and compliance. 

Recording VAT, keeping track of the associated rules and rates and producing timely and accurate reports, returns and lists is an increasingly complex, time-consuming and costly task for organisations. This is exacerbated when dealing with international transactions and multiple jurisdictions across numerous business units. 

Vertex Value Added Tax O Series simplifies this process. The system analyses transaction data and determines jurisdictions and accountability for each transaction on a real-time basis. VAT is calculated based on defined rules and rates. All transaction data and corresponding results are recorded in a tax journal. This information can then be used for audit documentation, tax reports and preparation of tax returns. 

The system is capable of managing place-of-supply regulations, product and services exceptions, acquisitions and dispatches, shipping terms, import VAT and export sales. It can be adapted to a variety of operating environments, and is compatible with all leading ERP software systems, such as SAP and Oracle.

Alan James, European Director of Client Solutions at Vertex, said: “Tax authorities everywhere are placing increasing emphasis on accurate VAT recordkeeping and reporting. Failure to provide transparency in this area can expose businesses to strict penalties.

“Vertex O Series provides accurate VAT calculation and enables tax professionals to manage VAT compliance simply and efficiently across borders and business units.”

Vertex Value Added Tax O Series helps tax professionals to achieve: 

Sophisticated tax jurisdiction determination: by identifying the proper tax jurisdiction(s) for each transaction.

Robust, up-to-the-minute data: changes to VAT data in all countries are automatically and continually updated to ensure that the system is always accurate.

Accurate tax calculation: covering domestic and international transactions globally, Vertex Value Added Tax O Series automatically processes every transaction. The system addresses requirements under the European Union Sixth Directive - along with country-based exceptions for each Member State.

Flexible taxability management: the product can be customised in line with company-specific data and rules, in order to accurately reflect VAT scenarios unique to each organisation.

Enhanced reporting: when combined with Vertex Reporting and Analysis™, Vertex Value Added Tax O Series offers sophisticated management reporting beyond the requirements of VAT compliance.

Alan James said: “Tax departments in the UK and Ireland are looking to simplify VAT calculation and ensure transparency and compliance – while reducing internal costs.

“Vertex O Series offers centralised visibility of each business unit’s VAT position and full control over the management of consistent VAT decisions and processes.”