In the world of ‘touchless Accounts Payable’ Tax can own Tax

Thursday 18th June 2020 at 2:30pm - 3:30pm

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Many companies have disparate procurement and accounting practices and are now finding that they need to move forward and find a way to improve processes, efficiency and transact in a uniform manner.

Utilising a procurement platform can give rise to these advantage through ‘touchless Account Payable’ but can also create tax issues if not leveraging a tax engine to apply the correct VAT decisioning. Accounts Payable teams can lack the skills, knowledge or understanding as to why the VAT codes are critical to a business and sometimes will apply the wrong coding.

Reoccurring errors can add strain to the tax department but more pertinent is the risk of undetected errors which are sometimes not evident until audit time.To help combat this, tax departments take time to train invoice processors on tax coding – which is often repetitive due to the labour turnover – adding further strain.In the world of ‘touchless Accounts Payable’ even this safety net is removed

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