Many businesses will soon be moving to new Enterprise Resource Planning (ERP) systems. Make sure that tax compliance doesn’t get left behind in the planning!
Businesses are facing increasing demands from tax authorities, with more reporting required and more of it in real time. At the same time many companies will be soon upgrading their ERP systems as SAP and Oracle will cease to support older versions in the near future.
This gives businesses a unique opportunity to set up their future ERP in a tax and statutory compliant way. However, involving your tax colleagues in the conversation shouldn’t be considered as an add-on at the end of the ERP planning journey. Involve them right from the start to get a full understanding of what is required, and you’ll reap even greater benefits from your new ERP system.
What do you gain by including statutory and tax requirements in your ERP?
For years Excel has been the mainstay for many financial departments. But with a constantly changing tax landscape, and greater reporting requirements, a more powerful tool is needed. We can help you make the transition from being an excelist to an analyst!
Why include statutory and tax requirements in your ERP system?
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Our unique approach to implementing a new ERP
It’s never too early to start planning your ERP update, in fact the earlier the better. And it’s also worth considering that your new system will probably be there for years, if not decades. If ever the expression ‘if a job’s worth doing, it’s worth doing well’ applied, it’s with an ERP transformation process!
Our end-to-end approach in the ERP localisation process consists of 3 steps, and is tailored to your company for statutory and tax compliance in a holistic way.
- Gather local and business requirements
- Fit-gap analysis
- Prepare RICEFW list per country (Reports, Interface, Conversion, Enhancements, Forms and Workflow)
Design your favourite tax IT roadmap
Upgrade Your ERP System for Better Tax Compliance
The tax landscape is rapidly evolving, and many businesses are unaware that a new or upgraded ERP system can effectively handle a wide range of tax obligations.
At PwC, we can help your business navigate through the complexities that come with ERP implementation or transformation projects and ensure your tax team takes full advantage of the broader deployment.
Watch our video to learn more about how we can assist you in achieving a successful ERP implementation from a tax perspective.
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