Every transaction tells a story, and the best ones tend to feature surprising plot twists. When it comes to a procurement group’s increasingly strategic and data-driven narrative, unforeseen indirect tax risks linked to purchasing transactions can trigger unpleasant developments that hinder procurement efficiency and impede its transformation progress.
As a result, procurement leaders and their counterparts in the tax group should keep the following points in mind:
Procurement’s ongoing digital transformation is crucial to organizational performance.
Tax determinations represent a critical, though frequently neglected and potentially high-risk, component in procure-to-pay (P2P) lifecycles.
Procurement’s effort to enable seamless purchases hinges on accurate, convenient tax determinations.
One of the leading ways to enable and sustain seamless transactions is by conducting tax determinations at the time of purchase via a procurement-tax technology integration.
Following this logic can empower tax teams to manage the organization’s tax-compliance story while procurement groups remain laser-focused on enhancing their value proposition.
