Avalara, a provider of tax compliance automation software, has announced the expansion of its AvaTax platform with a new feature aimed at enhancing tax automation for purchases. The addition of AvaTax for Accounts Payable offers businesses a comprehensive solution designed to improve tax calculation accuracy and compliance on purchases by identifying both overpaid and underpaid taxes.
A recent survey conducted by Avalara highlighted the growing demand for automation in tax management, particularly in the context of complex and evolving tax regulations. According to the survey, 53% of respondents identified the challenge of navigating these shifting rules, while 52% expressed the need for tax solutions that could seamlessly integrate with their existing purchasing systems.
"As an end-to-end compliance platform, AvaTax offers businesses a singular solution for managing both sales and purchases, consolidating their tax compliance efforts into one efficient system," said Jayme Fishman, Chief Strategy and Product Officer at Avalara. "AvaTax for Accounts Payable simplifies the compliance process while providing greater visibility and control over tax obligations, helping Avalara customers stay compliant with ease."
The new capabilities come as part of Avalara's effort to empower its customers with robust tools to avoid financial risks associated with tax overpayments and underpayments, which can have significant financial implications.
Key Features of AvaTax for Accounts Payable Include:
- Consolidated Global Tax Compliance: The platform offers businesses a unified system for managing tax compliance for both sales and purchases across multiple regions and industries, enabling seamless transactions worldwide.
- Flexible Functionality for Complex Tax Scenarios: AvaTax for Accounts Payable allows customers to automate tax allocation using advanced transaction rules, simplifying decision-making and ensuring accuracy in complex scenarios.
- Integration with Business Applications: The solution integrates smoothly with popular purchasing systems through pre-built integrations and API capabilities. It supports both real-time and batch transactions, accessible via a centralized dashboard for streamlined workflows.
By extending AvaTax to encompass Accounts Payable, Avalara is providing businesses with a more efficient way to manage their tax obligations across all stages of their operations, from sales to purchases.
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