Have You Left Your Procurement Tax Function in the Dark?
Today’s post is written by guest author Joni Johnson-Powe. Joni is a Partner in KPMG SALT – Transaction Tax Systems serving as the practice lead for the West Region. KMPG is a Coupa Global Elite Implementation partner, helping clients enhance their business performance and strategic value by increasing process efficiencies, reducing costs, and improving free cash flow. Together with Coupa’s platform, organizations can achieve greater visibility into corporate spending, increase management oversight, and encourage adoption of user-friendly Business Spend Management (BSM) tools.
During the pandemic, governments worldwide introduced tax incentives to keep businesses afloat. Now with growing inflation, rising geopolitical tension, and an uncertain future economic outlook, these tax policies will likely continue. Is your business positioned to benefit from these incentives?
Combining procurement and tax migration is critical to avoid missing out on these and other business benefits. Still, a multifunction technology migration brings complexities that send a shiver down any business leader’s spine. However, it doesn’t have to be complicated. With KPMG and Coupa, you can quickly integrate procurement and tax migration to optimize your business model — leading to effective cross-functional collaboration, greater operational efficiencies, and financial awards. Let’s dive deeper into how we integrate these critical functions and what benefits you’ll reap from them.
How Coupa and KPMG simplify tax migration
With Coupa, easily integrate your existing ERP without extensive downtime or overhead work. Once integrated, you can ditch paper processing for your Accounts Payable (AP) team and embrace e-invoicing. Take it a step further with automation, helping you reduce the inefficiencies of traditional tax calculating and reporting methods that are integral to the requisition of purchase orders.
Then, we at KPMG step in. We bring extensive functional transformation experience, deep insights, and leading AI, tax, and technical capabilities to help you unleash new levels of strategic value. Our experienced tax practitioners dig deep to understand the complexities and nuances of your business — helping us fine-tune leading practice tax and AP processes within your Coupa source-to-pay platform. In addition, our proprietary methodologies ensure we streamline disconnected processes and create cross-functional efficiencies resulting in operational cost savings and a significant return on investment.
Our goal is to help you get the most out of your technology. And we ensure you know exactly how well you’re leveraging it by establishing critical metrics of your transformation success at the very start of our engagement.
The biggest benefits of a fully integrated tax and source-to-pay process
Fueled by the KPMG Powered Enterprise for Coupa, our solution is customized to your unique business and technical needs. It unlocks the opportunity to revolutionize how your business and functions operate in a few key ways:
- Your AP, Procurement, and Finance departments can provide more accurate budgets, forecasting, and bottom-line cash flow reporting more quickly.
- Your Supply chain team can take advantage of greater visibility across supply chains to develop more efficient workflows and tax approval processes.
- Your Finance team can have confidence in the correct calculation of taxes at source, and benefit from a reduction in overpayments and audit expenditures.
By leveraging and extending the Coupa BSM platform, we give you the right set of tools so you can better manage your suppliers, inventory, and payments. We also help you automate and calculate your taxes accurately so you can ensure you’re receiving the tax incentives you deserve.
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