Thomson Reuters announces transaction tax integration with Microsoft Dynamics GP
The Tax & Accounting business of Thomson Reuters has now upgraded its Sabrix Managed Tax Service (MTS) integration for Microsoft Dynamics Great Plains (GP) to include enhanced support for the increasingly complex state and local sales and use tax laws, while improving performance and tax accuracy and mitigating audit risks.
As the economy recovers, states and local municipalities continue to rely on sales and use tax to generate revenue necessary to balance the budget. As a result, companies are faced with navigating new or changing complex tax laws. For example, Ohio recently switched from a destination to an origin state and now bases taxes on a mix of goods and services in a given invoice.
"What may seem like a simple tax change at the state or local level, can translate to substantial operational efforts for businesses," said Mark Lawler, vice president of technology of Sabrix, part of the Tax & Accounting business of Thomson Reuters. "Sabrix MTS integrated with Microsoft Dynamics GP provides a flexible, high performance solution able to address even the most complex state and local tax changes now and into the future."
Going beyond native tax features available in Microsoft Dynamics GP or in third-party tax integrator solutions, Sabrix MTS integrated with Microsoft Dynamics GP supports per document tax calls, and comes with SAS 70 Type II certified tax content, provided by an in-house tax research team. Content is automatically updated, eliminating error-prone manual processes and the need to continuously monitor tax law changes. Additional benefits include:
- Increased tax accuracy and compliance, including support for origin-based states and complex tax rules such as: max tax jurisdictions; related product/service tax scenarios as required by SST; tax on charges such as freight, insurance, and similar; and taxation on complex product setups like bill of materials
- Simplified tax reconciliation process for business users
- Reduced need for manual adjustments to returns typical with line at a time calculated tax data
Pricing and availability
Sabrix integration for Microsoft Dynamics GP versions 9 and 10 is available now. Pricing is on a subscription basis and is based off a company's transaction tax complexity. For more information, http://www.sabrix.com/managedtaxservice.