ACTSOLV for Payables
ACTSOLV for Payables gives management the ability to oversee and approve the issuance of sales/use tax exemption forms at the time of the purchase transaction, allowing the tax department to review the details of the purchase without overwhelming the tax team with procurement activities. Likewise, this relieves the Accounts Payable (AP) team from the burden of making tax decisions that are not typically part of the core competencies of AP personnel. Every exempt transaction is subject to the same transparency and oversight.
What ACTSOLV for Payables can do for your company:
Establish an accurate process for identifying and managing tax exempt transactions
Document the details of the transaction at the time exempt status is claimed
Provide management control and oversight into the proper claiming and issuance of sales/use tax exemption certificates
Streamline the use tax accrual process and provide the first line of defense when responding to a state sales/use tax audit
Provide a proactive basis for establishing systematic and transparent controls for sales/use tax-exempt transactions that help with SOX and future regulatory scrutiny
Managing the issuance of tax exemption certificates is critical to building and maintaining vendor relationships. ACTSOLV for Payables works to ensure sales tax exemption process starts with accurate certificate issuance, helping to provide a layer of protection against overpaying or underpaying sales tax.