Modernizing Enterprise Tax Functions through SAP S4HANA Integration Strategy with OneSource and CertifyTax

Countries around the world have different laws and regulations reflecting their privacy, sovereignty, social and financial needs and short term and long-term objectives. Tax is one of the most diverse financial aspects in international trade due to varying laws and regulations across countries and regions. Globalization has created opportunities for companies to operate and serve customers beyond their geographical territories whereas the organizations may not have enough knowledge on Tax Intricacies prevailing in each of the country that the organization operates, but they are obligated and be compliant with local tax laws and regulations as per statutory requirements. It would become more challenging for the organizations to keep up with the ever-changing tax requirements and specifically when each region under a country has their own tax laws. SAP S/4HANA can be integrated with Tax Engine from OneSource to fully automate tax rates determination for any transaction posted and be compliant with each region and country from tax perspective. This article speaks about the significance of S/4HANA Integration with OneSource and CertifyTax, technical flow of data between these three systems and how this integration strategy can modernize and fully automate enterprise tax functions.