Vertex Inc., a leading provider of tax technology solutions, has unveiled their Vertex O Series Retail Solution, an application that presents retailers with consistent, accurate sales tax calculations across all channels, including brick and mortar stores, websites, and catalogs.
"Ecommerce, wireless tech, and global enterprise have expanded shopping options for consumers, but made accurate tax management nearly impossible for retailers," says John Cowan, Director of the Retail Solutions Practice at Vertex.
"Our Vertex O Series Retail Solution is designed to make compliance manageable again by eliminating manual calculations, and with it, the risks of inefficiency, inaccuracy, and audit exposure often experienced in the retail industry. Now merchants can centralize their management of tax transactions, whether in-store, online, or worldwide, and never again question if their records and figures are compliant."
Vertex O Series Retail Solution, part of the company's flagship suite of tax solutions, lets retailers accurately calculate tax across multiple sales channels, such as retail stores, websites, catalogs, call centers, and kiosks.
Key features of Vertex O Series Retail Solution include:
- A single, central installation that supports all retail locations and sales channels, and reduces the costs associated with tax setup and maintenance for both the tax and IT departments.
- Assurance that all sales channels apply the same accurate tax calculation, while consolidating transactions to make compliance and filing of returns easier.
- A unique combination of research content and flexibility that couples Vertex extensive taxability research with options to let retailers use their own product or product group codes for fully automated tax management.
- Signature ready returns based on the consolidated transaction results that further minimize compliance efforts.
- Calculation of accruals and verification of vendor charged taxes that support the management of tax on purchases.
"Vertex O Series is already helping over 300 customers manage their global tax transactions more effectively with a web services interface to their financial, ERP, and ecommerce systems," says Paul Dellevigne, Senior Product Manager at Vertex. "We are pleased to offer the retail segment the same benefits, with features tailored to address the difficulties managing tax at hundreds or thousands of stores and to reduce audit exposure."
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