Your finance team wastes valuable time devising and maintaining different methods of tax apportionment for different product types and different authorities. Attributing every transaction is daunting, painstaking work, and it’s hard to be certain that it’s been done correctly. Many companies relegate this task to ordinary spreadsheets, a practice that usually results in more mistakes than organizations can afford.
A modern, analytics-based approach to tax apportionment applies enterprise connectivity to entire data sets of transaction data instead of mere sampling. You get consistent identification of taxable events through repeatable, visual business rules that can shorten the tax apportionment cycle from multiple workdays to less than one hour.
With Alteryx, you can:
- Connect to customer-level sales data from multiple sources
- Prep and blend sales data to reflect region and type of transaction for correct tax code matching
- Join tax tables to apply tax rates to transaction values and create standardized tables that have correct taxes applied across all markets
- Automatically export applied tax tables and summary documentation for reporting
Office of Finance Starter Kit Example Workflow
1 - Data Connection
2 - Data Prep
3 - Automated Calculation
4 - Output Analytics