Cendant Corporation Selects Sabrix for Streamlined Sales, Use and VAT Tax Management
Real Estate and Travel Services Giant Using Transaction Tax Software and Research from Sabrix
SAN RAMON, Calif. - August 31, 2004 — Sabrix, Inc., a leading provider of enterprise tax applications, announced that Cendant Corporation (NYSE:CD), provider of travel and residential real estate services, chose the Sabrix Application Suite to automate their worldwide transaction tax management. Cendant is using both Sabrix's global tax management software and integrated tax research for managing U.S. sales and use tax, and international value-added taxes (VAT) for its operations in more than 100 countries.
As a multinational company, Cendant deals with complex international tax requirements and wanted a centralized, global transaction tax management system scalable for future corporate growth. The Sabrix Application Suite will automate Cendant's transaction tax management for increased accuracy in the payment and accrual of transaction taxes, as well as provide detailed documentation and reporting for audits. The Sabrix Suite also allows Cendant to control all the tax decisions applied to orders, purchases, and accounts payable transactions for more tax efficient business decisions and savings. The integrated tax research and automated updates also ensure Cendant stays on top of constantly changing tax rules and rates.
"Multinational companies, such as Cendant, need a centralized solution to have control over all aspects of transaction tax management and reduce the billions spent on compliance each year," said Steve L. Adams, president and CEO of Sabrix. "Sabrix ensures both visibility and control, eliminates risks and exposures, and facilitates tax planning and modeling for more effective cash management for global transaction taxes."
The Sabrix Suite will handle high volume of transaction tax processing while integrated with Cendant's Oracle 11i ERP platform for use tax, as well as other source systems, including PeopleSoft, GEAC, J.D. Edwards and various legacy systems. Configuring tax decision logic, with numerous elements of data from various sources, is done directly in the Sabrix Application Suite, as opposed to customizing APIs and business applications, for lower implementation costs. Sabrix also allows scenario testing for Cendant's business decisions and rules. Ongoing management of the Sabrix Application Suite is minimal and does not require IT involvement, further lowering costs.
For the rapidly changing transaction tax needs of multinational and complex domestic corporations, Sabrix provides enterprise software and integrated global tax research for automating all U.S. sales and use tax, and international VAT for more than 120 countries. The Sabrix Suite is a centralized application seamlessly connecting all business applications, and delivering management and control for all transaction taxes to the tax professional. For more information about the Sabrix Application Suite or Sabrix tax research call 1-866 4-SABRIX (for U.S.), or +1-925-543-0110 (for international). Information is also available online at www.sabrix.com.
About Sabrix
Sabrix, Inc. is a leading provider of transaction tax management for companies of all sizes, enabling finance, tax, and IT professionals to achieve accurate, timely, and cost-effective compliance for sales tax, use tax, Value Added Tax (VAT), excise tax and industry-specific taxes and fees. The Sabrix Application Suite serves global enterprises such as Amazon.com, BASF, Cisco, DTE Energy, IBM, QUALCOMM, Sportsman’s Warehouse, and York International. The Sabrix Application Suite seamlessly connects to all financial applications requiring the determination, calculation, and recording of transaction taxes. The company also offers the Sabrix Managed Tax Service™ (MTS), an outsourced transaction tax compliance service that helps finance departments of small-and-medium-sized businesses eliminate the hassle, control their audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance. Sabrix MTS seamlessly integrates with a company’s existing accounting and e-commerce systems, and, similar to outsourced payroll services, operates as a trusted extension of a company’s finance department to address tax compliance from start to finish: address validation, tax rate maintenance, tax determination and calculation, returns preparation and filing as well as audit research and documentation. For more information, please visit www.sabrix.com.
For press inquiries:
Kurt Foeller
Foeller Communications
sabrix@foellercom.com