Houghton Mifflin Turns a Page on Sales and Use Tax with Sabrix
Sabrix Improves Transaction Tax Management and Reduces Costs For Educational Publisher
SAN RAMON, Calif. – December 9, 2004 — Sabrix, Inc., a leading provider of enterprise tax applications, today announced Houghton Mifflin Company, one of the leading educational publishers in the U.S., selected the Sabrix Application Suite and integrated tax research to automate its U.S. transaction tax management, including both sales and use tax. Houghton Mifflin will increase the accuracy of payments and accruals for transaction taxes with Sabrix's enterprise applications and tax research.
Houghton Mifflin faces complex multi-state sales and use tax requirements and sought a centralized transaction tax management system scalable for future corporate growth. The Sabrix Suite allows Houghton Mifflin to control all the tax decisions applied to orders, purchases, and accounts payable transactions for more tax efficient business decisions and savings. Sabrix's integrated tax research and automated updates ensures Houghton Mifflin stays on top of constantly changing tax rules and rates. With the Sabrix centralized audit database, Houghton Mifflin will also be able to facilitate audit support and administration, meet all Sarbanes Oxley requirements, and provide detailed documentation and reporting for audits.
"With our business transactions in thousands of tax jurisdictions in the United States, accruals and audit documentation are challenging," said Chris Goguen, senior director enterprise reengineering at Houghton Mifflin Company. "Sabrix brings efficient automation and tracking to our transaction tax management and will help our team make better tax-impacted strategic business decisions."
To support the Sabrix implementation effort, Deloitte Tax LLP is integrating the Sabrix Application Suite with Houghton Mifflin's SAP ERP system to create an automated solution for transaction tax management and compliance using Sabrix. "Deliotte Tax LLP's consulting and integration services help companies like Houghton Mifflin achieve enterprise-class performance using Sabrix to automate complex transaction tax and compliance needs," added Raffi Makarian, national principal, Tax Management Advisory Services, Deloitte Tax LLP.
The Sabrix Suite will handle high volume transaction tax processing through integration with Houghton Mifflin's SAP platform, as well as other internal business systems. Configuring tax decision logic, with numerous elements of data from various sources, is done directly in the Sabrix Application Suite, as opposed to using customized APIs and business applications, resulting in lower implementation costs. The Sabrix Suite also allows scenario testing for Houghton Mifflin's business decisions and rules. Ongoing management of the Sabrix Application Suite is minimal and does not require IT involvement, further lowering costs.
"Sabrix enables control over all the tax decisions applied to orders, purchases, and accounts payable transactions for more tax efficient business decisions and savings," said Steve L. Adams, president and CEO of Sabrix. "With the Sabrix Suite, Houghton Mifflin has a cost-effective compliance solution, and its internal finance professionals can be freed up to perform tax planning and modeling for key business decisions and tax policy."
About Houghton Mifflin Company
Boston-based Houghton Mifflin Company is one of the leading educational publishers in the United States, with over $1 billion in sales. Houghton Mifflin Company publishes textbooks, instructional technology, assessments and other educational materials for elementary and secondary schools and colleges. Houghton Mifflin Company also publishes an extensive line of reference works and award-winning fiction and nonfiction for adults and young readers. Houghton Mifflin offers computer-administered testing programs and services for the professional and certification markets. With its origins dating back to 1832, Houghton Mifflin Company today combines its tradition of excellence with a commitment to innovation. The Company's Web site can be found at www.hmco.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