Banfield Selects Sabrix for Sales and Use Tax Management
Sabrix Automates Transaction Tax Management for Compliance, and Improves Tax Exposure for Nation's Largest Veterinary Practice
SAN RAMON, Calif. - August 29, 2005 — Sabrix™, Inc., the leading provider of Consolidated Transaction Tax Management™ applications, was selected by Banfield, The Pet Hospital, the nation's largest private veterinary practice, to automate its U.S. transaction taxes, including both sales and consumer use tax. The Sabrix Application Suite and integrated tax research is helping Banfield stay on top of constantly changing tax rules and rates, and manage compliance with consistent accuracy, control and efficiency.
"Banfield has grown rapidly over the last couple of years and transaction tax management is a significant area of opportunity for the company," said Pat Isaac, Vice President and Financial Controller for Banfield, The Pet Hospital. "We needed complete visibility and control over our taxes, and Sabrix's consolidated approach was the best solution. Sabrix's professional services organization also had the right experience and proven methodology to streamline our entire implementation process.
To support its rapid expansion, Banfield required a scalable software solution to meet both present and future tax management needs. The company is opening approximately 100 new hospitals each year and faces transaction tax compliance in more than 40 states. The Sabrix Application Suite has improved the practice's tax payment and accrual accuracy for use tax, and provides consistent control for tax decisions applied to all orders, purchases and accounts payable transactions. Banfield, a privately owned practice, is using the Sabrix Application Suite to meet Sarbanes Oxley-level finance standards, as well as to facilitate audit support and administration with detailed and centralized documentation. Later, the veterinary practice plans to increase automation of sales tax management with Sabrix.
"We used to spend a large amount of time manually handling tax activities and automating with Sabrix was ideal for our practice. As we continue to expand, having a flexible, consolidated solution to improve calculation of taxes and reserve cash needs is critical," added Connie Hill, Tax and Licenses manager for Banfield. "The efficiency of Sabrix's automation and tracking for tax liabilities has also freed up the tax team, so we can apply our true expertise and help the practice make better tax-impacted strategic business decisions. Sabrix's change modeling and planning capabilities enables our team to easily model the impact of policy changes."
The Sabrix Application Suite is integrated with Banfield's financial applications, leveraging purchasing and inventory data to manage use tax processing with consistent control. The veterinary practice easily integrated the systems for the most accurate determination, calculation, and reporting of tax, while saving money on integration costs with their systems. Sabrix's ongoing administration requirements are minimal and will primarily be handled by Banfield's tax team, reducing the need for IT involvement and further lowering costs with more efficient business processes.
About Banfield
Banfield, The Pet Hospital is celebrating its golden anniversary in 2005. Founded in Portland, Oregon, in 1955, Banfield has become the largest privately owned veterinary practice in the world, with more than 450 locations across the U.S., in the U.K. and in Mexico. More than 1000 quality veterinarians at Banfield are committed to giving Pets the same level care that their human family members receive. Banfield hospitals offer a full-range of comprehensive, medical services, computerized medical records, Pet preventive care plans, extended operating hours, and is the only veterinary practice in the world with an extensive quality assurance program. Banfield, The Pet Hospital helps extend the lives of more than 3.5 million Pets each year.
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