Sabrix Eases Payable and VAT Compliance Pain for Oracle Users
Proven Transaction Tax Application from Sabrix Provides Consistent Accuracy and Control over VAT Determination for Oracle Payables and Purchasing Transactions
SAN RAMON, Calif. - September 21, 2005 — Building on its success with previous value-added tax (VAT) implementations, Sabrix™, Inc., the leading provider of Consolidated Transaction Tax Management™ applications, today announced expanded VAT support for users of the Oracle® E-Business Suite Payables and Purchasing modules. The SabrixConnection™ for Oracle integrates Sabrix tax and Oracle E-Business Suite applications to determine and calculate sales and use tax, and VAT, on payables and purchasing transactions throughout the purchase-to-pay business process-putting company tax-policy decision-making squarely in the hands of an organization's experienced tax professionals.
The SabrixConnection for Oracle has already been successfully deployed in some of the world's largest corporations to solve the most complex VAT, sales and use tax determination challenges. The latest VAT-related enhancements include management of tax recoverability amounts and assignment to the associated general ledger accounts; country-level VAT tolerance checks of correct tax versus vendor-charged tax; and related process holds for detecting and managing invoice tax discrepancies. VAT managers have the ability to configure Sabrix for several country-specific options, including associating detailed levels of tax accounting based on specific VAT regime requirements and on several characteristics of each taxation event.
"Companies that purchase products for use or sales within the European Union, as well as for import and export, face complex record-keeping and tax rules for cross-border transactions," stated Steve L. Adams, president and CEO of Sabrix. "The SabrixConnection for Oracle helps companies replace manual, time-consuming and error-prone processes for managing VAT in their AP systems with an automated way to assess and report the appropriate tax at every point in a transaction's lifecycle. With Sabrix, companies can consistently control compliance and optimize cash flows for the best possible financial return for their businesses, in the European Union and beyond."
Using dynamic multivariate precision, the Sabrix application can determine transaction tax based on numerous transaction-specific parameters for consistent accuracy. With its Transaction Services-Oriented Architecture™, Sabrix has also enhanced the software's throughput capabilities by improving load-balancing for the connection with the Oracle E-Business Suite. Sabrix's architecture provides a highly scalable solution capable of running concurrently for multiple organizations, across one or more Oracle instances, to manage tax processing and compliance. Sabrix also provides full audit support and reporting capabilities for consistency in supporting international tax compliance and Sarbanes-Oxley Act reporting.
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