Berwyn, PA – October 25, 2010 –Vertex Inc., the leading provider of corporate enterprise tax solutions, today unveiled its new enterprise, end-to-end tax solution, Vertex Enterprise, at the premier event for tax executives, the 65th Annual Tax Executives Institute (TEI) Conference in Chicago, IL.
Vertex Enterprise is a breakthrough solution for the tax industry that spans the entire tax management process - from data acquisition to audit defense – increases tax and finance department efficiency and serves as a platform for more informed strategic decisions. Vertex’s end-to-end solution will integrate all direct and indirect tax processes and technologies with host Enterprise Resource Planning (ERP) and Business Intelligence (BI) systems, including Oracle, and SAP, on a single platform.
“Vertex has always been known as the industry leader in providing transaction tax solutions,” said Jeff Westphal, President and CEO of Vertex. “With Vertex Enterprise, we’ve employed that same tax and technology expertise to bridge indirect and direct tax. The result is a true enterprise tax accounting system that optimizes key processes, like tax accounting and compliance, and delivers crucial data, accurately and securely, to the fingertips of users.”
The launch of Vertex Enterprise comes as an evolution is occurring in corporate tax and finance departments. The global recession and its impact on government revenues have resulted in rapidly evolving and increasingly complex regulatory changes. The resulting “hyper-regulatory” atmosphere has furthered the need to integrate tax and finance departments and caused a shift in how corporations must plan and manage their tax operations.
“The challenge of dealing with hyper-regulation for these companies is that the current technological approach to tax management consists of a collection of fragmented applications and processes, and leaves most companies ill-prepared to effectively manage their tax operations,” said Westphal.
The current approach to tax technology uses portals to seemingly join disparate point solutions and spreadsheets. However, this approach fails to truly integrate tax and financial data and does not provide the required reporting and analysis. Vertex Enterprise™ aligns financial and tax reporting, managing multiple financial systems and data architectures, which are at the core of today’s tax technology challenges.
Vertex’s approach to enterprise tax management technology is founded on its highly successful Vertex Indirect Tax O Series, the enterprise standard for indirect tax that supports U.S. sales and use taxes, as well as value added tax (VAT) and other global transaction taxes in over 200 countries.
“With Vertex O Series, we’ve enabled global customers to drive process efficiency and literally save millions of dollars every year,” said Westphal. “Using this technology blueprint, we’re now building enterprise-level solutions for direct tax that will enable companies to unleash the strategic value of corporate tax worldwide.”
Among the current and planned solutions of Vertex Enterprise:
· Vertex Indirect Tax O Series: Currently used by more than 700 companies to manage indirect tax using an enterprise solution that is tightly integrated with their ERP and financial systems.
· Vertex Tax Accounting: A solution that addresses both interim and year-end provisioning, and enables enterprise-wide standardization and optimization of the tax accounting process through its warehouse-native database foundation.
· Vertex Tax Data Warehouse: A commercial-grade tax data warehouse for data management that represents the industry’s most complete solution for collection, validation, storage, and use of financial and tax data.