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Get peace of mind for evolving compliance requirements with SAP advanced compliance automation

Tax authorities have typically been relying on period-end declarations and cumbersome audits, leaving a chance for after the fact validations and corrections. Now the era of ‘post fact’ adjustments is vanishing: more and more tax authorities require all data in real-time, even before invoices are issued to customers, making compliance a must-have within your business processes in your cloud ERP.

Did you know

“By 2026, half of revenues will come from products, services, or businesses that haven’t yet been created”

“65% of consumer business leaders believe their corporate tax liability will increase as result of the Pillar One/Pillar Two project”

New “Spanish Plastic Tax” is expected to generate approximately €724m annually

7 out of the 10 largest economies in the world either have introduced or plan to introduce mandatory electronic invoices for all business transactions

To address your compliance needs, the GROW with SAP advanced compliance automation package, is a new commercial offering designed to help you transform, standardize and harmonize processes globally to comply locally, faster, and more efficiently. It also helps you respond to existing and upcoming e-invoicing regulations without compromising the efficiency of order to cash processes and ensure you have the adequate internal controls needed to safeguard your financial data, policies, and processes, as well as minimize the risk of noncompliance.

This first element of the package is the SAP Document and Reporting Compliance solution that helps you fulfill local compliance mandates – from electronic business documents to statutory reporting – and automate compliance processes.

The second element of the package is the SAP Risk and Assurance Management. It helps you centrally document and manage manual and automated internal controls over financial reporting, thus improving performance, protecting core data and processes.

Explosion of Local Compliance Obligations

You never go a full month without new tax news, as the digitalization journey of governments continues, resulting in more and more authorities pushing new e-invoicing regulations that are quickly becoming the new norm. And this is further going to increase with the “program announced by the European Union or tax initiatives in Japan, Saudi Arabia, Romania, Poland, Malaysia, Israel just to name a few.

This shift is motivated by various reasons, such as:

 – Preventing tax evasion

 – Increasing digitalization and controls in the public sector

 – Or simply digitalizing the economy, for instance to reduce the carbon footprint

Whatever the deciding criterion behind it, the trend is clear: all tax authorities are investing in technology and introducing more demanding digital mandates

Turning Taxes into Opportunities

With these challenges also come opportunities. The enables seamless compliance and helps companies respond to existing and upcoming regulations efficiently, in addition to improving and protecting business processes by minimize the risk of noncompliance.

It does so by providing a future-proof compliance platform with legal changes as a service, to standardize processes while complying with local legislations. Since no company is immune to anomalies, it provides the means to reduce operational delays, detect compliance issues, accelerate remediation in time for digital reporting and address issues at the source directly.

the benefits of complying with ever-evolving digital mandates, broken down into a bulleted list
  1. Comply with ever-evolving Digital Mandates: By staying on top of and adhering to the latest digital regulations, you can avoid penalties and ensure your business operates smoothly.
  2. Lower the cost of compliance with automation: Leveraging automation can streamline compliance processes, reducing the need for manual work and associated costs.
  3. Minimize risk of non-compliance: Proactive compliance efforts can significantly decrease the chances of non-compliance issues arising.
  4. One solution to fulfill all types of digital mandates: Having a centralized system can simplify managing various digital mandates, from electronic documents to statutory reports.
  5. Continuously address increasingly complex mandates: A robust solution can adapt to handle the growing intricacies of digital regulations.
  6. Improve tax data quality and minimize the risk of noncompliance: Accurate tax data is essential for ensuring compliance. Automation can help maintain data accuracy and reduce the risk of errors.
  7. Remove manual workarounds and inefficient tasks: Automation can eliminate the need for manual processes, freeing up resources and improving efficiency.
  8. Gain efficiency with standardized operations across countries: Standardization can streamline compliance procedures across different geographical locations.
  9. Simplify implementation of new mandates and ongoing support: The right solution can make it easier to implement new mandates and provide ongoing support to ensure adherence.
  10. Improve financial performance and accuracy: Compliance can lead to improved financial performance by reducing penalties and ensuring accurate financial reporting.
  11. Increase tax transparency and auditability: Transparency fosters trust with authorities and simplifies audits.
  12. Detect compliance issues and accelerate remediation in time for digital reporting: Early detection of compliance issues allows for prompt remediation before reporting deadlines.
  13. Address issue at the source: Proactive identification of potential problems can help nip them in the bud before they snowball into bigger issues.

With SAP’s new GROW with SAP advanced compliance automation package, we aim to get you peace of mind, and help you improve your operational agility to implement legal mandates, as you navigate a highly competitive and price sensitive environment

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