How can businesses better serve enterprise clients with digital solutions, customization and personalization strategies, and overcoming challenges in their sector? A leading tax technology solution reveals how they developed their business to offer customers the comprehensive solutions they need to achieve peace-of-mind in a sector rife with complexity.
The ever-changing tax landscape can be daunting for any company to undertake. There are over 19,000 global tax jurisdictions, and unique tax needs specific to these jurisdictions, different tax implications for similar products, how they’re sold, where they’re bought, from where they are shipped and more.
Navigating the nuances of tax systems becomes more overwhelming for enterprise businesses with more complex needs, but Pennsylvania software firm Vertex has tackled those challenges with ease. Vertex has been long regarded as a trusted tax technology solution who has mastered even the most complicated tax scenarios, featuring more than 100 tax professionals providing real-time rule and rate updates.
What are some areas in tax planning that enterprise clients may require assistance to understand? Shannon Kelly, Channel Marketing Manager at Vertex says, “It’s difficult for anyone who doesn’t work in tax compliance to fully appreciate the complexity and ever-evolving landscape of tax. There are different tax implications for very similar products, how they are sold, where they are bought, from where they are shipped, global jurisdictions, marketplaces, etc.”
Digital solutions to grow your business with your vision
Vertex seeks to empower enterprise clients by giving them “the ability to sell more products in more countries via more channels than they ever could have done trying to manage tax complexity with an internal team,” says Kelly, Channel Marketing Manager at Vertex. “We remove the roadblock of managing tax by partnering at the intersection of commerce and compliance.”
One of their most popular products is its O Series software which aims to improve the accuracy of tax calculations by giving the tax function the agility to support business growth into new markets, products and services, and sales channels.
How they empower tax departments could be a lesson to other businesses serving enterprise clients: they provide rich content and powerful calculation automation that quickly accommodates business growth and change without increasing risk.
This kind of technology could save business owners hours if not days of work. Kelly goes on to say, “The ever-changing tax landscape paired with expansion into new jurisdictions can be daunting factors for any company to undertake. We provide peace of mind that tax compliance anywhere in the world is managed for our clients.”
Eliminating the anxiety for businesses come tax time is top-of-mind for owners in exceptionally complicated tax jurisdictions, such as Brazil. As a Deloitte report writes, “The Brazilian tax system is composed of several taxes and accessory obligations, which makes it highly complex and generates elevated costs for companies to manage them.”
Vertex opened an office in Brazil to better help their clients in that region parse through the various tax laws they have to follow.
Enabling tax compliance to every unique business need
Personalization and customization are key areas for businesses looking to appeal to a growing customer class. A McKinsey paper points out the major incentive to ushering in personalization and customization tools into product offerings: “Today’s personalization leaders have found proven ways to drive 5% to 15% percent increases in revenue and 10% to 30% percent increases in marketing-spend efficiency—predominantly by deploying product recommendations and triggered communications within singular channels.”
It’s valuable to serve enterprise clients with diverse catalogs, offerings, markets and sales models, Kelly notes. The more a company can leverage a vast content library, the more they can allow customers to transact in their ways and expand their business based on their vision, not the limitations of compliance challenges, he adds.
Software solutions have to be robust enough to take on deep work they can easily translate into success stories. Vertex, for example, appeals to ERP customers with software that can handle the most demanding enterprise workloads, as it strives to scale high-growth clients to support their global expansion.
Then there’s the analytics piece integral to building out those customized solutions. The McKinsey report goes on to note that personalization is impossible if marketers don’t have the methods and tools to understand the needs of high-value customers. “So top marketers are developing systems that can pool and analyze structured and unstructured data, algorithms that can identify behavioral patterns and customer propensity, and analysis capabilities to feed that information into easy-to-use dashboards.”
Vertex and Bold make the perfect pair for driving checkout
As a valued Bold Commerce partner, Vertex is directly integrated into Bold Checkout.
The Bold and Vertex integration helps businesses calculate and display accurate tax data in real time, right at checkout. This partnership is working to solve for complex rules a company may face regularly, including international and VAT taxes.
“Bold Checkout is perfect for merchants who need a more robust experience from an ecommerce platform,” Kelly says. “These sellers often find themselves in complex tax compliance situations, so our offerings are very often found together.”
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Special thanks to our friends at Bold Commerce for their insights on this topic.