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Manage intercompany financial data, profits and prices the way it was intended by organising and managing transfer pricing policies, financial data, intercompany profits and prices along both transfer pricing reporting units (TPU) and legal entities.
Easy and transparent on-screen segmentation of legal entity P&L data by transfer pricing units helps you manage target profit for the wholesale distribution (EBIT), retail distribution (EBIT), manufacturing (ROA) and Principal (residual) transfer pricing units within the same legal entity.
Financial data in source systems can be accessed in a number of ways including full integration, desktop robot integration, Excel plug-in, etc.
Proper control framework with real-time follow-up on target margins vs actual margins
Split, manage and save legal entity P&L data across Transfer Pricing Units per the company's Transfer Pricing policy on-screen and not in spreadsheets!
Full control and competence over intercompany financial data, profits and prices on a real-time basis
Retro-active profit adjustments between Transfer Pricing Units are calculated on a real-time basis based on actual and YTD financials at the reporting level required per the company's Transfer Pricing policy including but not limited to Transfer Pricing Unit and legal entity
Prospective price list adjustments between Transfer Pricing Units are calculated on a real-time basis based on rolling forecast data at the reporting level required per the company's Transfer Pricing policy including but not limited to Transfer Pricing Unit and legal entity
The benefits of automating the transfer pricing process are far beyond operational benefits such as saving time and extend to the strategic value of proactively optimising your transfer pricing set-up and managing your transfer pricing risk profile and internal and external stakeholders, and ultimately your ability to manage your company's reputation risk.
"Bots can have accuracy rates as high as 99 percent and can reduce operating costs by 25 to 40 percent or more. Automation can provide greater accuracy, accountability and defensibility by logging every process step executed and data source used."
With RPA, it’s possible for tax departments to rely on technology to replicate routine, predictable tasks and free up tax professionals to focus on more high-value work.
Robotics is predicted to automate or eliminate up to 40 percent of transactional accounting work by 2020.
Automation is a hot topic in financial services today, having proven itself as an operational efficiency driver—freeing up human resources to take on more strategic roles. Because financial services is such a highly regulated industry, automation can be transformational in addressing significant demands for auditability, security, data quality and operational resilience.
When organizations consider proof of concept for RPA, they look at the business case and compare it to an IT solution. Often that’s pretty unflattering for IT. In one organization we looked at, the return on investment for RPA was about 200 percent in the first year and they could implement it within three months. The IT solution did the same thing but with a three-year payback period and it was going to take nine months to implement.
You can use automation tactically for cost savings. But if you use RPA as a broader strategic tool, you get a lot more out of it.
"Transform the Tax and TP functions from data miners to strategic business partners."
Meet us in the conference exhibit area and join our session "Tax & Transfer Pricing Automation Solutions v 2.0 – Plug & Play v Bespoke".