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.
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.
"Creates the efficiency, focus and transparency needed to transform the Tax and Transfer Pricing functions from Data Miners to Strategic Business Partners."