Streamlining a Global Operation
The Challenge
Managing a vast network of over 200 outsourced staff responsible for intercompany invoicing, balancing, and tax calculations across four different offices can be a daunting challenge. For one global organization, this decentralized approach resulted in a lack of centralized visibility into their intercompany charges worldwide. They urgently needed a solution that could automate this complex process and seamlessly integrate with their four SAP ERP instances, as well as offline non-SAP systems that required tax calculations. With varying withholding tax rates, in different countries, accurate tax calculation was of the utmost importance. While considering two other market-leading solutions, the client ultimately chose PlaidCloud.
The Solution
Here’s what PlaidCloud achieves:
- Automates Processing: PlaidCloud enables the automated processing of a staggering 25,000 invoices each month, resulting in a smooth, error-free workflow.
- Handles Billions Annually: This solution effortlessly processes a whopping $3 billion in cross charges annually, ensuring precision and accuracy in every transaction.
- Traceability: It provides complete traceability for all invoices, ensuring transparency and accountability in the process.
- Accurate Tax Calculations: PlaidCloud ensures that all invoices have accurate taxes applied, and entries are only booked if both sides are in perfect balance, reducing the need for time-consuming adjustments.
- Country-Specific Tax Calculations: Given the variation in withholding tax rates and formulas across different countries, the PlaidCloud solution calculates taxes on an invoice-by-invoice basis, eliminating errors and discrepancies.
- Prompt & Effortless R&D Tax Credits Report: This solution automates the generation of the R&D Tax Credits Report, a task that used to take months to complete.
- Enhances Visibility: It provides clear visibility into the actual tax rates by each country, aiding in informed decision-making.
- Accelerated Closing Process: By streamlining the operations, PlaidCloud accelerates the close process from a lengthy two weeks to just four posting days.
- Smooth SAP S4 Migration: Importantly, PlaidCloud seamlessly accommodated the transition to SAP S4 without any rework or lost effort.
PlaidCloud has proven to be the ideal choice for this business, effectively addressing their challenges and exceeding their expectations. The technology eliminated historically manual processes that involved thousands of spreadsheets and manual reconciliation.
The Success
PlaidCloud not only automates intercompany invoicing, balancing, and tax calculations but also enhances visibility, accuracy, and efficiency across the board. The success story of this organization illustrates the transformative power of technology-driven solutions in simplifying complex global operations. As this business continues to evolve in their transition to SAP S4, the PlaidCloud solution stands as a testament to the possibilities of streamlining financial operations for future growth and success. Want to learn more? Start with a conversation. Contact PlaidCloud today >