In today’s financial business landscape, companies are constantly seeking innovative solutions to gain a competitive edge. A lot of them achieve great things but most of them leave the customers empty-handed trying to resolve their true pain-point.

That is until they use Tax-Sights - our innovative dashboard designed to automate the sales and use tax process to reduce overpayments and costs through transparent data sets.

Giving the customer clear and digestible information to provide insights and transparency into their sales tax journey, the transparent look into the overall process enables customers to take preventative action to reduce overspend and reduce disruptions to the sales tax process. When certificates require renewal, Tax-Sights provides alerts so that customers can renew without disruptions.

Tax-Sights was created specifically with common pain-points in mind to correct erroneous payment of sales and use taxes, sales tax short pays, use tax overpayments, tax invoicing accuracy, cash flow issues and recovery fees from overpayments.

The dashboard has already been rolled out to Siemens GBS customers, already saving millions of dollars. Just ask, Stephen Jorns, who spotted an error in the purchase order of one of our customers through Tax-Sights.

“There was a purchase order for raw materials that was setup to accrue $5 million of tax due to an overstated quantity of materials the purchase order had,” Stephen Jorns stated, “When I saw that, I contacted the customer immediately to confirm if that amount was what they really wanted and ultimately it wasn’t, there had been a mistake. ” The customer went on to correct the quantity of materials which resulted in $5,300 of tax to accrue but because raw materials were being ordered the end result was no tax accruing.

Customers can avoid situations like these by taking advantage of an innovative dashboard that Tax-Sights provide as customers become proactive to cases where a mistake can potentially cost thousands if not millions of dollars. Had this purchase order not been flagged due to system rules placed in Tax-Sights, the customer that almost paid $5 million dollars in taxes would’ve received over 60 million dollars-worth of raw materials that had been over ordered. This would have resulted in frustration, disruption of cash flow and additional costs to recover the overpaid tax. When asked how difficult it is to recover overpaid taxes, Jorns stated,

When managing thousands or even millions of tax dollars, Tax-Sights gives customers an extra level of quality assurance, truly empowering customers to leverage technology for their business.

Embrace this powerful tool to your advantage and experience the peace of mind that comes with effective tax management.

For more information about Tax-Sights, please contact TaxSights.us@siemens.com

You can also visit our Tax-Sights SharePoint site