Avalara expands AvaTax for enhanced tax automation

Avalara has announced the expansion of its AvaTax capabilities by introducing AvaTax for Accounts Payable, which aims to enhance tax automation for purchases.

Recent findings from an Avalara survey reveal a growing reliance on automation among businesses globally to manage tax on purchases, driven by the complexities and frequent changes in tax rules and rates. The survey noted that 53% of respondents consider these challenges significant, while 52% believe that fully integrated tax solutions could enhance their compliance efforts.

Jayme Fishman, Chief Strategy and Product Officer at Avalara, commented on the expanded capabilities: "As an end-to-end compliance platform, AvaTax offers businesses a singular solution for managing both sales and purchases, consolidating their tax compliance efforts into one efficient system. Using our cloud-native approach to software development, AvaTax for Accounts Payable not only simplifies the compliance process but also provides greater visibility and control over tax obligations, helping Avalara customers stay compliant with ease."

Without adequate systems, companies face the risk of incorrect tax payments, which can have significant financial repercussions. AvaTax for Accounts Payable is designed to mitigate such risks by ensuring accurate tax compliance.

The key enhancements offered by AvaTax for Accounts Payable include consolidated global tax compliance in the cloud, facilitating tax compliance across various geographies and sectors in a unified platform. The solution promises robust and flexible functionality for complex tax scenarios, allowing automatic tax allocation using advanced transaction rules.

Integration with business applications is a standout feature, enabling AvaTax for Accounts Payable to seamlessly synchronise with popular purchasing systems via pre-built integrations and API capabilities. This integration supports both batch uploads and real-time transactions, all accessible through a consolidated dashboard.

Avalara's introduction of AvaTax for Accounts Payable marks a significant step forward in tax automation for businesses navigating the complexities of tax compliance. By providing a unified platform that addresses both sales and purchase tax obligations, the solution enhances operational efficiency and reduces the risk of financial discrepancies stemming from inaccurate tax payments. The integration capabilities with popular purchasing systems further streamline workflows, enabling businesses worldwide to manage their tax compliance more effectively across various geographies and sectors.

As a provider of tax compliance automation software with operations in over 75 countries, Avalara continues to innovate in response to the evolving needs of its global clientele. With a commitment to simplifying tax processes and enhancing visibility into tax obligations, Avalara empowers organisations to focus on core business operations while maintaining compliance with ever-changing tax regulations. The advancements in AvaTax reflect Avalara's dedication to supporting businesses in achieving their financial objectives through effective tax management solutions.