Businesses must transform indirect tax management processes

Businesses in the UK and Northern Ireland selling their products and services online are falling behind their European and US counterparts when it comes to digitally transforming their financial processes according to research from Vertex Inc.

The research which contacted 730 financial decision makers working for companies transacting online found that 75% said they were nowhere near completion of their plans to optimise their finance and VAT calculation processes. Similar businesses in the EU and the US are further on in their transformation journeys with a third claiming to be midway through the process and 37% are nearing completion.

Delays or failure to transform their indirect tax management processes are highlighted as a significant barrier to expanding their businesses into new territories.

Online businesses wishing to sell into new markets must manage the VAT requirements of each new country they enter. However registering with...