GLOBAL TAX COMPLIANCE REPORTING
Corporations are required to produce, generate, and submit legal and tax reports to local tax authorities, adhering to respective legal tax reporting requirements. Given the diverse laws across countries and multiple reporting entities involved, managing these reports promptly is a challenging and burdensome task.
Handling tax-related documents posted after the designated date poses significant challenges and demands. There's a risk of documents going missing, leading to delays in submission. Without an ACR tool, this process relies on manually running separate ABAP-based reports, which are intricate and lack uniformity. These existing statutory reports not only reduce productivity but also entail various disadvantages. Corporations lack a consolidated view of their legal and tax compliance status or a unified dashboard.
With SAP S/4HANA system, lot of traditional tax and legal reports are going out of Product Support. This is one the primary reasons why companies should implement Advance Compliance Reporting functionality.
Advance Compliance Reporting (ACR) / Document and Reporting Compliance (DRC)
What is SAP Advanced Compliance Reporting?
Advanced Compliance Reporting (ACR) stands as a novel reporting tool accessible in both the S/4HANA On-Premise and Cloud Editions. Embracing a single-frame architecture, it constitutes one of S/4HANA's value-added features, empowering customers to craft, produce, and promptly submit compliance reports to governmental bodies and tax authorities, adhering to stipulated formats. This tool ensures adherence to intricate and constantly evolving legal prerequisites. ACR furnishes requisite file formats and seamless integration with Tax Authorities in various countries such as India, UK, Netherlands, and more, with the list continuously expanding.
What is SAP Document Reporting and Compliance?
SAP Document and Reporting Compliance (DRC) presents a holistic solution facilitating enterprise adherence to both regulatory mandates and internal company standards regarding document and report handling within SAP systems. Offering compatibility across various countries and languages, this solution advocates for a centralized strategy in document administration, furnishing comprehensive oversight and control over all documents and reports.
Your Benefits
Ensuring compliance with eInvoice and statutory reporting across over 42 countries
Enhancing accuracy and efficiency in invoice recording processes
Alleviating administrative burdens for both businesses and government entities
Enhancing end-user acceptance
Utilizing a standardized SAP solution
At HH Consulting Services & Solutions Corp we possess the expertise of several successful implementations of ACR and DRC including regions such as NA, EMEA, APAC, LATAM, etc.
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