Thursday, 3rd March 2022 – Confiz in collaboration with Vertex hosted a live webinar on ‘How ‘Tax Automation in D365 can be a Competitive Advantage for Multi-Location Retail’. The webinar was focused on helping retailers explore time and cost-saving approaches to managing sales tax, while maximizing ROI. The panel included Robert Syversen, Director Industry Solutions, Confiz , Muhammad Shahid Yaqoob, Director Professional Services, Confiz, Peter Olanday, Director Retail Consulting, Vertex and Michael Bernard, VP Tax Content and Chief Tax Office, Vertex.
Missed out attending it live? You can still watch the recording here.
After the brief introductions, Peter shed light upon evolving technology trends in the retail industry and how COVID has changed many customer behaviors and demands. He expressed, ‘While some of those changes were temporary reactions to pandemic and new ways of shopping, other changes became more permanent, or even became a precursor to similar future changes’. All these emerging trends are pushing retailers’ capabilities to the limits of scalability and flexibility to make sure they can sell wherever and however the customer wants.
Adding on the technology trends and opportunities, Michael then gave a walkthrough of how the tax rules have changed the market, and how they are applied to multi-channel retailers as well. The wayfarer legislation coupled with more than 11,000 US jurisdictions imposing a sales tax as a response to revenue shortfalls from COVID, has made it extremely challenging for retailers to manage tax ability, whether it be at the state, city or the local district level.
Shahid then took over and discussed Microsoft Dynamics 365 Finance and Operations and Vertex’s tax automation solution integration considerations. He addressed all the advanced tax automation queries; from tax setup configuration considerations and setting up an items sales tax groups for taxable and non-taxable items to how to reconfigure D365 F&O moving from native retail destination-based tax to Vertex and considerations for customer returns using CPOS/MPOS.
Continuing the session, Peter highlighted success stories of retailers that chose a sales tax automation solution to increase efficiency, reduce costs, and minimize risk. The leading tax automation solution helped top-notch retailers across the globe streamline tax compliance and gave them the opportunity to focus key resources from non-revenue generating activities to initiatives that helped in ensuring strategic growth. The webinar concluded with a live Q&A session where the expert panel took and answered questions of the attendees.
If you’re considering sales tax automation or just want to explore the possibilities, get a free consultation today.