The Romanian Government reduced the processing time from 10 to 1.5 days for Covid-19 backed up job retention applications
Enterprise organizations can often have complex multinational networks with large amounts of intracompany transactions. When companies within this kind of network provide products and services to each other, the agreements are governed by the local regulations of each subsidiary’s base country. These agreements can contain various VAT and withholding tax policies that make the settlement of intracompany AP and AR a tedious effort.
Such a scenario is generally managed manually by finance, billing, and tax teams. Multiple challenges arise as a result, especially when it comes to tax deductions and transaction reconciliation, since each subsidiary has its own accounting and disconnects are commonplace. Companies within the subsidiary network can end up with dysfunctional operating environments.
This cannot be accepted within organizations where traceability and audit are mandatory.
Source: OIFM Survey
The most intuitive low-code development platform for business process applications.
A highly secure solution is needed that offers traceability through the end-to-end process and creates an immutable single point of truth while managing underlying accounting operations.
Streamline intracompany accounting operations
Boost the efficiency of finance, billing, and tax teams across a multinational network of companies.
Secure data with blockchain technology
Store data on a single, immutable point of truth – with permission-based access for multiple internal stakeholders and external parties.
Easily leverage existing data
Integrate with existing systems and data repositories to pull information directly into the solution.
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