Cordiance Product Mapping Accelerator Uses Intelligent Automation to Revolutionize Enterprise Tax Engine Management and Maintenance
SAN JOSE, Calif.–(BUSINESS WIRE)–#chargethecorrecttaxrate–Cordiance, a pioneer in intelligent tax automation technology, today announced that Product Mapping Accelerator is now available to customers. Powered by Cordiance’s intelligent automation technology (a proprietary combination of robotic process automation and real-world tax expertise), Product Mapping Accelerator automates the product mapping process for indirect tax engines. Cordiance estimates the software solution reduces the time and cost associated with product mapping by more than 90 percent.
Enterprises use the product mapping process to connect data about the products and services they make, buy, and sell from their ERP solutions to their tax engine to ensure appropriate tax is applied to each transaction. Traditionally, product mapping has been an expensive and error-prone manual process. In a poll conducted by SAP, 48 percent of respondents said that the integration of their ERP solution with their tax engines was a major pain point.1
“With machine learning to automate product category mapping and a proprietary AI inferencing engine trained with tax terminology, Product Mapping Accelerator delivers performance no manual process can match; over 5,000 product mappings per minute,” said Mustafa Ashurex, vice president of engineering at Cordiance. “Product Mapping Accelerator also supports real-time API integration and an intuitive user interface that makes it easy for tax teams to add the solution to existing tax workflows.”
Using Product Mapping Accelerator, enterprises can:
- Accelerate the implementation of a new tax engine by automating assignment of product names and descriptions to products as they map to the new tax engine
- Confirm the accuracy of their product mappings at regular intervals to ensure the products use the best applicable category
- Rapidly apply new or updated tax laws to all products and services
In turn, Product Mapping Accelerator helps enterprises
- Improve tax compliance
- Reduce exposure to audits
- Reduce the possibility of tax over/underpayment
- Improve customer service by providing accurate tax calculations on invoices
Product Mapping Accelerator can leverage tax content provided by all leading tax engines, including Avalara AvaTax, Thomson Reuters ONESOURCE, Sovos Global Tax Determination, and Vertex O-Series. The solution supports complex jurisdictions like Brazil and India and mapping for United Nations Standard Products and Services Code (UNSPSC) product codes.
Product Mapping Accelerator is available as a component of Modios by Cordiance, a suite of next-generation software solutions delivering the fastest, most advanced, most complete, and most innovative intelligent tax process automation technologies the tax industry has seen to date.
“Product mapping is time consuming, complex, and expensive. Errors made during the process can lead to substantial over or underpayment of taxes and exposure to fines and interest from tax authorities. It’s a process in dire need of an automated solution,” said Matthew Walsh, product vice president at Cordiance. “Product Mapping Accelerator provides much more accurate mapping results in a fraction of the time required by manual mapping.”
For more information about Product Mapping Accelerator, including scheduling an online demonstration, please visit the Cordiance website.
About Cordiance
Cordiance was founded in 2015 by a group of engineers and tax professionals to help enterprises simplify and accelerate tax engine implementation and maintenance. Leveraging intelligent automation technology (a proprietary combination of robotic process automation and real-world tax expertise), Cordiance creates powerful software solutions that help tax implementation teams increase the ROI of their tax engines by reducing the time, cost, and risk associated with tax engine implementation, migration, and maintenance.
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Jared Rowe
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- Source: https://www.fintechnews.org/cordiance-reduces-tax-engine-product-mapping-time-and-cost-by-over-90-percent/
