Company Spotlight: Vertex – Magazine Articles
What is your business doing?
Vertex, Inc. is a private provider of global tax technology and services. Vertex provides cloud-based, hosted, and on-premises solutions that can be tailored to specific industries for each major indirect tax line, including sales and consumer use, value added, and payroll. The company is headquartered in Pennsylvania and has offices around the world.
What is your usp and how would you describe your vision?
Providing a Hybrid IT Environment: Vertex provides flexible deployment options for organizations with evolving technology roadmaps requiring a combination of on-premise, SaaS, or hosted delivery models.
Additionally, Vertex has established a Chief Tax Office that is made up of executive level tax executives who previously worked for Fortune 500 companies and not only understand the challenges facing tax departments today, but also have a sense of the ever-changing global regulatory environment and can inform product improvements with the customer in mind.
Who are your customers in the UK and your key customers elsewhere?
Vertex enables businesses of all sizes to realize the full strategic potential of the tax function, our flexible solution easily integrates into point of sale (POS) and enterprise resource planning (ERP) platforms. A global business must deal with the intricacies of different tax jurisdictions and their associated buying groups.
Vertex currently follows the tax rates and rules of over 17,000 tax jurisdictions around the world and as such our client base has a global footprint. We have a wide range of retail customers including Mulberry and Charles Tyrwhitt in the UK, as well as other global retailers such as Bose, HBC Group, Apple and Amazon.
What do you see as the challenges for the retail industry in the coming year?
We see challenges for the retail industry stemming from the breakneck pace of consolidation, the continued march of globalization, ever-increasing regulatory activity, and the explosion of e-commerce and multi-channel consumers.
Through acquisitions, retailers can enter new tax jurisdictions and mergers that often increase the complexity of managing organizations’ IT and tax data. As the growth of e-commerce continues, retailers must now adapt to the increasing use of mobile devices by shoppers. Increasingly, multiple channels are used in a transaction and these behaviors can have major tax implications that need to be calculated consistently and across all channels.
We also continue to see ever-increasing regulatory activity, including the introduction of taxes on sugary drinks, the South Dakota v. Wayfair, new environmental charges and real-time VAT return changes. More changes are still on the horizon, with the potential for increased complexity following Britain’s departure from the EU.
How are you prepared to meet these challenges?
Vertex offers a variety of solutions to meet customer needs. From on-premises business software to private cloud to public cloud, the way our solution can be deployed is flexible. Regardless of the deployment option, our tax rate and the content of our rules can cover a retailer’s multiple sales channels, product line, and geographic footprint. Our retail solution provides additional capacity in stores. Our team of researchers is constantly adding content as legislation changes, not only rate changes but also new taxes or fees that are imposed. The automation of check-in in new jurisdictions and the reporting capability of our solutions minimize the challenges of something like the Wayfair decision.
GIVE US YOUR ELEVATOR LOCATION.
At Vertex, we’ve made significant investments with the best interests of our retail clients in mind – from tax content dealing with the most complex retail taxation, to powerful technology built into your point-of-sale systems, e-commerce and back-office. Our extensive list of global customers reads like a who’s who of retail – and it continues to grow as the world of retail expands across borders, currencies, supply chains. and sales channels.
Our retail solution will centralize and standardize your indirect tax management across physical stores and online marketplaces, catalogs and wholesale operations. It integrates seamlessly with the ERP and e-commerce platforms you use to run your growing business. We deliver speed and accuracy, standardized processes, data visibility, and superior customer service for your multi-channel scaling operation.