Each Module in Your ERP Creates Audit Risk
You probably chose your ERP system to unify business processes, streamline productivity, and create visibility across operations. You likely chose additional modules that manage specific business functions such as accounts receivable, credit card payments, inventory, and distribution.
What you may not know is that audit risk often occurs in each of these business areas and, as a result, in each of the modules in your ERP system (subsequently, each of these modules correlates with a step in the supply chain). The supply chain is one of the trickiest areas to navigate in the world of sales tax compliance, often involving sales tax, use tax, exemption certificates, and headaches. Creating a tax-efficient procurement process is the best way to protect your business in this often high-risk audit environment. But where do you start?