ION Commodities and tax compliance automation firm Avalara have cast a strategic partnership.
The partnership will combine ION Commodities’ commodity administration platform with Avalara’s AvaTax for Power tax engine resolution.
Headquartered in Durham, North Carolina, Avalara made its Finovate debut in 2015 at FinDEVr Silicon Valley.
Power and commodity administration options supplier ION Commodities and tax compliance automation innovator Avalara introduced a strategic partnership this week. ION Commodities has joined Avalara’s Companion Program to standardize integration of its know-how with Avalara’s AvaTax for Power tax engine resolution.
“Tax compliance is without doubt one of the most onerous components impacting vitality and commodities enterprises, and their capacity to scale and function effectively,” Avalara Vice President and Normal Supervisor Steve Lacoff stated. “Our partnership with ION offers mutual prospects in these sectors a vastly simplified path to compliance automation, with lowered compliance danger, and larger operational effectivity.”
Avalara’s AvaTax for Power tax engine resolution helps companies handle the complexities of tax compliance in vitality buying and selling and logistics. The vitality markets usually function advanced and dynamic tax charges and guidelines throughout a number of jurisdictions. Holding tempo with regulatory necessities — together with month-to-month submitting necessities — is operationally pricey. What’s worse is that makes an attempt to shortcut these prices “can result in tax errors and danger vital fines and penalties,” Avalara famous in a current whitepaper, Gasoline Tax Compliance Greatest Practices.
AvaTax for Power calculates vitality excise taxes for companies starting from the smallest gasoline distributors, vitality merchants, and cellular refuelers to the most important oil, gasoline, and chemical firms. The combination between Avalara’s compliance automation and ION Commodities’ commodity administration platform will give vitality firms an automatic, scalable tax compliance resolution that improves accuracy, reduces reliance on handbook processes, and allows real-time tax calculation.
“Collaborating with Avalara aligns with our mission to ship complete, built-in options for the vitality and commodities business,” ION Corporates CEO Sunil Biswas stated. “This partnership enhances our providing with superior tax compliance capabilities, empowering our neighborhood to navigate the complexities of tax laws with confidence.”
With greater than 1,200 shoppers, ION Commodities offers data-driven vitality and commodities buying and selling and danger administration options throughout the availability chain. The corporate’s Power Commerce and Danger Administration (ETRM) and Commodity Buying and selling and Danger Administration (CTRM) options give prospects real-time danger analytics and reporting and automate essential enterprise processes to allow sooner, extra knowledgeable selections. Headquartered in New York, ION Commodities is a division of London-based monetary information and software program firm ION Group.
Avalara launched itself to Finovate audiences in 2015 as a part of Finovate’s builders convention, FinDEVr Silicon Valley. Headquartered in Durham, North Carolina, and based in 2004, Avalara presents automated tax compliance options that enhance effectivity and accuracy, streamlining the expertise for purchasers and simplifying tax administration for companies. Based on a examine by Forrester Consulting, Avalara prospects have benefitted from a 90% improve in tax analysis effectivity, a 50% discount in time spent on exemption certificates administration, an 85% improve in audit preparation effectivity, and an 85% discount in time spent managing tax returns. Scott McFarlane is co-founder and CEO.
Photograph by Nataliya Vaitkevich
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