Microsoft has announced the general availability of tax calculation for Microsoft Dynamics 365.
In the last few decades, the steady drive of digitalisation and globalisation has brought the world closer to changing the way we live and conduct business. Today, it is easier than ever to connect, communicate, and trade instantly with almost anyone despite vast geographic distances.
Till now, organisations used to face hurdles with ever-evolving country-specific laws and frequently changing legal requirements from local, state, and national tax authorities. The only option available for them to was to hire enough full-time finance and tax professionals for monitoring policy changes and aligning organisational processes accordingly.
Now, Microsoft Dynamics 365 has come to the rescue of global organisations by introducing intelligent and timely globalisation solutions, such as tax calculation. Tax calculation helps organisations unify their tax-relevant data and leverage automation to simplify their tax calculation processes. Moreover, it helps in reducing compliance risks by minimising opportunities to introduce errors into the process.
Tax Calculation Service Overview
Tax Calculation can be defined as a hyper-scalable, low code, multitenant, and microservice-based tax engine that allows organisations to automate and simplify the tax determination and calculation process. Built on Microsoft Azure, this standalone solution improves the tax determination and calculation capabilities of Dynamics 365 applications through a flexible and fully configurable solution.
Tax Calculation will integrate with Dynamics 365 Finance and Dynamics 365 Supply Chain Management. It can be deployed as a new feature in the Feature Management workspace and is fully backward compatible with the existing tax engine in Dynamics 365 Finance and Dynamics 365 Supply Chain Management. If this is not all, tax calculation service can also be enabled at more granular levels, including by legal entity or business process.
Tax calculation is deployed in the following Azure geographies:
Want to learn more about the features of tax calculation services? Are you an existing Dynamics 365 user who wants to get started with tax calculation and Tax Reporting? Call certified Dynamics 365 CRM experts at C.I.G Consultants now. Contact us the most reputed and trusted Dynamics 365 CRM implementation partner in the United Kingdom now!