5 Latest ERP Softwares to Manage Sales Forecasts

Posted by NOI Technologies on January 8th, 2021

Tax forecasting in ERP software can help businesses to leverage features related to tax management and finances efficiently. Here is the list of 5 Latest ERP Softwares to manage Tax Forecasts.

The tax and compliances are an integral part of businesses. They need to adhere to the global and national policies as per the accordances to pay the taxes on time. The ERP (Enterprise Resource Planning) software can offer tangible and approachable solutions to forecast taxes and other surcharges as per the norms. Since the ERP can provide scalable solutions for meeting the needs related to accountancy, sales, operations, etc., Tax forecasting is one such aspect that can help businesses to file tax and compliances on time to avoid penalties. This blog lists the Top 5 Latest ERP Software to Manage Tax Forecasts.

What is Tax Forecasting in ERP Software?

Taxation is one of the prime essentials of business operations. Businesses always need to adhere to strict policies and guidelines globally to file taxes. It might require several formalities, requirements, and audits to manage taxation as per the laws. The tax forecasting software can ease this process of compliance and tax management by automating the tasks related to financial audits, tax filing, tax calculation, etc.

ERP Helps in Complying with Tax Ecosystem

Since there are many legislatures related to trade and businesses, there is a need for a unified system to streamline the process and compliance for paying taxes. ERP can help meet businesses' needs by offering them dedicated control over the aspects related to tax obligations and compliances.

The process of filing taxes may require lots of calculations, estimations, and involves various hassles. A dedicated ERP system can help eliminate such hassles by offering a standard table and calculation procedure to calculate taxes as per the authorities' updates and notifications. It can also help in managing various rebates as per the official standards to save tax for businesses.

5 Latest ERP Softwares to manage Tax Forecasts

Here is the list of 5 Latest ERP Softwares to manage tax forecasts for businesses in any industry:

1) Netsuite ERP

This is one of the most used and preferred ERP software for businesses of all types. As it comes with amazing integral support for businesses, it also offers various features to manage financial planning and tax management. It can also help businesses in tax forecasting. The software allows integration with popular 3rd party tools to give your business an integrated approach for meeting all the needs related to tax management, operations, and compliances. One of this software's integral benefits is cloud-based access to offer accessibility from both web and mobile devices.

2) Avatax Tax Calculation & ERP 

Avatax is another product that offers the capabilities to provide tax forecasts and manage compliances. It is integrated software that comes with both ERP and Tax calculation feature. It is embedded with a tax decision engine to forecast tax and file taxes across different regions and jurisdictions as per the compliances. This is one of the best and reliable options for businesses looking for tax forecasting and management feature along with ERP.

3) Oracle Financial Cloud ERP

It is one of the cloud-based ERP software dedicatedly offering finance and tax management solutions. It helps in a comprehensive analysis of your company financials and calculates taxes as per various factors. It also supports tax automation and tax forecasting to manage location-specific taxes, VAT, sales tax, etc. This software is available in multiple options like- cloud, on-premise, and private cloud.

4) Acumatica

It is another ERP based software that offers you the ease of calculating taxes and offering capabilities to manage tax forecasts. This software provides you a wide support for taxation based in multiple regions and currencies to provide you global reach in managing your organization's taxes. It also actively maintains your financial records, transactions and audits finances to ensure accuracy in taxation. The Acumatica offers you the capability to access software across various devices like- mobile, web, or on-premise desktop.

5) Deloitte Tax Enabled ERP

This ERP based software integrates the aspects of ERP and Taxation well in a common platform. It helps businesses manage compliance and tax forecasts efficiently as per the global taxation requirements. It also eliminates the manual hassles of managing finances and taxes by offering automation of tax calculation, documentation, audits, etc.

The tax forecasting feature in ERP software helps in control and reporting aspects related to taxation. It can also support businesses with various other features such as as- financial reporting, operations, delivery, logistics, taxation, etc. This adequately helps in driving efficiency for businesses.