Making the move to cloud compliance? Understanding your business needs and the future of SAP S4/HANA is critical.

Making the move to cloud compliance? Understanding your business needs and the future of SAP S4/HANA is critical.

If there’s one thing we’ve learnt from the past 18 months, it’s how vital technology is for the modern business and the role it plays in long-term, sustainable business success.

During Avalara’s indirect tax conference, Inspire, we saw two experts exploring the benefits of cloud compliance and sharing their learnings - Vinod Jadhav, Director of SAP S/4HANA Product Management and Kid Misso, Vice President of New Initiatives at Avalara.What we heard was how any concerns about cloud compliance can be easily mitigated, by ensuring an effective transition with the right partners in place to support your business. You can view the full conversation here.

For those organisations who have chosen to move away from on-premise towards cloud compliance, they’re quickly seeing the opportunity it presents; such as the agility of business operations, more rapid innovation and the ability to operate for effectively and across more markets. However, while the benefits are plentiful, understanding the options available to you to meet your needs requires careful consideration.

The rising demands of tax authorities

The accelerated digitalisation of tax requirements and the seismic changes in VAT regulatory policy has dramatically disrupted traditional approaches to financial compliance. Furthermore, the rise of cloud technologies has unlocked a global advancement in how business processes are delivered, revealing several significant benefits – most notably, growth.

It’s worth noting that the market shift towards the digitisation of tax requirements necessitates the need for increased reliable reporting requirements, increased data collection and better data sharing between retailer and market tax authorities. This therefore brings its own challenges – such as ensuring your systems are protected against any potential breaches and whether your chosen provider meets the necessary compliance standards in the markets in which you operate.

Conversely, procuring productised solutions such as that offered by SAP S/4HANA, can ensure business continuity and futureproofing as they can be rapidly and accurately deployed. Providing you have effectively scoped out your needs, a productised solution will help you with any concerns you might have around potential system down time and ensuring accuracy of data reporting. You will also be well supported with all the transactional business processes and you can make sure that you are covered for any market changes that may present over the coming months and years.

Finding the right partners to help your transition

If you are thinking about making the move to cloud compliance, enlisting the support of an established partner can help map out your requirements and give you piece of mind that your business remains compliant. If you want to hear more about effective cloud compliance and hear from both SAP and Avalara, register to watch this conversation with SAP and Avalara in full here.