Avalara debuts accounts payable software
The Seattle-based firm says business demand is booming for integrated compliance solutions.
Tax automation firm Alvara has expanded its AvaTax platform, launching an accounts payable tool to make its software the “singular solution for managing both sales and purchases”.
AvaTax for Accounts Payable would automate tax calculations and compliance for business purchases, it said.
The new feature aimed to help businesses identify tax discrepancies on purchases, addressing common pain points identified in its industry research.
According to a recent Avalara survey, 53 per cent of businesses said constantly changing tax rules and rates were some of their “most significant challenges”.
Around the same proportion (52 per cent) sought better integration between tax software and existing business systems to improve their compliance footprint.
“A recent Avalara survey found that a growing number of businesses are turning to automation to manage tax on purchases,” it said.
“Many respondents highlighted the dire need for tax solutions that integrate with their existing purchasing systems.”
Chief strategy and product officer Jayme Fishman said AvaTax for Accounts Payable consolidated users’ tax compliance efforts into one efficient system.
“As an end-to-end compliance platform, AvaTax offers businesses a singular solution for managing both sales and purchases,” Fishman said.
“Using our cloud-native approach to software development, AvaTax for Accounts Payable not only simplifies the compliance process, but also provides greater visibility and control over tax obligations, helping Avalara customers stay compliant with ease.”
The software update included features for handling complex tax scenarios across multiple jurisdictions and integration capabilities with common purchasing systems.
Users could set custom rules for tax allocation and access real-time and batch transaction data through a central dashboard.
“Without the right systems and processes in place, underpayments and overpayments are inevitable, and both have financial implications and inherent risk,” the firm said. “AvaTax for Accounts Payable helps companies avoid these risks.”
The Seattle-based software firm was founded in 2004 and is used by 41,000 customers in over 75 countries including social network Pinterest, furniture company Wayfair and streaming platform Roku.
It went private in 2022, four years after its IPO filing, valued at US$8.4 billion including debt.
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