Tax Engines Need Digital Onboarding, and Modios Delivers It

Many companies, whether they’re migrating to a new engine or adopting one for the first time, turn to tax professionals at consulting firms to handle tax engine implementation and ongoing maintenance. Why? Because tax compliance is complex. Tax engines, for example, must be able to:

• Determine the place where transactions are taxed
• The party responsible for tax
• The tax treatment itself
• Support the processes for getting the tax properly invoiced, reported, and paid

Performance is key. Tax engines must make these determinations quickly to keep pace with the thousands and sometimes millions of taxable transactions they handle every day. And as transaction volumes and values increase, so does the risk of error. Even minor errors compound with volume and time, and as complexity increases so do the financial consequences. Errors can result in audit failures, customer service issues, and interest and penalty payments.

And yet tax engine configuration and maintenance are usually done in a slow manual process. Firms assign large teams (charging lots of billable hours) to their clients’ tax engine projects because doing the work by hand lets them maintain large margins on their service offerings. A typical tax engine project for a mid-sized company with international operations might cost U.S. $2 million dollars or more in fees and take up 18 months to complete. While nearly every business services provider is adopting technologies like AI and process automation, tax teams at big firms have been slow to apply digital technologies to the tax engine problem because they are a direct threat to their bottom lines and a direct hit to your pocket. Why? Because you are paying more than you should for your implementations.

Since our founding, Cordiance has taken a radically different approach to tax engines. We strive to make it quicker, easier, and more cost-effective to get the tax solutions you need for your business. It’s why we created our Modios intelligent tax automation software platform and applications. Modios delivers the same (actually, better) results as the big firms, but with a much smaller implementation team footprint, faster project completion times, reduced time and resource commitment from the customer and at significantly reduced cost. It’s an end-to-end solution for the digital onboarding for your tax engine.

Announcing the Next Generation Modios Software Platform

Today, we’re making a big step forward in our mission to disrupt the tax engine market with the release of the latest generation of the Modios platform. The new version includes an expanded feature set and a 4x increase in real-time processing capabilities to make managing your tax engine a much simpler task. Better still, the new Modios platform is available in three distinct versions designed to address the business needs of different customers: enterprises, small/medium businesses, and tax consultancy firms.

New Features and Customer Specific Use Case Support

Significant new features in latest release of Modios include:

• A highly intuitive and interactive UI that enables both new implementations and long-term tax engine management
• Customizable workflows
• Massive computing power delivers incredible real-time processing performance
• Intelligent reporting dashboards that update in real-time
• Enhanced data integration that eliminates the need for batch processing by automatically cascading data changes throughout the tax engine

The cost and time savings Modios provides are also now available in versions that support specific use cases for BOTH internal and external tax teams.

Modios Professional - built by expert implementers for expert implementers to help them consistently deliver more projects at once in less time with better quality. When an implementer uses Modios Professional, their customer gets better outcomes in less time and at lower cost, while the implementer has more time available to support new customers and increase revenues.

Modios Enterprise - built for companies who want to deliver or extend their own implementations, Modios Enterprise is like having the best implementation team permanently on staff. With Modios Enterprise, businesses don’t require an implementation partner and will save a lot of time and money with absolutely no compromise in quality.

Modios SMB - built for growing companies with more straightforward tax requirements like eCommerce. Like Modios Enterprise, it gives users an end-to-end process that enables them to build their own implementations, sized for their market segment and complexity, without the need for an implementation partner.

I encourage you to take a moment to check out several of the videos and web pages available on our site to gain a better understanding of exactly how digital onboarding with Modios can reduce the time, personnel, and cost you devote to managing your tax engine.

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