Companies may start their OTP journeys at different points, but the long-term objective is always the same – how to manage TP best in class.
One of the things we, as tax experts, really didn’t anticipate early on was how much time we would need to get our internal IT resources on board with Transfer Pricing and its data requirements. We underestimated the time it would take us to obtain data to test. Adding extra time to the schedule for these types of activities is critical. Now that we have finished, however, the benefits are huge.
Getting the TP transaction group data model right from the start allowed us to customize what we wanted in the configuration back end of the EXA OTP system. As the data is not in our accounting system, we were able to add other data to meet TP document compliance requirements that are focused purely on Transfer Pricing.
We no longer have to rely on someone from the local finance department who doesn’t really understand the global process and the TP background. Since we decided to proceed with and deploy EXA’s SAP add-on solution EXA OTP, we have customized transactions, TP methods, PLIs, and other dimensions and parameters. All IC pricing calculations are now automated and we are currently in the process of automating the process to post even journal entries back to SAP’s ERP system. Needless to say, we now have more insight into TP than ever.
With EXA’s innovative OTP solution and its interface that integrates seamlessly with our recently rolled-out SAP S/4HANA, the collection of TP data for documentation purposes is a much faster process.