Co-innovation offers centralized tracking of excisable goods movement and tax value calculations

HOFFMAN ESTATES, Ill., Dec. 10, 2024 /PRNewswire/ -- Vistex, Inc. a global leader in software solutions for managing pricing, trade, royalties and incentives, today announced that its Excise Tax Management solution is commercially available to businesses using SAP® technology as an SAP Solution Extension. Sold under the name SAP S/4HANA Cloud Private Edition, excise tax management by Vistex, the offering is part of the company's suite of innovative solution extensions for SAP software.

Companies dealing with excisable goods like alcoholic beverages, tobacco, sugar or chemicals need to accurately account for inventory and calculate excise taxes to maintain compliance. With an integration to SAP S/4HANA Cloud Private Edition, the solution addresses the complexities of excisable goods by centrally managing the relevant master data attributes, tracking the movements of excisable goods and calculating tax values with accuracy.

"Excise tax impacts numerous companies globally, and far too often, businesses do not have the right tools to sufficiently handle the complex processes associated with this type of reporting," said Amos Biegun, CEO of Vistex. "Through our partnership with SAP, Vistex has co-innovated a solution that reduces the cost of compliance, risk management and potential audits by simplifying legal reporting and providing an audit trail for material movement of excisable goods."

Businesses operating on the global stage in Consumer Products, Retail, Wholesale Distribution and Life Sciences industries can realize tremendous benefits since the solution is configurable to address varying excise tax regulations across countries. Designed to help reduce tax accounting and reporting costs by automating excise tax processes and adapting to constant changes in rules and regulations with its ability to configure new tax schemes while handling vast volumes of data, the Excise Tax Management extension integrates with sales, procurement, supply chain and billing processes in SAP S/4HANA Cloud Private Edition. Additionally, its flexible reporting capabilities allow businesses to readily adapt to new requirements.

"With over 20 years as an SAP Solution Extension partner, Vistex's robust SAP Solution Extension portfolio is a testament to our long-standing partnership and commitment to co-innovation," said Darryl Gray, Global Vice President, Software Partner Management at SAP.  "By extending the SAP S/4HANA Cloud core with the excise tax management application, our latest offering empowers manufacturers, retailers, and wholesalers to more easily manage excise taxes, helping to ensure compliance and maximize returns. Together, we are transforming the way our customers navigate complex regulations, enabling them to focus on what they do best."

Vistex is an SAP partner offering multiple products that are resold as SAP Solution Extensions, as part of the enterprise management system. SAP S/4HANA Cloud Private Edition, excise tax management by Vistex is an embedded solution extension to SAP S/4HANA Cloud Private Edition. These solutions have undergone a premium qualification process — exclusive to SAP Solution Extensions — and are supported with available SAP support services. SAP S/4HANA Cloud Private Edition, excise tax management by Vistex is branded, sold, and supported by SAP.

About Vistex:
Vistex solutions help businesses take control of their mission-critical processes. With a multitude of programs covering pricing, trade, royalties and incentives, it can be complicated to see where all the money is flowing, let alone how much difference it makes to the topline and the bottomline. With Vistex, business stakeholders can see the numbers, see what really works, and see what to do next – so they can make sure every dollar spent or earned is really driving growth, and not just additional costs. The world's leading enterprises across a spectrum of industries rely on Vistex every day to propel their businesses. Visit www.vistex.com.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

For more information, press only:
Alex Dehnert, Vistex, Inc., 847.490.0420, alex.dehnert@vistex.com

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SOURCE VISTEX, INC.