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How tax technology established future-state tax and finance operations for a pharma major?

Tax Technology For A Pharma Major

Overview

A multinational specialty pharmaceutical group, headquartered in Europe, had recently set-up its business in India. As a start-up in the pharma sector in India, the company had limited visibility on the ever-changing and complex tax, compliance and regulatory environment surrounding the business.

With growing digitalization of tax and finance compliances across the globe and in India, the company was looking at a solution that leveraged digital solutions to help them in driving long-term efficiencies and agility in their tax and finance functions.

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How tax technology established future-state tax and finance operations for a pharma major

Overview

A multinational specialty pharmaceutical group, headquartered in Europe, had recently set-up its business in India. As a start-up in the pharma sector in India, the company had limited visibility on the ever-changing and complex tax, compliance and regulatory environment surrounding the business.

With growing digitalization of tax and finance compliances across the globe and in India, the company was looking at a solution that leveraged digital solutions to help them in driving long-term efficiencies and agility in their tax and finance functions.

Business Need

The major issue that the client was facing was that the scale of operations for the client was likely to increase over the years, they needed a scalable and future proof framework capable of risk-managed compliances. To this extent, the client was seeking a trusted business advisor with strong industry and domain knowledge to help them in setting-up and running their accounting, payroll, and tax processes.

Scope

New Product

Industries

Fintech

Services

Ad-hoc

Technologies

Challenge

01

As the operations were expanding, they needed a scalable framework that could accommodate their expansion and also a future ready technology platform which could help them accommodate the technology needs of their expansion

02

The client not only needed a partner to advise on their requirements of technology platforms but they needed the technology partner to understand and advise on their infrastructure needs to cater to their expansion

03

Further, the client needed handholding on the migration and global integration strategies so that the software and infrastructure implementation could cater to the global software requirements and also cater to the local policy needs
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Challenge

01

Further, given that the scale of operations for the client was likely to increase over the years, they needed a scalable and futureproof framework capable of risk-managed compliances.

02

The client’s current travel policy and booking behaviors were both benchmarked against peer group to evaluate alignment within industry.

03

A custom 12-point model to consider the complete door-to-door journey of a traveler was developed.
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Solution

We built and provided an integrated finance-tax solution as a single service provider to the client. Under this offering, AARCHIK supported the organization across the spectrum of their accounting, payroll and tax requirements, including corporate tax, indirect tax compliances, routine tax audit and statutory audit support and tax advisory work with the solution
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Solution

We built and provided an integrated finance-tax solution as a single service provider to the client. Under this offering, EY supported the organization across the spectrum of their accounting, payroll and tax requirements, including corporate tax, indirect tax compliances, routine tax audit and statutory audit support and tax advisory work with the solution

Features

01

Establishing a robust governance framework that enables timely and risk-managed compliance, complete visibility, and continued quality improvements.

02

Delivering tax and finance compliance efficiencies through a digital solution and ensure that the organization was prepared to respond to the digitalization of administrations.
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Features

01

Establishing a robust governance framework that enables timely and risk-managed compliance, complete visibility, and continued quality improvements.

02

Delivering tax and finance compliance efficiencies through a digital solution and ensure that the organization was prepared to respond to the digitalization of administrations.
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Benefits

The organization realized that it could effectively navigate changes in the highly dynamic tax and regulatory environment, including matters such as emerging digital tax filing requirements aided by AARCHIK's suite of digital solutions, to ensure quality reporting, timely and risk managed compliances, and adherence to strict data confidentiality norms.