How to optimize your transfer pricing process?

Imagine working on transfer pricing compliance and using state of the art tooling to automate as much as possible of this process. Let us introduce to you a software tool designed with maximum flexibility in mind: Coperitas.

Last decade there has been an increase in TP-specific compliance requirements and legislation. This has put a strain on companies’ resources, both people and budget wise. Many companies have started performing compliance work in-house to avoid costly outsourcing to TP professionals. However, this requires substantial resources that could be better used on more important matters like conceptual risk evaluation, strategy, design and optimizing TP policies. Focusing on these value-added topics also makes work more fun for the highly educated tax managers which result in better work retention. The most known reason for leaving a job as a junior or senior tax manager is that their work package is not challenging enough and too repetitive. There are multiple solutions to mitigate these risks and manage your TP compliance. TP software which automates most of your TP compliance process in combination with standardization of your working process is one of the solutions.

Every Multinationals story is unique

As transfer pricing experts we strive to offer maximum flexibility as every Multinationals’ story is unique. In 2016 we looked into the TP software market and searched for the best solution for our clients. Unfortunately, there was no software solution flexible enough to include the storyline of our clients. That was the moment we decided to develop our own software solution. We also consciously decided that such solution deserved to be developed as a separated company from Quantera Global. This adds to the flexibility and freedom of choice clients have to use Coperitas and services from Quantera global, or just one of these two without any obligations. In 2018 the first operational version of Coperitas launched for the first customers who provided input for the development of Coperitas and in 2020 it became available for everyone in the market.

Coperitas is built on three key pillars: overview, monitoring, and documentation. The overview pillar allows companies to store all relevant (legal entity related) data in one place, making it easy to find and retrieve data quickly without having to ask other internal departments in case of audits. The monitoring pillar allows companies to monitor their transfer pricing policy and identify areas of improvement. Furthermore, workflows can be created and filing deadlines can be monitored. The documentation pillar helps companies create and maintain transfer pricing documentation in a more efficient way, while also allowing for flexible customization based on local regulations and using your existing storyline as a basis.

Analytics capabilities, deeper insights, transfer pricing processes and financial performance

In addition, Coperitas also offers advanced analytics capabilities to help companies gain deeper insights into their transfer pricing processes and financial performance. This includes the ability to create custom reports and dashboards that provide in depth visibility into key performance indicators and metrics. For example, companies can use Coperitas to track their transfer pricing risks and exposure, monitor changes in tax laws and regulations, and analyze the impact of different transfer pricing scenarios on their financial performance. These insights can help companies make more informed decisions about their transfer pricing strategies and improve their overall tax compliance posture. Another key feature of Coperitas is its flexible integration possibilities with other tax technology solutions. This allows companies to streamline their tax compliance workflows and reduce the risk of errors or inconsistencies. For example, Coperitas can integrate with accounting software to automatically import financial data and perform transfer pricing calculations based on pre-defined rules and policies.

Overall, Coperitas is a comprehensive and flexible transfer pricing software solution that is designed to meet the needs of businesses of all sizes and complexities. Whether you are a small or mid-sized enterprise looking to streamline your transfer pricing compliance workflows, or a large multinational corporation looking for a more advanced transfer pricing tool, Coperitas has the capabilities and expertise to help you achieve your goals.

In conclusion

In conclusion, transfer pricing is a complex and constantly evolving area of tax law that can have significant financial and reputational implications for businesses. By using a sophisticated transfer pricing software solution like Coperitas, companies can simplify their transfer pricing processes, reduce their risk of non-compliance, and gain deeper insights into their tax performance. Whether you are a tax professional or a business owner, Coperitas is a powerful tool that can help you navigate the complex world of transfer pricing with confidence and ease.