Staying compliant can be tough. Things like regional differences, changing regulations, and the need for solid benchmarking knowledge can slow things down.
The struggles of benchmarking
Transfer pricing benchmarking is all about keeping you compliant with tax rules, proving your arm’s length pricing and preparing for audits. Even though benchmarking is crucial, it definitely comes with its fair share of challenges. Let’s take a look at some of the most common ones and see if any of them sound familiar to you.
Complexity
Resources
Depending on your company’s size, you might not have the budget, database, or team to keep up with compliance.
Customized
Your business might need a custom solution that fits your specific needs.
Tips & steps to start benchmarking
There are plenty of ways to improve your benchmarking. The solutions below are all small steps toward creating the perfect benchmarking process for you. Of course, if you’d prefer to have everything in one place, we highly recommend trying Coperitas. If that works for you, feel free to skip the next part and give us a call. We’d be happy to show you how we can solve all your challenges with one simple solution!
Stay ready
The best advice to keep things manageable is to stay up-to-date. Compliance expectations change constantly! Our recommendation would be to subscribe to newsletters, follow key figures on social media, or to work with providers who monitor these changes for you.
Keep it in-house
The biggest cost of benchmarking often comes from outsourcing. With a tool and a decent training, your company can perform this task internally, reducing the need to hire specialists.
Get what you need
There are still other problems that could occur:
Adding Expert help
If budget isn’t the issue but knowledge or staff capacity is, consider bringing in expert help. A consultant can offer valuable second opinions, and combining a tool with expert help can keep costs low while giving extra assurance.
Make it your own
Your situation may be unique. In that case some customization will help you out. You can request a consultation from a specialist or we can help you personalise your data to match your needs.
What you will receive
What you get is all up to you. Depending on your needs, budget, and resources to change our solution to be tailored to you.
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Benchmark options
Here are the options Coperitas offers:
Insourced benchmarking
Provides data to conduct your own benchmarking.
Insourced AI benchmarking
Receive data and an initial AI screening for 80% time saving.
Outsourced benchmarking
Get a completely unburdened benchmarking experience.
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