BlackLine differentiates hyperautomation from just automation by saying it is more about the holistic mapping and orchestrated use of tax-critical automation capabilities to break down the financial silos in intercompany processes.
This includes the ability to:
- Automatically apply country- and service-specific tax treatments for increased accuracy without the need for additional resourcing;
- Automatically generate invoices across jurisdictions to ensure compliance, audit support and support deductibility claims;
- Manage BEAT (base erosion and anti-abuse tax) and BEPS (base erosion and profit shifting) exposure without manual intervention;
- Automatically inform users which tax treatment is applied based on the nature of the service, which provides greater granularity while improving overall deductibility; and
- Allow for interoperability across indirect tax engines that clients choose based on their needs.
BlackLine said it developed these new capacities in response to organizations facing increasing intercompany tax scrutiny globally, including cross-border reporting arrangements and greater calls from tax authorities for real-time reporting and e-compliance.
"Tax considerations are critical for any company's intercompany operations, but too often they are managed independently and related-party processes and automation in this area lag significantly behind the control and attention given to third-party transactions," said Varun Tejpal, managing director at BlackLine, in a statement. "Intercompany Financial Management, on the other hand, is an approach that weaves tax considerations into how intercompany operations are optimized. BlackLine's new functionality gives the tax function a seat at the table by providing foundational technology and business process optimization that will help to significantly improve control, transparency and overall business outcomes for our customers."
