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SAP Tax and Revenue Management (SAP TRM) is an integrated application that allows federal, state and local departments to manage tax collection, payments, fees and other revenues using one integrated tax and revenue administration platform. Using SAP TRM you can manage your tax, fees, toll collection as well as outgoing payments such as grants or refunds in a easy and efficient way.
- Business Partner : SAP Business Partner components is the master data powerhouse in a SAP TRM implementation that allows you to have one central master data record to manage your constituents including citizens, businesses and other government agencies. Although financial transactions can be posted into different general ledgers, SAP business partner provides one integrated financial transactions view for a specific person or business entity.
- Collections & Disbursements : SAP Tax and Revenue management uses most of the functionality provided by SAP Collections & Disbursements such as Contract Account, Contract Object, etc. With contract account typically represents a sub-ledger for each revenue or tax type and can be tied to one or multiple business partners. You can define the dunning procedures, payment procedures, correspondence rules and also build custom business processes for your specific SAP system on top of these functionalities.
- Electronic Payments : Allows companies to batch, approve and release payments to mutiple financial institutions and business entities.
- Interest Calculation, Deferrals & Installments : Allows you to define business rules for calculation of interest on late payments. You can also define rules and configure the system to defer a tax payment in multiple scenarios and at the same time you can setup tax payment on a installment basis.
- Workplace and Customer Interaction Center (CIC) : Using SAP workplace you can manage tasks that are assigned to you and complete the system or business activity by directly navigating to the SAP transaction associated with the task. You can also build MiniApps using SAP Workplace which are custom applications for specific roles.
- Business Rules Framework (BRF) : SAP BRF is a powerful and robust rules engine that allows user defined rules which in SAP TRM can be used for tax validation and calculations, BP handling, billing document creation, etc. You can use SAP standard delivered BRF actions and expressions to embed your custom business rules or handling procedures. There is a newer version of BRF called BRF Plus (Which was rolled out to US in 2008 with the help of our CEO and Core Development in Walldorf for SAP IS Insurance Workers Compensation).
- Systems Integration (SAP PI): Using SAP PI (Process Integration) you can integrate with your internal and external systems including IRS, financial institutions, tax filing external applications, constituents, etc.
- Analytical Reporting (SAP BI): Using SAP BI (Business Intelligence) which also integrates with Business Objects you can create an enterprise data warehouse to meet your company's analytical and strategic reporting needs.
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