KMPG Law`s global entity management service for standard legal services is combined with zetVisions` legal entity management software CIM master data management strategy is necessary in the context of data governance What was once lubricating oil for production lines a century ago is now consistent data sets. In order to prevent processes from stopping, a simple and organized database is needed, while only synchronized data from companies and suppliers can guarantee compliance with planned processes. Legal entity structures and their underlying data are fundamental to global organizations and serve as a springboard for business activities. Just like an orchestra that requires its musicians to use identical scores, the business can thrive if all functions such as finance, legal, finance, and taxation are based on the same version of the underlying data. However, if multiple business functions, including taxes, follow this critical data flow separately, disruptions can occur due to process discrepancies and inefficiencies. zetVisions CIM software supports companies in their task of managing national and international legal entities in a professional and values-based manner. It is the world`s first and only SAP software for managing corporate investments in audit-certified quality. Certification to the IDW PS 880 test standard confirms that zetVisions CIM reliably meets the regularity requirements of operational information systems. Technology providers` offerings around Industry 4.0 promise to better connect IT and machine systems, store more data cost-effectively, intuitively evaluate it using modern analytics tools to make better decisions, speed up processes, and ultimately develop and offer new products and services. “Data plays a central role in this. The necessary interaction of systems can only work if they operate on a common database such as uniform and centralized data on raw materials, investments and products,” say study authors Lars Iffert and Timm Grosser.
A “single source” of legal entity data can mitigate these tax problems: why haven`t most companies solved this problem? Using a single source of information that scales in real time and provides sufficient transparency for all relevant business functions was seen as a futuristic solution. In the past, there were practical barriers to implementing this type of approach to data from legal entities, such as the lack of an automated end-to-end solution that met the needs of most or all stakeholders in the business function. The landscape has changed recently, and there is now a solution that allows digitizing the data of the legal entity itself, the governance around the continuous evolution of this data, while meeting the specific needs of stakeholders. Are you curious about what our software can do for you? This is good news, because this curiosity is the first step on your journey to better data. Current tax systems that store data from legal entities are not flexible enough to easily transfer data to other tax compliance tools, requiring more manual intervention. If Tax is to graphically represent a detailed flowchart, this process involves significant practical effort and customization (for example, depending on whether the entire flowchart of a part of it is needed or not). Tax must be able to quickly and automatically transfer data from legal entities to downstream compliance tools such as ERP or tax filing or provisioning software. The tax department should also be able to create a variety of reports with up-to-date visualizations of complex ownership structures at the touch of a button, which would otherwise take a large number of hours to compile – a critical skill as senior management requires timely, data-driven tax information. Tax functions must plan scenarios (e.g., hypothetical situations) and model the tax implications of proposed trade or legislative changes at the federal, state, and global levels to give senior executives a sense of data. Legal entity data components are the foundation of such modeling – Fast execution of a policy is difficult if your “image” legal entity is not correct. Entity Ops is a cross-functional entity tax and legal data management solution that streamlines critical reporting and operational processes. With GEM, KPMG Law will in future offer a support service to group companies worldwide through standard legal services.
In this way, companies have the opportunity to ensure corporate compliance of their group companies at a fixed price and also to take advantage of other standard services at discounted hourly rates. All relevant investment processes of the company are fully recorded and maintained in the zetVisions Corporate Investment Manager. CIM supports the management of legal entities and enables economies of scale. The Legal Entity Management solution not only helps you manage your investments, but also guarantees absolute transparency, even with very complex structures and mergers as well as acquisitions and sales of companies. SAP-based software promotes excellence in managing your legal entity. Renowned customers from a variety of industries, from mid-sized family businesses to numerous DAX and MDAX companies, rely on zetVisions` portfolio of solutions in the field of legal entity management and master data management. Tax functions seek to bring together many essential elements of business-specific information in one place, particularly with respect to specific tax data such as direct and beneficial tax ownership, deferred intra-group transactions, and country-by-country reporting. Tax typically uses its own “version” of the legal entity`s data for compliance and planning purposes. Other business functions do the same by creating multiple versions of this basic information.
The data is not openly transparent – only certain tax employees have access to it. Since our company was founded in 2001, our goal has been to offer software that gives you and your master data management and legal entity management a significant competitive advantage. In this way, your company`s processes can be made more efficient, with all the know-how of our 85 employees contributing to your workflow. “zetVisions and KPMG Law intend to work closely together to combine zetVisions` investment management expertise with KPMG Law`s international corporate law know-how in a meaningful and solution-oriented manner for clients,” said Monika Pürsing, CEO of zetVisions AG. SAP, SAP S/4HANA, SAP NetWeaver and other SAP products and services mentioned herein, together with their respective logos, are trademarks or registered trademarks of SAP SE (or an affiliate of SAP) in Germany and other countries. For more information and notices on trademarks, see www.sap.com/corporate-en/legal/copyright/index.epx. All other product and service names mentioned are trademarks of their respective companies. zetVision`s CIM is based on the SAP NetWeaver technology platform and is already certified as powered by SAP NetWeaver®. The software is intended to assist companies in the complex task of professionally managing their investments in national and international legal entities in a value-driven manner. With zetVisions CIM, companies can access financial and legal information about their investments at any time or for specific periods. Especially in interdepartmental use, zetVisions CIM takes care of the cooperation aspects, so that divisions benefit from the joint use of a uniform legal entity management system.
