Promys, a manufacturer of professional services automation (PSA) software, announced this week the release of a new solution with EC Sales List (ESL) and Intrastat Dispatches functionality, which streamlines the process for producing monthly tax reports required of most medium and large business that do business in the European Union and United Kingdom.
The Toronto-based firm said the new software will help managed services providers (MSPs), technology solution providers, integrators and their customers save time and money by automating the process for collecting and reporting the necessary information, much of which must be submitted on a monthly basis.
“We rewrote Promys PSA from scratch over the last three years because we knew putting ‘lipstick on the pig’ wasn’t going to allow us to take our customers to the next level,” Promys CEO John Breakey said. “The new version of Promys supports much more robust government reporting, like ESL and Intrastat, while providing our customers with state of the art business software and analytics to enable them to run their businesses more effectively and efficiently.”
ESL is used by all companies that are subject to value-added tax (VAT), to declare the financial value of goods and services purchased from outside their EU member nations.
Intrastat requires all VAT-registered sellers and buyers to provide detailed information on the value of goods involved in transactions to EU member nations and the UK.
VAT registration requirements depend on a variety of factors but generally, all businesses with sales over $119,000 US dollars in a 12-month period must register.
Promys’ added multi-currency support to its PSA software a few years ago, and the latest enhancements offer significantly increased efficiency for MSPs and other firms that do business in Europe, company officials said.
“It was taking my team and I several days to manually compile the ESL and Intrastat reporting data, comprised of invoice details, commodity codes, unit weight, quantity, (British Pound) values, amongst others … and the amount of checking and re-checking of the Intrastat data was unbelievably tedious and time consuming,” said Borianna Bates, finance and tax manager at High Point Solutions UK, a provider of managed services and advanced IT solutions with headquarters in Sparta, N.J.
“With the new Promys ESL and Intrastat reporting functionality, with the push of a button, both reports are immediately available and accurate because we no longer have to copy hundreds of records manually,” she said.
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