A comprehensive tax management solution for insurance companies that handles federal, state, and local taxes. Features include tax data management, compliance, reporting, and analytics with insurance-specific tax treatments, automated tax calculations, and regulatory updates.
Tools that address the complex tax requirements of insurance companies, including premium taxes, federal income taxes, and international tax considerations.
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Regulatory Updates System is regularly updated with latest tax codes and regulations. |
Vendor materials and product documentation highlight regular updates for compliance with changing regulations. | |
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Jurisdictional Coverage Number of regions/countries supported for compliance. |
No information available | |
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Audit Trail Comprehensive tracking of changes for compliance and auditing purposes. |
Product datasheet lists comprehensive audit trail functionality for compliance and internal audit. | |
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Filing Assistance Guided workflows for regulatory filings (e.g., premium, income, sales taxes). |
Out-of-the-box support for guided regulatory filings described on the Vertex product page. | |
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Statutory Reporting Automatically generates regulated statutory and compliance reports. |
Automatic generation of statutory compliance reports is explicitly provided as a core feature. | |
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Legal Entity Mapping Ability to map and manage multiple legal entities to their unique compliance requirements. |
Vertex supports entity mapping for multinational corporations, relevant to legal entity management. | |
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Exemption Management Tracks, applies, and reports on tax exemptions for specific products or entities. |
Described as including tax exemption management tools in solution details. | |
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Retention Policy Management Automated data/document retention in accordance with legal requirements. |
Data/document retention policies are part of regulatory compliance automation, as detailed in product docs. | |
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Global Tax Support Supports regulatory requirements for multinational & cross-border transactions. |
Product supports global tax scenarios including multi-country, multinational/cross-border requirements. | |
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Regulatory Alerting Notifies users of upcoming or recent changes in relevant tax legislation. |
Regulatory alerting features indicated to notify admins of important legal and tax regulation changes. | |
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FATCA/CRS Compliance Ensures product supports reporting under the US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). |
FATCA/CRS is explicitly mentioned in the compliance solutions offered by Vertex. | |
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Insurance-Specific Tax Compliance Supports unique insurance-related tax requirements (e.g., premium taxes, excise taxes). |
Insurance-specific compliance, e.g., premium/excise taxes, is a flagship use case. |
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Core System Integration Direct connectivity with insurance policy administration, claims, and billing systems. |
Integration with core insurance admin, claims, and billing systems is listed as a key feature. | |
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ERP Integration Support for standard integration with ERP systems (SAP, Oracle, etc.). |
ERP integrations—SAP, Oracle, etc.—are explicitly supported. | |
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Data Import/Export Ability to import/export transactional data in common formats (CSV, XML, API, etc.). |
Supports multiple import/export data formats including CSV, XML, and APIs. | |
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Bank Connectivity Interfaces with banking systems for tax payments and reconciliations. |
Connectivity to bank systems for tax payment and reconciliation is available. | |
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API Availability Accessible APIs for custom integrations. |
APIs for custom integrations are referenced in developer and integration materials. | |
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Single Sign-On (SSO) Supports enterprise identity management for seamless user access. |
Single Sign-On (SSO) for enterprise identity management mentioned in security/integration functionality. | |
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Cloud Data Connectors Ready-to-use connectors for popular cloud storage and SaaS applications. |
Cloud/SaaS product, with connectors for major cloud and SaaS productivity tools (per vendor). | |
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Data Validation on Import Automated validation and reconciliation of data on system entry. |
Automated data validation and reconciliation steps described for data import into Vertex Enterprise. | |
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Third-Party Service Integration Pre-built integration with third-party compliance, analytics, and document management services. |
Third-party compliance and analytics system integrations covered in partnership documentation. | |
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Custom Integration Toolkit Comprehensive developer toolkit for building bespoke integrations. |
Custom integration toolkits (APIs, SDKs) highlighted for developer enablement. |
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Premium Tax Calculation Automatically calculates insurance premium taxes across jurisdictions. |
Premium tax calculations across jurisdictions specifically referenced for insurance. | |
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Federal Income Tax Calculation Supports all aspects of corporate federal income tax calculation. |
Federal corporate income tax support included as standard, per solution summary. | |
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Deferred Tax Management Tracks and calculates deferred tax assets and liabilities. |
Tracks and manages deferred tax assets/liabilities—mentioned in advanced accounting topics. | |
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Real-time Calculation Speed Time taken to perform tax calculation for a typical transaction batch. |
No information available | |
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Multi-state/Province Tax Calculation Handles calculations for entities operating in multiple regions. |
Multi-jurisdictional calculations are a core differentiator, as per insurance industry focus. | |
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Tax Withholding Support Manages and automates withholding requirements where applicable. |
Withholding automation for payroll and transaction taxes included. | |
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Batch Filing Processing Enables submission and processing of tax filings in batch mode. |
Batch processing for filings is available for high-volume clients. | |
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Adjustments and Reconciling Supports adjustments to tax calculations for prior errors or changes. |
Automated and manual adjustment and reconciliation are documented reporting features. | |
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International Tax Support Calculates taxes for cross-border operations, considering treaties and local laws. |
International tax module covers cross-border calculations, with treaty management. | |
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Auto-Filing Enables direct or guided electronic submission to tax authorities. |
Direct E-file or system-aided filing supported for multiple authorities. | |
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Payment Processing Facilitates automated payment of tax liabilities. |
Direct payment and payment automation features included in platform. |
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Custom Report Builder Ability to design and save custom reports. |
Custom and ad-hoc report builder is available in reporting suite. | |
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Scheduled Reporting Automated report generation based on predefined schedules. |
Reports can be scheduled and delivered automatically. | |
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Drill-down Analytics Interactive analysis with the ability to drill down into transactional and summary data. |
Dashboards and analytical tools support drill-down into transactional data. | |
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Export Formats Number of supported export document formats (PDF, Excel, etc.). |
No information available | |
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Dashboards Real-time visual dashboarding of compliance and financial metrics. |
Real-time dashboards are demonstrated in product tours. | |
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Variance Analysis Compares actuals vs. expected or budgeted tax positions. |
Variance analysis is a supported financial reporting method. | |
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Statistical Analysis Tools Built-in tools for tax trend and anomaly identification. |
Advanced analytics tools for anomaly and trend detection are present. | |
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Report Distribution Automated and secure distribution of reports to stakeholders. |
Automated and controlled report distribution is available. | |
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Visualization Options Number of graph/chart types supported in dashboards. |
No information available | |
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Audit Reporting Dedicated reports for internal and regulatory audit processes. |
Audit reports for internal and regulatory needs are a standard output. | |
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Ad-hoc Report Generation Ability to quickly generate reports with custom filters and criteria. |
Ad-hoc reporting with custom filters is supported. |
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Role-based Access Control Customizable security and permissions based on roles. |
Role-based security and permissions are part of enterprise compliance model. | |
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Multi-language Support Number of languages the interface and reports are available in. |
No information available | |
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Mobile Access Availability of full-featured mobile or tablet versions. |
Web interface includes mobile browser support (though no mention of app stores). | |
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Web-based Interface Accessible via browser, removing dependency on local installs. |
Product is browser-accessible, with no client install requirement. | |
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Customizable Workflows Users can modify and automate their workflows for specific processes. |
Customizable user workflows and process automation are emphasized in marketing materials. | |
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Accessibility Compliance System adheres to recognized accessibility standards (such as WCAG). |
No information available | |
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User Self-service Configurations Users can configure personal preferences, dashboards, and notifications. |
User-configurable dashboards and notification settings are standard features. | |
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In-app Help & Tutorials Integrated walkthroughs and help resources. |
In-app help and tutorials are referenced in product support documentation. | |
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Multi-Tenancy Supports multiple companies/entities within a single instance. |
Multi-tenant environments supported, especially for large/consulting customers. | |
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Keyboard Navigation Full keyboard accessibility for fast, efficient navigation. |
No information available |
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Encryption at Rest All data is encrypted while stored. |
All customer data is encrypted at rest meeting enterprise security requirements. | |
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Encryption in Transit Data is encrypted while being transmitted. |
Encryption in transit (TLS/SSL) is a standard claim for security. | |
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Multi-factor Authentication User access requires more than one form of verification. |
Multi-factor authentication offered as an option for enterprise users. | |
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GDPR/CCPA Compliance Adheres to European and Californian data privacy laws. |
Adheres to GDPR and CCPA; privacy and compliance certifications listed. | |
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User Activity Logging All user actions are logged for monitoring and incident response. |
User activity logging and audit logs are part of the compliance system. | |
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Data Masking Sensitive data can be hidden from unauthorized users. |
Sensitive field redaction and data masking referenced for user access control. | |
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Disaster Recovery RPO Maximum tolerable period in which data might be lost due to an incident. |
No information available | |
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Role-based Data Access Access to sensitive information restricted based on user roles. |
Role-based access to data for security/privacy is repeatedly referenced. | |
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Audit Log Retention Period for which audit logs are retained. |
No information available | |
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Penetration Testing System is subject to regular external security testing. |
Regular third-party penetration testing is claimed for Vertex SaaS environments. |
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Custom Tax Rule Engine Users can configure bespoke tax rules/logic without code. |
Custom rule engine for tax logic is cited in configuration/developer documentation. | |
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Number of Concurrent Users Supported simultaneous user sessions. |
No information available | |
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Multi-entity Support Handles multiple business units, companies, or subsidiaries. |
Multi-entity configuration and management is a core feature for insurance/finance users. | |
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Transaction Volume Capacity Maximum number of financial transactions processed per day. |
No information available | |
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Configurable Workflows Ability to customize process flows to align with business practices. |
Workflow configurability is part of the platform's process automation suite. | |
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Growth Readiness System design supports rapid onboarding of new products, lines, or geographies. |
Scalable and designed to accommodate rapid onboarding of new geographies/entities. | |
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Custom Field Creation Users can add custom data fields. |
Custom field creation supported for user/business specific needs. | |
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Environment Migration Tools Tools for moving configurations, workflows, and data across environments. |
No information available | |
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Limitless Data Storage Support for virtually unlimited data records. |
SaaS offering supports virtually unlimited data and record storage. | |
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Resource Elasticity Automatic allocation of compute and storage resources as data volume scales. |
Resource scalability, auto-scale and elasticity inherent in Vertex cloud products. |
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Automated Data Extraction Uses OCR or data feeds to pull information from source systems. |
Data extraction via connector/OCR/interfaces referenced for tax document ingestion. | |
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Scheduled Processing Tasks (such as batch calculations or filings) can be scheduled for automatic execution. |
Scheduled processing for filings, calculations, and workflow automation included. | |
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Error Detection/Exception Handling Automatically flags anomalies for user review. |
Anomaly and error detection are detailed as core workflow automation features. | |
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Workflow Notifications Automated email or in-app notifications for tasks and deadlines. |
Automated notifications (email, in-app) for pending deadlines and tasks described. | |
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Approval Workflow Supports multi-step, multi-user approval of calculations and filings. |
Complex approval workflows for calculations/filings are offered out-of-the-box. | |
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Document Generation Auto-generates standardized tax-related forms and supporting documents. |
Automated document generation for tax forms and supporting documentation is provided. | |
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Reconciliation Automation Automated matching and reconciliation of financial statements and tax returns. |
Automated reconciliation (statements and tax returns) covered in workflow features. | |
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Dynamic Task Assignment Tasks can be automatically assigned based on workflow stage, role, or availability. |
Dynamic (role/stage/load based) task assignment referenced on product specs. | |
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Retention Workflow Management Automates document retention, archival, and deletion based on policy/requirements. |
Document retention/archival lifecycle tools built in. | |
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Automated Reminders System generates reminders for key milestone deadlines. |
Automated reminders are available for regulatory deadlines and workflow milestones. |
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Multi-currency Support Handles transactions and tax calculations in multiple currencies. |
Handles multi-currency calculations and conversions for tax purposes. | |
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Local Tax Rules Engine Supports custom rule definition to address distinct rules by locality. |
Local rule and custom rule engines are available for each jurisdiction/locality. | |
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Translation Management Automated or manual translation of interface, documentation, and reports. |
Translation management for the platform/interface is described as available. | |
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Cross-border Transaction Handling Ensures correct application of treaties, international taxes, and compliance rules. |
Cross-border treaty enforcement, documentation, and compliance rules applied automatically. | |
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Country-specific Templates Prebuilt forms and templates for country-specific reporting/filing. |
Country-specific forms/templates for regulatory reporting—feature for multinationals. | |
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Foreign Subsidiary Management Associate and manage tax profiles for multiple international subsidiaries. |
Global subsidiary management is an insurance industry requirement Vertex addresses. | |
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Currency Conversion Automation Auto conversion of values and reporting in local and base currencies. |
Automatic multi-currency conversion in reporting/filing is standard. | |
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Localization of Dates/Numbers Adapts date, number, and currency formats by user locale. |
Localization of dates/numbers by user and reporting locale included. | |
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International Document Support Supports global document standards (XBRL, XML, etc.). |
International document standards (e.g., XML, XBRL) are among supported export/import types. | |
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Cross-border Data Privacy Compliance Implements and tracks compliance with international data privacy requirements. |
Supports compliance for cross-border data privacy standards, confirmed in security documentation. |
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Internal Messaging Built-in communication tools for team discussions and queries. |
Internal messaging and collaboration tools are offered for team workflow. | |
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Commenting/Annotations Ability to comment or annotate specific calculations, documents, or workflow steps. |
Comments and annotations on documents/calculations supported in collaborative workflow. | |
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Task Assignment Users can assign tax tasks and track completion status. |
Work tasks can be assigned and managed in the system. | |
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Approval Routing Route approvals to appropriate stakeholders with full tracking. |
Complex approval routing for tax, finance, audit etc. referenced as standard. | |
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Document Collaboration Multiple users can jointly prepare, edit, or review documents. |
Multi-user editing/review/collaboration features described for filings/reports. | |
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Notifications and Alerts System provides timely alerts on changes, deadlines, or approvals. |
System provides automated notifications and alerts on workflow changes and deadlines. | |
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Document Sharing Controls Granular controls on document sharing, print, and download permissions. |
Granular permissions available for document sharing, download, and access. | |
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Workflow Status Tracking Real-time visibility of progress and workloads across teams. |
Real-time workflow/progress tracking dashboards provided. | |
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External Auditor Access Provision of secure, time-limited access to external auditors. |
Time-limited secure auditor access available for compliance review. | |
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Knowledge Base / Wiki Central repository for tax policies, FAQs, and best practices. |
Knowledge base/wiki for policies, FAQs and best practices are present. |
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24/7 Helpdesk Availability of support staff around the clock. |
24/7 help desk support available (based on service-level tier). | |
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Online Documentation Comprehensive up-to-date user guides and FAQs. |
Online documentation and user guidance available in multiple forms. | |
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Implementation Support Guided onboarding and implementation available. |
Guided implementation and onboarding support cited. | |
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Knowledge Base Access Access to searchable database of technical and tax domain information. |
Knowledge base access is part of customer support portal. | |
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User Community Forum Online community for sharing experiences and advice. |
User community forums for discussion and best practice sharing are available. | |
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Training Programs Structured training and certification for users. |
Structured online and in-person training courses are available. | |
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Dedicated Account Manager Assignment of a dedicated customer success manager. |
Dedicated account manager option in enterprise contracts. | |
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Service Level Agreement (SLA) Commitment to minimum uptime and maximum response time. |
Service level agreement (uptime, response time) referenced in customer T&Cs. | |
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Multi-channel Support Support available via phone, email, and chat. |
Phone, email, and online chat are all available support channels. | |
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Release Notes and Product Updates Regular communication of new features and bug fixes. |
Release notes and periodic product update communications provided in regular cadence, confirmed via official Vertex channels. |
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