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TAXWARE Unveils PROPERTY Tax System - Gains Partner Support from SAP, Oracle, and GBA Systems.

SALEM, Mass.--(BUSINESS WIRE)--Oct. 30, 1998--

Corporate Property Tax System Provides Solution for Real and

Personal Property Tax Management, Interfaced for

SAP(tm) R/3(tm), Oracle(R) Applications and GBA Systems' FAMS Users

TAXWARE International, Inc., a leading tax software developer of worldwide tax compliance systems, announced today that the company is releasing its enhanced PROPERTY Tax System for the calculation, reporting and management of real and personal corporate property tax. The system has already been certified by leading software partners such as SAP, Oracle, and GBA Systems.

The PROPERTY Tax System is a Windows-based automated corporate property tax program that spans from personal property tax renditions to tracking real property--a total management tool. A documented time saver, it reduces time required to manually produce renditions by up to 80%. In addition to being the most accurate system available in the industry, it offers system speed and seamless integration. The program works by importing the user's asset database. It easily interfaces with all fixed asset systems, spreadsheet or database systems, and allows for reporting of multiple companies and locations in all states. Designed by property tax professionals for property tax professionals, the system has been used extensively for over a decade.

TAXWARE's PROPERTY Tax System has gained support by several financial software partners. SAP has certified the system and uses a Business Application Programming Interface (BAPI) to enable R/3 users to perform all property tax functions, (see "SAP(tm) R/3(tm) Users Can Rely on TAXWARE for Property Tax Compliance" September 14, 1998). Oracle has certified the system to Oracle Applications, Desktop Integrator (ADI) via their new Request Center tool (announcement pending). GBA Systems has also interfaced the TAXWARE product with their AS/400 Fixed Assets Management System (FAMS), (see "TAXWARE Partners with GBA Systems to Provide Property Tax Capability to Users" September 17, 1998).

"We're happy to expand the TAXWARE(R) tax compliance product family within the SAP and Oracle solutions environments," stated Dan Sullivan, CEO of TAXWARE. "Since many SAP R/3 and Oracle Applications clients already use TAXWARE's SALES/USE Tax System, it was a natural choice to add corporate property tax capability to fulfill compliance needs. And the important interface with GBA's FAMS enables customers to take advantage of the sophisticated capabilities of both a leading property tax management system and a robust asset management solution."

User Testimonials

"TAXWARE has had tremendous user feedback while the systems have been in beta this year. Input has come from across many industries like Archer Daniels Midland Co., Bridgetsone/Firestone, Inc., Norlease, Inc., Payless ShoeSource, Inc., and Savin Corp.,(a)" said Scott Walters, TAXWARE's Vice President of Research and Development. "Listening is key to product development, and learning what our users want and need is critical to delivering a product that can perform, save time and money, and grow with our clients."

"What we liked best was participating in the product's development. Our direct input of 15 ideas was spun into universal features. And responses to fixes within 24 hours makes us very, very pleased. With 4500 stores and 3500 tax returns required, the time saving was just tremendous! Understanding developers added fields for more sorting ability and improved efficiency. And uploading inventory to match fixed asset and G/L systems, has become a standard function."--Cheryl Falk, Tax Analyst, Payless ShoeSource, Inc.

"We've used it since 1987. It's so easy to use and follow. We just download information from our mainframe to the system, then produce renditions state by state and county by county. Automating and reducing staff by 40% really helped us to streamline. Tasks that took 1 1/2 hours can now take 20 minutes. A major benefit was working with developers with a depth of knowledge and insight to user needs from various industries. It's one of the best programs and programming teams I've ever seen--we would be hard pressed to find another system out there that can even compare to this one!"--John Henson, Advalorem Tax Accountant, Bridgestone/Firestone, Inc.

"I love it, and have had no problems. The Windows format is very easy to use, with excellent new features. We appreciate developer receptiveness to user input. Making the product so flexible for so many users was a great programming trait. TAXWARE has been very helpful in making changes for our tax situation--like adding leasing reports for management, and providing breakouts of assets within branch locations--this is significant. We've had such positive experiences that we're anxious to use TAXWARE's other systems.--Joe Morabito, Tax Accountant, Savin Corp.

"Now all our returns are in one place--easy to get to and review. Great features allow us to simply import fixed assets into the system while enabling us to add, delete and adjust entries. We used to do each step manually, but this system consolidates everything and does it easier, better and much faster--significantly reducing our time. Unlike other packages, it's very user friendly. It's easy to get around in and easy to learn--I learned the basics in less than an hour."--Joe Robertson, Manager of Property & Sales Tax, Archer Daniels Midland Co.

Making the commitment to a proactive approach in developing this product has enabled TAXWARE to blend the knowledge gained from listening to users' needs with over a decade of experience in the property tax field. The result is a program that is designed to manipulate fixed asset and inventory data to create property tax renditions required for reporting property from a property tax perspective. This is what property tax professionals find useful, meaningful, and workable--and this is what state auditors look for.

Not so long ago, corporate property tax compliance was an overwhelming headache that companies dreaded once a year--and the paperwork shuffle was long and tedious while fraught with errors. In many cases they had to pay steep penalties and fines for that inaccuracy. Though a company's fixed asset system may list the assets it owns, it cannot categorize those assets from a property tax perspective--the PROPERTY Tax System can! Today corporations take a more serious look at their compliance obligations, and TAXWARE allows them to streamline their real and personal property tax process to an efficient, accurate one, while saving money in man hours, fines and penalties.

PROPERTY Tax System Overview

TAXWARE's PROPERTY Tax System is the most comprehensive system on the market. Its features and capabilities were designed specifically to meet the needs of the corporate property tax professional, allowing effective management of taxes. The system is comprised of two modules, the PTR module and the TaxBill module. Both modules are populated systems, including all rates, tables, factors and calculations to meet the requirements of over 4500 jurisdictions. These flexible system components are stand-alone or may be combined to meet individual user needs. So easy to use, the system practically installs itself.

The PTR System enables companies to calculate, report and generate ready-to-file property tax reporting renditions for personal property which are accepted by virtually every taxing jurisdiction in the U.S. Reporting is accomplished by a series of calculations that derive the reportable value from the input cost. The calculation of value is adjusted according to depreciation, trending and other factors, and further adjustments can be made for reductions, discounts, abatements, freeport exemptions, etc. PTR also permits roll over of prior year's data to the current year.

The new module, the TaxBill System, is a tax management tool that adds tracking and management functions, as well as the ability to manage both real and personal property taxes. TaxBill tracks assessment dates, deadlines for appeals, and payment dates, allowing the user to create tax calendars, making this crucial information readily available. Further, TaxBill allows report files or vouchers to be sent to an accounts payable system, allows customized reports, estimates taxes and payments, and includes formats for budgeting and forecasting.

About TAXWARE International, Inc.

Founded in 1964, TAXWARE International is a leading tax software developer of worldwide tax compliance systems. A sales/use tax software pioneer, TAXWARE offers a family of products for mainframe, midrange and PC computer platforms--including client/server, network computing and electronic commerce environments. The first tax software developer to enter the field of electronic commerce, the company has seen its INTERNET Tax System for on-line transactions fast become the system of choice by a growing number of commerce server partners. Providing a global tax solution, the company's systems for automated tax compliance include modules that address sales/use, consumer's use, Internet, international taxation, address verification, exemption processing, automated returns, property and payroll tax. TAXWARE's products have been benchmarked as the fastest processing tax software in the industry today. Recognized for customer support and client-focused product development, the company has shown explosive growth over the last five years. TAXWARE is privately held with headquarters in Salem, Massachusetts and has offices in Los Angeles, San Jose, Cincinnati, Chicago, Atlanta and London. For more information, call 978.741.0101 or visit the TAXWARE Web site at www.taxware.com.

(a)Note: Some testimonial quotes or input refer to enhancements on the PTR System and others refer to the development of the TaxBill System.

TAXWARE INTERNATIONAL, TAXWARE, WORLDTAX, VERAZIP and NEXPRO are registered trademarks or trademarks of Taxware International, Inc. in the U.S. and/or other countries.

All other trademarks may be either registered trademarks or trademarks of their respective companies.
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Oct 30, 1998
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