1C and Interfax are launching a joint service to manage tax risks
1C Company and Interfax International Information Services Group are pleased to announce the launch of the joint service 1Spark Risks, which enables users of the 1C: Enterprise software system to manage tax risks and comprehensively assess the integrity of counterparties.The new service will make trusted SPARK scoring systems, the Due Diligence Index, Financial Risk Index and Payment Discipline Index, accessible directly from 1C applications.
Users of the service will receive extensive information about their suppliers and customers in the form of reports from the SPARK system, certified with Interfax‘s electronic signature, and will be promptly informed about important changes in the status of their counterparties, including bankruptcy, changes in management and merger with other companies.
"Our objective is to minimize risks for our clients related to working with ‘problem‘ counterparties and the possibility of claims from the tax authorities, which are waging a fight against fly-by-night companies," Interfax Group Chairman of the Board of Directors Mikhail Komissar said.
"For us, working with 1C Company, the recognized leader on the enterprise information management systems market, means reaching a huge new audience of users who need affordable and effective tools to reduce tax risks now more than ever," Komissar said.
"One of the key areas in the development of the business of 1C and our partners, along with the automation of key business processes with 1C: Enterprise, is to offer users a set of online services that enable them to increase efficiency, reduce business risks and accelerate decision making. The fact that the information of the authoritative SPARK system will now be accessible directly in the process of working with our ERP and accounting systems will increase the value of the information technology support that we offer. We expect the new 1Spark Risks service to become popular among the users of 1C software," 1C Company Director Boris Nuraliyev said.
The scores developed by Interfax‘s SPARK system show the main risks that companies face and help them understand how safe they are in choosing a new counterparty. The Due Diligence Index shows how likely it is that a company is a fly-by-night firm; the Financial Risk Index shows the likelihood of a company being insolvent; and the Payment Discipline Index shows whether a company pays its bills on time. Negative factors in the counterparty‘s ‘portfolio‘ are reflected in the index, red-flagging it and signaling the need for additional verification of the company.
Interfax Group develops information solutions that help companies work on financial and commodity markets, make investment decisions, manage risks, organize external communications and meet regulatory requirements.
Interfax’s best-known services include SPARK (verification of counterparties and risk management), EFiR (analytical and reference information for financial market participants), SPARK Marketing (analysis of commodity markets, customers and suppliers), e-Disclosure.ru (center for disclosure of information on the stock market), SCAN (media analysis and monitoring), ASTRA (analytical solution for compliance with Russian legislation on transfer pricing), and X-Compliance (AML/CTF solution for comprehensive verification of customers).
1C Company (www.1c.ru) specializes in software development, distribution, publication and support. 1C works with users through an extensive partnership network of more than 10,000 permanent partners in 25 countries, including more than 6,700 1C: Franchising partners certified by 1C to provide comprehensive business automation services. 1C’s best-known software solution is 1C: Enterprise, an ERP solution to increase the efficiency of businesses and institutions, built on an innovative technology platform that ensures flexibility, scalability and productivity of corporate decisions, and supports cloud services and mobile devices. 1C: Enterprise is being successfully used for automation of management and accounting by more than 1.5 million organizations, including major corporations and government institutions. The system is the leader on the ERP market in Russia by number of automated work stations. More than 20 services are now offered to users of 1C: Enterprise ERP and accounting solutions to increase efficiency, including 1C: Accounting for preparation and submission of regulated accounting directly from 1C applications; e-document flow in 1C application process (exchange of invoices and other legally important documents with counterparties in electronic form); and the 1C: ITS information system (methods, guides, application practices for 1C applications and consultation on legislation).
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