SOURCE: Sabrix

August 29, 2005 12:40 ET

Banfield Selects Sabrix for Sales and Use Tax Management

Sabrix Automates Transaction Tax Management for Compliance, and Improves Tax Exposure for Nation's Largest Veterinary Practice

SAN RAMON, CA -- (MARKET WIRE) -- August 29, 2005 -- Sabrix, Inc., the leading provider of Consolidated Transaction Tax Management™ applications, was selected by Banfield, The Pet Hospital, the nation's largest private veterinary practice, to automate its U.S. transaction taxes, including sales and consumer use tax. The Sabrix Application Suite and integrated tax research are helping Banfield to stay on top of constantly changing tax rules and rates and to manage compliance with consistent accuracy, control, and efficiency.

"Banfield has grown rapidly over the last couple of years, and transaction tax management is a significant area of opportunity for the company," said Pat Isaac, Vice President and Financial Controller for Banfield, The Pet Hospital. "We needed complete visibility and control over our taxes, and Sabrix's consolidated approach was the best solution. Sabrix's professional services organization also had the right experience and proven methodology to streamline our entire implementation process."

To support its rapid expansion, Banfield required a scalable software solution to meet both present and future tax management needs. The company is opening approximately 100 new hospitals each year and faces transaction tax compliance in more than 40 states. The Sabrix Application Suite has improved the practice's tax payment and accrual accuracy for use tax and provides consistent control for tax decisions applied to all orders, purchases, and accounts payable transactions. Banfield, a privately owned practice, is using the Sabrix Application Suite to meet Sarbanes-Oxley-level finance standards as well as to facilitate audit support and administration with detailed and centralized documentation. Later, the veterinary practice plans to increase automation of sales tax management with Sabrix.

"We used to spend a large amount of time manually handling tax activities, so automating with Sabrix was ideal for our practice. As we continue to expand, having a flexible, consolidated solution to improve calculation of taxes and reserve cash needs is critical," added Connie Hill, Tax and Licenses manager for Banfield. "The efficiency of Sabrix's automation and tracking for tax liabilities has also freed up the tax team so that we can apply our true expertise and help the practice make better, tax-impacted, strategic business decisions. Sabrix's change modeling and planning capabilities enable our team to easily model the impact of policy changes."

The Sabrix Application Suite is integrated with Banfield's financial applications, leveraging purchasing and inventory data to manage use tax processing with consistent control. The veterinary practice easily integrated the systems for the most accurate determination, calculation, and reporting of tax while saving money on integration costs with their systems. Sabrix's ongoing administration requirements are minimal and will be handled primarily by Banfield's tax team, reducing the need for IT involvement and further lowering costs with more efficient business processes.

About Banfield

Banfield, The Pet Hospital is celebrating its golden anniversary in 2005. Founded in Portland, Oregon, in 1955, Banfield has become the largest privately owned veterinary practice in the world, with more than 450 locations across the U.S., in the U.K. and in Mexico. More than 1000 quality veterinarians at Banfield are committed to giving Pets the same level care that their human family members receive. Banfield hospitals offer a full-range of comprehensive medical services, computerized medical records, Pet preventive care plans, extended operating hours, and is the only veterinary practice in the world with an extensive quality assurance program. Banfield, The Pet Hospital helps extend the lives of more than 3.5 million Pets each year.

About Sabrix

Sabrix is the leading provider of Consolidated Transaction Tax Management software and services, enabling tax and IT professionals to manage sales, use and value-added taxes (VAT) with consistent accuracy, control, and efficiency. Sabrix's Transaction Services-Oriented Architecture™ provides a consistent way to determine, calculate and record any transaction-related tax to manage compliance and optimize cash flows, for a single application or on a global scale. The company's customers include BASF, Cendant, Cisco, DTE Energy, IBM and York International. Founded in 2000, Sabrix is based in San Ramon, California, with operations in Atlanta, Boston, Chicago, Los Angeles, New York, Portland, San Francisco, and London. For more information, go to www.sabrix.com.

Sabrix, Consolidated Transaction Tax Management and Transaction Services-Oriented Architecture are trademarks of Sabrix, Inc. All other company and product names are trademarks or registered trademarks of their respective holders.

Contact Information