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Greenphire Launches New Tax Capability to Ease Administrative Burden and Improve Compliance for Clinical Trial Industry
KING OF PRUSSIA, Pa., April 4, 2019 /PRNewswire/ -- Greenphire, the global leader in financial software for clinical trials, announced today that it has released a new tax capability for its customers, easing the administrative burden of reporting, tracking, and managing tax associated with participant payments. The new capability enhances Greenphire's existing 1099 reporting capability, while offering further control over the payment and reimbursement process. Additionally, this enhancement, which has been reviewed and certified by an independent tax advisory, makes ClinCard the only clinical trial participant payment software to support tax compliance.
Developed based on insights from sites and sponsors about their top payment challenges, the new tax offering aids in streamlining the tumultuous reconciliation process, replacing time and labor-intensive manual processes while enabling IRS tax compliance. Its automated functionality also reduces the risk of human error, saving sites from future financial and administrative headaches.
Greenphire's new tax capability for ClinCard customers includes the following features and benefits:
- Automatically determines taxability based on transaction type
- Automatically withholds a portion of taxable payments when Tax Identification Number (TIN) is unavailable / invalid
- Boosts efficiency with real-time, TIN validation, eliminating the need for site staff to manually validate TINs via a separate application
- Allows for configuation flexibility (i.e. withholding percent, thresholds, approach)
- Provides comprehensive reporting functionality, including a Taxable Payments report for enhanced remittance transparency
- Automates 1099-MISC production
"Taxes and compliance have always been part of clinical trials; there's no way around it," said Zach Hales, Product Manager, Greenphire. "We've watched the clinical trials sector struggle with the manual, often entirely separate processes, involved with accurately managing 1099-Misc forms and related withholdings in a way that isn't sustainable in today's accelerated drug development market. By working closely with our customers, Greenphire has developed and delivered an innovative solution that removes the administrative burden and allows them to focus on what's truly important – successful clinical trial outcomes."
Greenphire is the global leader in financial software for clinical trials. Greenphire's best-in-class solutions optimize clinical trial performance by streamlining payment processes from sponsors and CROs to sites and patients. Greenphire's ClinCard and eClinicalGPS solutions easily handle any type of trial design and complexity, resulting in more accurate and compliant payments globally for both sites and patients. ClinCard, a reloadable debit card, is the industry's standard in participant payment automation. To date, nearly seven million clinical trial reimbursements and stipends have been executed to more 1.2 million participants globally. Greenphire's eClinicalGPS is the site payment software of choice for global sponsors and CROs seeking to automate investigator grant payments. To date, eClinicalGPS has made over 1.3 million payments to more than 11 thousand sites in more than 200 countries – securing Greenphire's spot as the industry leader in global site payment automation. The company's newest product, ConneX, is the most personalized clinical trial travel solution designed specifically to meet the recruitment and retention goals of domestic and international clinical trials. The choice of industry leaders worldwide, Greenphire provides better performance and better data, resulting in better trials. Learn more at www.greenphire.com.