Sales Tax 101: Questions To Consider Before Making A Critical Decision.
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This document discusses considerations for selecting sales tax software. It outlines questions to ask about business needs, operational processes, growth plans, and current tax compliance methods. Key factors include automation, integration, configurable rules, reporting capabilities, audit protection, and support for changing regulations. The goal is to choose a solution that maximizes compliance and allows a company's tax and IT departments to focus on other priorities.
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Sales Tax 101: Questions To Consider Before Making A Critical Decision.
- 1. Making software decisions should support your unique business needs and make your team more effective. When You Have… Accurate, timely data, smartly engineered processes and vendors that are a pleasure to work with then you have an authority in sales tax working for you! Sales Tax 101 Here are some of the questions to consider before making this critical decision. Consider Your Business Plan and Operational Model. Ask Yourself… What are my expansion plans — geographic, product SKU, sales channels, acquisition or all of the above? Do we understand, and are we prepared to handle, any sales tax complexities as we grow? What processes are in place today for sales tax compliance — manual research, disconnected systems or both? How much time do the Tax and IT Departments spend on sales tax compliance? Could their time be better spent elsewhere? Think about What’s Ideal. Ask Yourself… Would we benefit from a more automated process? Will a tool that makes setting up taxability rules benefit my workflow? How can I ensure my customers are providing a valid address? Is my Software as a Service (SaaS) specifically designed to handle the the fast pace of change in sales tax compliance? Examine Your Options. Ask Yourself… Does my accounting system have built‑in controls to monitor due dates and include role‑based privileges to ensure security? During each transaction can it tap into a centralized, configurable rules engine that can manage nexus, sourcing rules, exemptions and exceptions at a minimum? Can it produce management reports, detailed transaction reports and maintain a comprehensive audit trail? Will it be integrated fully and smoothly by knowledgeable and experienced sales tax experts? Assess Your Sales Tax Audit Exposure. Ask Yourself… How much of my product taxability for states’ rules and exceptions do I really know? Has my system been reporting accurately in the states where I have nexus? Do I have exemption certificates on file and a system to keep them updated? Am I collecting sales tax everywhere that I should be? What is my exposure level from a sales tax audit — low, high or “I don’t know?” Visit SalesTax.com and maximize your compliance! © 2015 CCH Incorporated and its affiliates. All rights reserved. There is only one more question to consider… How will you conquer the sales and use tax challenges unique to your industry? © 2015 CCH Incorporated and its affiliates. All rights reserved.2015‑0059‑10