Diane Yetter, CPA, MST, is founder of YETTER, a sales tax consulting and tax technology firm.
It’s challenging for businesses that sell into multiple jurisdictions to manage their sales and tax functions. After all, there are more than 8,000 taxing authorities who make new taxes and rates changes at the rate of 48 per month.
Luckily, there are technology solutions that can help businesses accurately manage their transaction sales and use tax functions. Using the right system can help companies reduce errors, increase productivity, and avoid the heavy fines of a negative audit and the labor costs associated with correcting the mistakes that were found in the audit.
But implementing the best system isn’t as easy as flipping on a switch. It’s a process – one that involves research, participation by people who represent various departments in your company, an investment of resources and time, and most of all, a company-wide commitment to implementing the best possible tax-automation solution. Understanding your requirements so that you can select the most appropriate solution for your needs is just the first step in the project. Short changing this critical activity can lead to significant challenges later in the project. Gathering and understanding your requirements and developing a comprehensive test plan are the two most critical steps in the project and unfortunately the two most likely to suffer short cuts. Having the right members on the team will help ensure the solution meets all your needs – this means you need company wide support for tax – which is not the easiest task to accomplish.
I will have the pleasure of speaking about the best practices in both the approach and management of Indirect Tax Automation implementation projects at a complimentary workshop and luncheon sponsored by Thomson Reuters ONESOURCE Indirect Tax (formerly Sabrix, Inc.) in Irving, Texas on Tuesday, June 26, 2012. During this complimentary workshop and luncheon, I’ll discuss:
- Sales, Use, VAT, and Excise Tax Automation Concepts
- Best Practices Process in Transaction Tax Implementation
The folks at Thomson Reuters will also be on hand to discuss how you can leverage the ONESOURCE Indirect Tax global solutions for end-to-end tax automation. Hope to see you there!