In fact, if you’re looking to find options sooner than later, consider using our free software search service. Whatever your current software setup, there’s a sales tax system that can automate an otherwise labor-intensive process. These systems can communicate with other software to ensure that the management of sales taxes is as efficient as possible. If your accounting/ERP system doesn’t have a sales tax module, there are a number of standalone sales tax systems. Many ERP packages have sales tax modules available as an integrated piece of the software. Sales tax software is fairly flexible in terms of deployment options. When an audit does come you will not be forced to spend the time finding and organizing your customers tax exemption certificates. This will ensure that you are not making tax free sales to customers without valid exemption certificates. You will be able to set triggers to alert you when tax exemption certificates expire. Many sales tax packages have methods for electronically tracking these tax exemption certificates. However, if you’re facing an audit, improper management of your customers’ exemption certificates can cost you large sums of money. In your list of priorities this can easily sink to the bottom. Tax Exemption Certificate ManagementĪn often overlooked aspect of sales tax compliance is the management of sales tax exemption certificates. The entire process can be accurately completed in a matter of minutes. No longer will you spend hours compiling sales tax returns for each state you sell within. The good news is that sales tax software will automate the preparation and filing of these returns. Preparation of these returns can turn into a nightmare, especially if you’re selling products across state or provincial borders. Find the highest rated Corporate Tax software in Canada pricing, reviews, free demos, trials, and more. Once sales taxes are charged to a customer, you are required to also file sales tax returns. Compare the best Corporate Tax software in Canada of 2022 for your business. Automate Sales Tax Returns With Sales Tax SoftwareĬharging customers for sales taxes is half the battle. This will also ensure that you are accurately charging for sales taxes and not subject to fines or penalties. Instead of paying a staff member to look-up tax rates, you will instantly see correct sales tax rates on invoices. The software will then use the customer’s address to apply the appropriate sales tax rate to an invoice. Whether you are selling to a customer two towns away or across international boundaries, there is a solution to you. These tax rates are constantly updated to ensure their accuracy. A sales tax system consists of a database of all applicable sales tax rates.
A solution that will automatically apply appropriate sales tax rates to invoices can save valuable time that can be more profitably applied to other tasks. This process, although relatively simple, can become time drain. Then after you find the correct tax rate, you must apply it to the sale. How many times in a month are you looking up a sales tax rate and applying it to an invoice? How many times in a year? If you’re selling products to customers in different locations, you’ve probably spent a fair amount of time looking up taxes.
Sales Tax Software and the Automatic Application of Tax Rates
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