By: Editorial Staff, Date: August 23rd, 2022
What is sales tax?
By way of background, sales tax is applied to the sales or purchase of consumer goods and services, at a percentage of a price.
Typified as a consumption tax, it is usually imposed and collected at a point-of-sale transaction. Once collected, sales tax would be remitted at a set time to the proper taxing jurisdiction.
Choosing the right software to ease your compliance process
The ever-evolving tax rules and growing tax complexities shouldn’t impede business growth. Choosing the right technology for your sales tax compliance offers key benefits that span cost reduction, operational efficiency, real-time tax determination and calculation, increased focus on the business’ key priorities, and well-managed sales tax obligations.
Sales tax management of businesses
Utilizing its Sales and Use Tax Pressure Index, Sovos has recently surveyed 250 individuals from small and medium-sized businesses to learn about their concerns on sales tax management and administration.
While there is increasing pressure on the compliance issue, all too often, these businesses are more impacted due to issues with resources compared to larger businesses that are within their reach.
A significant percentage (80%) of the respondents revealed that automation would ease the burden of their business’ tax management process. While 50% showed that the IT department is feeling the pressure, 35% also showed a distraction from the business’ key activities.
And still, there are other tasks explicitly preferred other than doing the sales tax process.
Solve tax for good
Take your next step now into tax compliance! It doesn’t have to be burdensome to keep sales tax management under your control. Sovos is a global company built for modern tax. Reach out to the expert and stay ahead of ever-evolving tax regulations.