How to find the best sales tax solution for your business

Published on
Feb 6, 2024
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When choosing a sales tax solution, getting it right the first time is important. If you go with a tax solution that isn’t equipped to compensate for your company's needs and demands, the consequences can be heavy. The wrong tax solution will result in wasted time and resources, fines for mistakes and then you're back to square one – not knowing where to turn.  

Becoming informed on what makes a good tax system is essential. Likewise, knowing what your business needs in a sales tax system can keep you ahead of potential missteps. But first things first. 

Do You Really Need a Tax Solution?

There’s no denying that sales and use tax compliance is complex. Complications stem from the evolving rules and regulations in the thousands of jurisdictions along with the continuous shift in buying behavior of consumers. The promise of upcoming growth in online buying and selling can and will alter your business' tax filing when collecting and remitting sales tax. Wrangling offline and online conduits can easily result in missteps, which will hinder growth and progress. Utilizing a sales tax solution can be a necessary tool to mitigate risk, streamline sales tax compliance, support financial growth and free up resources to focus on your business’ continual growth and expansion. 

We want to make sure you find the right solution the first time. 

Here’s how. 

Evaluate Your Businesses Needs 

As your business expands, so do your sales tax obligations. Meticulous preemptive evaluation will ensure you make the best decision right out the gate. No matter your company's size, it is imperative you dig deep into the following:

  • Know your business tax needs.
  • Understand the technology capabilities around your choice of software.
  • Know what reporting and automated utilizations your business will need.
  • Verify solution accuracy and performance.
  • Know the team expertise behind the software.
  • Verify the system's security approach.
  • Know if you need support for existing integrations.

This is just the beginning. We’re here to help you choose the right partner for sales tax automation from the get-go. 

How Does Business Growth Affect Sales Tax Compliance?

Change is the only constant thing in sales tax. From changing tax rates, rules, regulations to additional tax obligations. It is crucial to consider your future growing pains when seeking out a tax solution. Relying on old legacy solutions will leave you with penalties, fines and increase your audit risk. Hard-coded, inflexible systems will make it impossible to keep up. We have designed CereTax to be configurable, with the power to change, grow and adapt as your business does. 

What sets CereTax Apart?

CereTax doesn’t just track state laws, we bring the best-in-class sales tax calculation, situs determination, exemption management and deep analytics. 

An Intelligent Solution

CereTax is not just an sales tax automation platform, we provide an intelligent solution that will seamlessly connect all of your sales, financial and ERP systems to provide higher visibility and agility. We efficiently manage the end-to-end sales and use tax process. Through this you are always one step ahead, making the right choices with confidence. 

Tax Rules Driven 

We are driven by our intuitive rules engine. This enables us to handle custom data management needs such as tax determinations, tax overrides and custom tables. These rules are data-driven for jurisdictions across the board. We have been able to help companies essentially eliminate audit risk and put them in complete control of their rule configurations.

To efficiently map transactions to the tax engine, it requires properly configured infrastructure that can tax-sensitize them. This significantly reduces errors, leading to substantial savings during audits and refund reviews with consultants.

Proven Tax Decisions 

Explanations for taxability decisions along with statute and citation references are available at a transaction level right through the UI. With increased data visibility, we can back up every tax decision if an audit were to arise. 

Precise Tax Assignments

Pinpoint accuracy with our industry first, proprietary GIS method – even for remote locations. This includes the geolocation of the rate where your tax rate applies. With our in-house research staff, composed of accountants and JD's, we track all changes down to the citation for every taxable jurisdiction in the US and Canada to ensure all tax rates are accurate and constantly updated in the system. We will allocate taxes across multiple jurisdictions for physical equipment, pipelines, and other real property. Your business will benefit from latitude and longitude levels of precision. 

The Only True-Cloud Solution

A deeply integrated, true-cloud based tax engine will increase visibility and support. Our cloud infrastructure technology utilizes a true multi-regional solution with automatic failover. What does this mean? It means your customers will get the best experience and never time-out when making a purchase. No more time outs when processing a critical invoice. No more lost data due to transactional time outs. 

With CereTax you are no longer limited to antiquated technology and choosing between the same legacy systems that just can’t keep up with your business’ growth.

With a software solution like CereTax, you’ll have a team of professionals ready to help you navigate your business tax needs and challenges. You will never be left alone to your own devices again. We are here to offer new technology that is nimble, dependable, scalable, and can change as fast as the challenges your company faces every day. We provide a customer success model that lets you know you are valued and heard throughout your tax process. 

Ready to experience what new technology can do for you?

It’s crucial that you make an informed decision. Do your due diligence when choosing a tax engine. Contact us today to leave the limitations of legacy systems behind and move forward faster with CereTax.

Sources:

https://www.ceretax.com/solutions/sales-tax