As businesses expand their operations and sell more products and services across a growing number of jurisdictions or enter new industries, these changes bring about immense opportunities for growth. However, they also pose complex challenges, particularly in the realm of tax calculation and compliance. Navigating the intricacies of tax laws, regulations, and ever-changing rates across tens of thousands of jurisdictions and a multitude of different industries can be daunting without the right tools and systems in place. This is where a robust tax automation platform plays a pivotal role. Let’s dive into the ways a platform like CereTax is vital to your business’ success when expanding into new industries or selling into new jurisdictions. If utilized properly a tax automation platform can help businesses achieve compliance, streamline financial operations, and grow revenue.
Tax regulations are ever evolving, and each jurisdiction has its own unique set of rules and requirements. Complying with these regulations is not only crucial for maintaining legal and ethical standards but also for avoiding expensive penalties and fines or overburdening your company’s limited resources. A tax automation platform is specifically designed to remain up-to-date with the most recent tax laws, tax rates, and regulations across all federal, state, local, and special jurisdictions. When implemented, this software can accurately calculate taxes based on product types, customer locations, industry, and other relevant factors. By automating tax compliance processes, businesses can save valuable time and resources that would otherwise be spent on manual calculations, research, and perhaps audit defense.
Calculating taxes accurately can be a complex task, especially when dealing with varying tax rates, exemptions, and thresholds across different jurisdictions. A tax automation platform leverages advanced algorithms, rules, and databases to handle these complexities. By integrating with enterprise resource planning (ERP) systems, billing systems, or e-commerce platforms, they can seamlessly calculate taxes in real time while factoring in location-specific tax rates, product classifications, and customer information. This level of accuracy not only ensures compliance but also fosters customer trust by providing transparent and reliable tax information. Some more powerful platforms, like CereTax, even have a taxability matrix that can give your team citations of specific parts of the tax code.
When selling across multiple jurisdictions, businesses often face the challenge of managing these transactions efficiently. Each county or even smaller jurisdictions may potentially have specific taxes that need to be considered. A tax automation platform simplifies these complexities by automating the calculation and reporting of taxes within all relevant jurisdictions. By seamlessly integrating with custom systems and leveraging geolocation data, a tax automation platform can accurately determine the applicable taxes and assist in generating the required documentation for things such as an oil well in a specialized district. This streamlined approach helps businesses optimize their supply chain and reduce delays or errors associated with transactions that cross a multitude of jurisdictional boundaries.
In a competitive marketplace, providing a seamless and satisfying customer experience is paramount. When customers make purchases online, they expect a transparent and hassle-free checkout process. A tax automation platform enables businesses to display accurate tax amounts seamlessly during the purchasing journey, ensuring customers are aware of the total costs upfront.
As businesses expand their operations into new jurisdictions, they need scalable solutions that can adapt to changing tax landscapes. A tax automation platform provides the flexibility to in corporate new tax rates and regulations as they emerge, ensuring continued compliance across various markets. By automating tax calculations and keeping pace with regulatory changes, businesses can focus on their core operations and expansion strategies without being burdened by indirect tax issues.
Selling products and services into new jurisdictions or expanding into new industries offers tremendous growth opportunities for businesses, but it also introduces complex tax compliance challenges. To navigate these challenges successfully, a tax automation platform is indispensable. By automating tax calculations, ensuring compliance, streamlining cross-jurisdictional operations, enhancing customer experience, and future-proofing against regulatory changes, a tax automation platform becomes an essential tool for businesses to stay compliant with all tax laws and retain more of their hard-earned revenue.
Efficient tax management is crucial for businesses in today's complex regulatory landscape. Indirect taxes, such as general sales and use tax (GSUT), pose significant challenges for companies worldwide. To tackle these challenges, CereTax has developed an innovative tax determination and calculation system that will bring out an inevitable return on investment (ROI) for businesses as time goes on. In this blog, we will explore how CereTax's solution can transform tax management and deliver tangible compounding benefits for organizations.
Innovative Sales and Use Tax Determination
Traditionally, businesses have faced considerable complexities when it comes to calculating indirect taxes. These complexities include tax rate changes, product categorization, cross-border transactions, and compliance with various tax jurisdictions. Manual calculations and outdated systems often lead to errors, delays, and non-compliance risks, which can result in financial penalties and reputational damage.
CereTax's tax determination and calculation solution revolutionizes this process by automating indirect tax calculations with its innovative true-cloud platform. Powered by advanced algorithms, and a dynamic rules engine, the system accurately determines the applicable taxability and rates for each transaction, ensuring compliance and reducing errors. By automating this intricate process, businesses can achieve enhanced efficiency, accuracy, and scalability in their tax management operations.
Cost Savings and Improved Efficiency
Implementing CereTax's tax automation solution yields substantial cost savings for organizations. The automation of tax calculations significantly reduces the need for manual intervention, freeing up valuable employee time and resources. With increased efficiency, businesses can reallocate their workforce to focus on value-added activities, such as strategic planning and customer service, leading to improved productivity and business growth.
Moreover, the reduction in errors and improved accuracy achieved through CereTax minimizes the risk of audits, penalties, and disputes with tax authorities. The CereTax solution enhances its ability to find tax liabilities and errors over time, which gives you an inevitable ROI as your revenue retention increases.
Enhanced Compliance and Risk Management
Tax regulations are constantly evolving, and businesses must adapt quickly to remain compliant. CereTax's solution incorporates real-time updates to tax laws and regulations, enabling organizations to stay up to date with the latest requirements. This proactive approach ensures businesses can handle changes swiftly and accurately, reducing the risk of non-compliance and associated penalties.
Furthermore, the system provides comprehensive reporting and audit trails, enabling businesses to demonstrate transparency and accountability in their tax processes. This capability is especially valuable during tax audits, as companies can easily provide accurate and reliable data to tax authorities as well as their compliance partners, minimizing the time and effort required for audits and potential disputes.
Scalability and Adaptability
CereTax's tax determination and calculation system is designed to be highly scalable and adaptable, catering to businesses of all sizes and industries.
The solution's flexibility allows it to seamlessly integrate with existing enterprise resource planning (ERP) systems, e-commerce platforms, and other financial operations software. These integrations ensure a smooth flow of data between systems, eliminating manual data entry, and reducing errors. By leveraging existing infrastructure, organizations can implement CereTax's solution without major disruptions, while minimizing implementation costs, and decreasing the timeline for an ROI.
CereTax's tax determination solution is a game-changer for businesses grappling with the complexities of indirect tax management. Organizations who utilize CereTax benefit from increased revenue retention, simplified compliance, and improved efficiency in tax data management. The solution is engineered for scalability and adaptability which enables businesses to thrive in an ever-changing tax landscape. If you would like to learn more about how CereTax can help your business, schedule a demo today.
In the fast-paced world of business, time is a precious commodity. Waiting for reports to generate can be a frustrating and productivity-draining experience. That's why organizations today are seeking advanced reporting solutions that can deliver results quickly and efficiently. In this article, we introduce CereTax's cutting-edge reporting capabilities, designed to revolutionize the way businesses generate and utilize sales tax reports. With its lightning-fast report generation, customizable features, automated scheduling, and drill-down capabilities, CereTax offers a comprehensive reporting solution that empowers organizations to make data-driven decisions with confidence. We’ll look at five of CereTax's key reporting tools and features below and show how they can transform the sales tax reporting processes and unlock the true potential of your data.
Report Generation Speed:
Time is of the essence, and waiting for reports to generate can hinder productivity. CereTax’s reporting engine is designed to deliver lightning-fast reports. With our accelerated report generation, you can eliminate the frustration of long wait times and have your data available to you within minutes.
Customizable Reports:
We recognize that every business has unique reporting requirements. CereTax’s reporting module empowers users to create fully customizable reports tailored to your specific needs. With an intuitive and user-friendly interface, you can effortlessly design reports that align with your organization's metrics as well as its compliance and audit needs. Whether it's selecting specific data fields, applying filters, or arranging report fields, our powerful customization options allow you to create reports based on your specific business needs.
Reporting Scheduling:
Automating reporting tasks can significantly streamline workflows and save valuable time. CereTax offers robust report scheduling capabilities, enabling you to set up automated report generation on a predefined schedule so that your reports are automatically available at the same time every month without the need to generate them manually.
Report History:
Keeping track of past reports is crucial for monitoring trends, tracking progress, and conducting historical analysis. Our product's report history feature allows users to access a comprehensive archive of all generated reports. You can effortlessly retrieve and compare reports from various timeframes, facilitating in-depth analysis and trend identification. With this extensive historical record, you gain valuable insights into the evolution of your data, empowering you to make data-driven decisions with confidence.
Report Drill Downs:
When it comes to data analysis, sometimes you need to delve deeper into specific areas of interest. All of CereTax’s reports support a drill-down feature allows you to explore all of the data that went into you’re your specific reports. By providing sub-reports and transaction visibility, users can navigate through layers of data, analyze granular details, and gain a comprehensive understanding of the underlying factors driving their report results. With this level of data exploration, you can unearth valuable insights, finds answers for data anomalies, and make more informed decisions.
In today's competitive landscape, robust reporting capabilities are a necessity for any organization seeking to thrive. CereTax's reporting features combine speed, customization, scheduling, history tracking, and drill-down capabilities to empower you with comprehensive insights and enable data-driven decision-making. By leveraging our reporting tool, you can unleash the full potential of your data, uncover actionable insights, and propel your business towards success. Experience the power of our reporting capabilities and unlock the true value of your data today. Speak with a sales tax expert to see how you can unlock the true value of your sales tax data today.
As a business owner, you are responsible for complying with all local, state, and federal tax laws and regulations. One of the most daunting tasks a business owner can face is a sales and use tax audit — with CereTax you can stay out of harm's way. These audits can be stressful and time-consuming and can often result in penalties or fines. However, with the CereTax solution and our team of best-in-class tax partners, you can protect yourself from an audit and ensure that your business remains in compliance.
CereTax is a comprehensive tax management solution that helps businesses manage their tax obligations, reduce the risk of audits, and automate tax-related tasks. Here are some of the ways that CereTax can help you protect yourself from an audit:
CereTax gives your business automated compliance monitoring, which means that it continuously checks your tax filings to ensure that you are in compliance with tax laws and regulations. If there are any discrepancies or errors in your filings, CereTax will notify you immediately so that you can correct them before they become a problem.
CereTax has advanced analytics tools that help you identify potential issues before they become a problem. These tools analyze your financial data and identify any anomalies or patterns that could trigger an audit. By identifying these issues early on, you can take corrective action before they become a problem.
Our solution gives you real-time reporting, which means that you can access your tax information in real-time. This makes it easy to monitor your tax obligations and identify any issues that need to be addressed.
All your reports are stored within CereTax which gives you the ability to access and manage reports as needed. This allows you to respond quickly to any audit request. We also work directly with our compliance partners, who are tax industry experts, to ensure they have all the reports and documentation they need to keep you protected.
Finally, CereTax works in tandem with our compliance partners who can provide audit defense services, which means that if you do get audited, you will have access to a team of tax experts who can help you navigate the audit process. This can reduce the stress and anxiety associated with an audit and help ensure that you come out on the other side with minimal penalties or fines.
Protecting yourself from an audit is critical for any business owner. With CereTax, you can automate tax-related tasks, monitor your compliance, and access advanced analytics tools to identify potential issues before they become a problem.
[Alpharetta, GA] - CereTax, the intelligent sales tax solution, announced today the launch of its new user interface, designed to simplify the sales tax automation process for businesses of all sizes.
The new portal, which is part of CereTax's cloud-based tax automation platform, allows users to easily manage and automate their sales tax processes, including tax calculation, robust rules, and in-depth reporting. The interface was built with simplicity and ease-of-use in mind, allowing businesses to operate efficiently and without interruption.
"We are thrilled to launch our dynamic user interface for all of our customers. The new portal will allow us to continue to serve our clients with state-of-the-art sales tax technology while elevating the solution’s flexibility and user experience," said Mike Sanders, CEO of CereTax. "We believe that businesses of all sizes should have access to powerful sales tax automation tools, and the new interface was designed to make that process easier and more efficient than ever."
The new user interface includes a range of features, such as:
The new UI puts sales tax visibility, management, and reporting into a sleek user-friendly design. By simplifying the sales tax automation process, businesses can focus on what they do best — growing their business and serving their customers.
About CereTax:
CereTax is a revolutionary true-cloud sales tax automation platform. Our solution is engineered to simplify the sales tax process for businesses of any size, enabling them to save time, cut costs, and stay in compliance with sales tax regulations. Our dedication to customer satisfaction and continuous innovation drives everything we do.
For more information on the new features, check us out here.
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.
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.
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:
This is just the beginning. We’re here to help you choose the right partner for sales tax automation from the get-go.
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.
CereTax doesn’t just track state laws, we bring the best-in-class sales tax calculation, situs determination, exemption management and deep analytics.
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.
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.
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.
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.
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
For companies in complex industries, having an effective procure-to-pay (P2P) tax platform is critical to ensuring they are remitting the correct amount of sales and use tax on purchases. However, some older tax solutions aren’t built to catch on to the nuances that exist between application of sales and use tax on a sales transaction versus the purchase transactions. This often results in overpayments or underpayments. At scale, this can be an expensive oversight.
But first, let’s cover our bases.
What is a procure-to-pay system?
A procure-to-pay system, sometimes referred to as a purchase-to-pay system, is an integrated process created to support end-to-end transactions. This process is full of objective and subjective determinants. Structured and unstructured data that can be leveraged to determine the true nature of a transaction, which ultimately drives taxability.
It begins with goods and service requisitioning and ends with ready-to-pay files uploaded into your accounts payable system. There are a lot of moving parts within this process, and it requires a high level of teamwork between tax teams, IT, procurement and account payable teams. Without this collaboration, there is a significantly increased risk for discrepancies. In turn, audit risk increases as well.
Payment Discrepancies Happen…
The process of tax research and updating financial systems takes up a considerable amount of time and resources from in-house tax and IT teams. A typical P2P process can be filled with paperwork, process gaps, compliance issues and back and forth. It’s time-consuming and can be complicated. Even if the system is digital and frequently updated, it’s not always precise enough for today's ever evolving tax landscape. Meanwhile, tax authorities are increasing audit activity.
Getting tax calculations wrong within this process not only drains money from your business, but it can also incur tax penalties and interest, increases your audit exposure and more.
Procure-to-Pay Tax Automation Platform
Integrating a tax platform automates sales and use tax to improve the accuracy of taxes paid and accrued. How? Through a rule-based calculation engine. It applies constant tax logic across the procure-to-pay process, ranging from the requisition and purchase order page to the invoice reconciliation and approval stage.
This eliminates inconsistencies and human errors within the system. Adding a tax platform for your procurement process will reduce the burden and cost of continuous in-house research. Moreover, there will be less IT support needed to implement tax changes as this can now be managed by tax specialists.
Integrating a tax platform can maintain consistent tax coding which results in a reliable and repeatable process. Furthermore, you cancoordinate that single tax solution to your financial systems across the board for scalability and centralization.
You may want to consider automating your procure-to-pay process tax platform if:
· It is a challengefor your in-house team to keep up with the constantly changing tax
· Inefficiencies arise due to errors in tax coding decisions
· Increased audit activity reveals tax errors in procurement
· You are dealing with insufficient tax functionality in your ERP
Benefits of a Tax Platform in Sales & Purchasing
Create a Simplified Process
When utilizing a single tax platform for sales and purchasing you will see improved tax accuracy which will result in reduced audit risk. Not only will you spend less time on tax research and content maintenance, you will also experience a more reliable AP process with consistent tax coding.
Improve Supplier Relationships
Connecting with all your suppliers about shared data and documents becomes simple. It will also increase on-time payment performance by providing real-time visibility on transactions.
Increase Control and Minimize Risk
Improve strategic decision-making by providing a comprehensive view of your suppliers and spending from a centralized place. Through this you will be better able to control expenditure and minimize risk by having access to data.
Finding the Right P2P Tax Automation Platform
When it comes to finding the right P2P automation it’s imperative you ensure your choice is flexible and built to handle the nuances that accompany sales tax compliance.
The primary goal of an effective P2P tax platform should be to eliminate errors and ultimately avoid underpayments or overpayments of tax. The focus needs to be not just on the sales side of the business but on the procurement side as well. Keep in mind, most tax solutions don’t calculate a “variance”.
Many tax platforms calculate the tax, but don’t compare it to what the vendor charged. In fact, only CereTax returns the “variance” calculation to identify the over/under payment.
Usage matters
Oftentimes, usage variables involved in the P2P process are overlooked. Purchase-side taxability is more complex because usage variables are more subjective.
This subjective side lends itself to overpaid or underpaid tax. Vendors don't always know their customers are using the products they’re selling, often the vendor will default to taxing the good or service which results in overpayments.
What Sets CereTax Apart
When a company is audited by a state auditor, 90% of the examination will focus on purchase transactions. Same with a reverse audit looking for refunds. Whether it’s an overpayment or an underpayment, it’s an expensive problem to have.
Give us 30 minutes and we will show you CereTax’s indirect tax solutions can save you
countless hours and reduce risk when dealing with sales tax.
https://www.sap.com/insights/what-is-procure-to-pay.html#:~:text=Procure%2Dto%2Dpay%20is%20the,Receiving%20and%20reconciliation
https://simfoni.com/procure-to-pay/
https://simfoni.com/procure-to-pay/
https://kissflow.com/procurement/procure-to-pay-process-guide/
A procure-to-pay system, sometimes referred to as a purchase-to-pay system, is an integrated process created to support end-to-end transactions. This process is full of objective and subjective determinants. Structured and unstructured data that can be leveraged to determine the true nature of a transaction, which ultimately drives taxability.
It begins with goods and service requisitioning and ends with ready-to-pay files uploaded into your accounts payable system. There are a lot of moving parts within this process and it requires a high level of teamwork between tax teams, IT, procurement and account payable teams. Without this collaboration, there is a significantly increased risk for discrepancies. In turn, your audit risk increases as well.
The process of tax research and updating financial systems uses a considerable amount of time and resources from in-house tax and IT teams. A typical P2P process can be filled with paperwork, process gaps, compliance issues and back and forth. It’s time consuming and can be complicated. Even if the system is digital and frequently updated, it’s not always precise enough for today's ever evolving tax landscape. Meanwhile, tax authorities are increasing audit activity.
Getting tax calculations wrong within this process not only drains money from your business, but it can also incur tax penalties and interest, increases your audit exposure and more.
Integrating a tax platform automates sales and use tax and value added tax determination to improve the accuracy of taxes paid and accrued. How? Through a rule-based calculation engine. It applies a constant tax logic across the procure-to-pay process, ranging from the requisition and purchase order page to the invoice reconciliation and approval stage.
This eliminates inconsistencies and human errors within the system. Adding a tax platform for your procurement process will reduce the burden and cost of continuous in-house research. Moreover, there will be less IT support needed to implement tax changes as this can now be managed by tax specialists.
Integrating a tax platform can maintain consistent tax coding which results in a reliable and repeatable process. Furthermore, you can coordinate that single tax solution to your financial systems across the board for scalability and centralization.
You may want to consider automating your procure-to-pay process tax platform if:
When utilizing a single tax platform for sales and purchasing you will see improved tax accuracy which will result in reduced audit risk. Not only will you spend less time on tax research and content maintenance, you will also experience a more reliable AP process with consistent tax coding.
Connecting with all of your suppliers about shared data and documents becomes simple. It will also increase on-time payment performance by providing real-time visibility on transactions.
Improve strategic decision-making by providing a comprehensive view of your suppliers and spending from a centralized place. Through this you will be better able to control expenditure and minimize risk by having access to data and visibility.
When it comes to finding the right P2P automation it’s imperative you ensure your choice is flexible and built to handle the nuances that accompany sales tax compliance.
The primary goal of an effective P2P tax platform should be to eliminate errors and ultimately avoid underpayments or overpayments of tax. The focus needs to be not just on the sales side of the business but on the procurement side as well.
Keep in mind, most tax solutions don’t calculate a “variance”. Many tax platforms calculate the tax, but don’t compare it to what the vendor charged. In fact, only CereTax returns the “variance” calculation to identify the over/under payment.
Oftentimes, usage variables involved in the P2P process are overlooked. Purchase-side taxability is more complex because usage variables are more subjective.
This subjective side lends itself to overpaid or underpaid tax. Vendors don't always know the usage variable when it comes to their customers' purpose of purchase, and often the vendor will default to taxing the good or service which often results in overpayments.
This subjective side lends itself to overpaid or underpaid tax. Vendors don't always know their customers are using the products they’re selling, often the vendor will default to taxing the good or service which results in overpayments.
When a company is audited by a state auditor, 90% of the examination will focus on a purchase transaction. Same with a reversed audit looking for refunds, the examination will focus on that low hanging fruit on purchase transactions.
They want to know where you overpaid or underpaid taxes. Whether it’s an overpayment or an underpayment, it’s an expensive problem to have. At CereTax, we saw this recurring common issue and wanted to solve the unique problem that exists in determining taxability on purchase transactions.
We have been able to help leading manufacturers who were utilizing an old legacy solution. They were dealing with inaccuracies, lack of control over the rule configurations, risk associated with outdated content, and high cost of their old solution. We have been able to help these companies essentially eliminate the manufacturers audit risks and put them in complete control of their rule configurations.
To efficiently map transactions to the tax solution, 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. Want to see our process for yourself?
See how it works, here!
Give us 30 minutes and we will show you CereTax’s indirect tax solutions can save you countless hours and reduce risk when dealing with sales and use tax.
CereTax's VP of Product Strategy, Moshe Weingarten explains how CereTax was modeled to handle shipping differently from legacy platforms.
Sales tax automation is critical to your business and its success — you rely on it to process your transactions, build reports, and keep you compliant. You need your sales tax platform to always be reliable whether it’s a standard day of business, month-end reporting, or one of the busiest times of the year i.e., Black Friday. However, when your tax automation solution is only backed by a 99.5% uptime SLA, then you could be down for over 7 minutes per day, almost an hour per week, over 3.5 hours per month, and almost two days per year. While you wait, here are five few things you can do in 7 minutes if your system goes down during the day.
Joking aside, these critical minutes can hit at the worst time and when you need your tax platform to work the most. These setbacks can take a toll on your business and “just .5%” adds up when it comes to lost productivity and revenue. Most of the time, this does not even include the downtime for scheduled system maintenance, so you could actually wait even longer and risk falling even further behind.
So, what can you do? If you are using a legacy platform hosted in a multi-tenant environment, there isn’t anything you can do other than hope and pray your tax platform does not fail you at the most critical times. With a 99.5% uptime SLA, having an unreliable tax platform down for nearly two days per year can cost your business in a big way.
Your best option is to switch to CereTax — our 99.9999% uptime SLA will never let you down. CereTax runs mirrored, multi-regional east and west data centers. If all 3 of our primary facilities experience an outage, we auto-failover, in seconds, to 3 west facilities. With CereTax, maintenance windows and outages really are a thing of the past. We give you back your time and money, but most importantly — peace of mind.
If you want to see how CereTax keeps sales tax automation running as efficiently as possible and with truly minimal downtime, then watch this short video here:
The software-as-a-service (SaaS) industry has been growing rapidly in recent years, and with this growth has come increased scrutiny from tax authorities around the world. In many jurisdictions, SaaS businesses are now facing new sales taxes, which can have a significant impact on their bottom line.
One of the main reasons for the new sales taxes on SaaS businesses is the changing nature of the industry. SaaS businesses are now considered to be "cloud-based" services, which means that they are delivering software over the internet instead of through physical media such as CDs or DVDs. This has led to a rethinking of the way that software is taxed, as many tax authorities are now viewing SaaS businesses as service providers rather than software vendors.
In general, sales taxes on SaaS businesses are based on the location of the customer, not the location of the business. This means that if a SaaS business has customers in a jurisdiction that has a sales tax, the business must collect and remit the tax on behalf of the customer. In many cases, this can be a complex and time-consuming process, especially for small and medium-sized businesses that may not have the resources to manage this additional tax burden.
In addition to the new sales taxes, SaaS businesses must also be aware of other tax considerations, such as the potential for double taxation and the impact of taxes on their overall business strategy. For example, businesses may choose to structure their operations in a way that minimizes their exposure to sales taxes, or they may choose to pass the cost of the taxes on to their customers in the form of higher prices.
In conclusion, new sales taxes on SaaS businesses are a reality that businesses must navigate to stay competitive and remain profitable. While these taxes can be challenging, they also provide an opportunity for businesses to review their tax strategies and consider ways to minimize the impact of taxes on their bottom line.
By staying informed and being proactive, SaaS businesses can ensure that they are prepared for new sales taxes and are well positioned for success in the future. If you want to see how CereTax can manage sales tax for your SaaS business, fill out the form here.
ATLANTA, Nov. 28, 2022 -- CereTax, the sales tax automation platform, and OneBill Software, the modern agile billing and monetization platform, announced their integration and partnership, which will transform the way telecommunications businesses handle their sales tax automation, along with their billing and subscription management.
The integration between the CereTax and OneBill platforms will give companies the flexibility and scalability not found in many modern billing and sales tax solutions. This versatility is a must-have for the communications industry with the expansion of the "as a Service" marketplace and the abundance of new regulations that obstruct the day-to-day financial operations of businesses.
"This integration was built with the limitless scalability needs of the communications market in mind. The complexity of the communications industry compounds over time and we needed a powerful integration that could manage the difficulty of both subscription and billing management along with sales tax automation. This integration would not have worked without a revolutionary true-cloud sales tax platform that was built to manage that complexity and the world-class billing and subscription management platform that OneBill has established,'' said Brent Reeves, Co-Founder and CRO of CereTax.
The vast telecommunications, sales tax, and billing expertise on both teams created a partnership and integration that is a game changer for the communications marketplace and other multi-vertical industries. This partnership was built not only for the integration but also to change the way the billing and sales tax automation process is done for finance departments everywhere.
"We are thrilled to partner with CereTax to empower our Communications Industry customers with the capability to efficiently and effectively keep on top of their sales taxation obligations. It is another way that we can ensure that the revenue stream for businesses can remain airtight," said JK Chelladurai, Founder and CEO of OneBill.
The CereTax and OneBill partnership will make a massive difference in how finance departments handle the ever-evolving world of billing and subscription management alongside the multivariate world of sales tax management.
When describing a software as a service (SaaS) offering, one of the common terms used is flexibility. But what does that mean? Flexible configurations? Flexible interface? Flexible deployments? Maybe all, or none, of these?
When designing CereTax, we considered all these areas of flexibility, but also focused on one more – flexibility of customization.
After working with large enterprise clients and supporting their numerous indirect tax workflows in our prior business, we consistently had requests or requirements to implement a custom process, calculation, or extract. This was difficult to accommodate as legacy applications are typically not designed to support custom routines within a production system. The alternative was to create and manage custom code that did not impact or break other routines or create a separate code branch that varies from the main programs. This was challenging at best and a nightmare at worst.
Our strategy to solve this problem within the CereTax platform was to breakdown each key process into small, independent routines (called microservices) that are connected like Legos into a workflow. Each “Lego” has two mandatory requirements – to receive and understand the output from the previous Lego, and to send information along to the next one. This means that each microprocess can be completely customized as long as it adheres to the two necessary requirements.
One of the additional benefits of this approach is the ability to expand or streamline a client workflow as needed. For example, we might have a request to create a very complex tax situs routine that uses client-specific data. In that case, step 2 could become steps 2a, 2b, and 2c. As previously described, if step 2c sends along what step 3 needs, we can accommodate this customization.
The opposite of this example is also true. If a client needs a simplified workflow, we can remove unnecessary routines to streamline the process for efficiency. Only the required or essential functions would be included in this example to limit the steps needed to complete the process.
Obviously, there is much more detail to this design as each Lego must adhere to security protocols, accomplish key tasks, and support elements for rules and configurations. But from a design perspective, the Lego analogy holds true as the processes are separate pieces that are placed together.
What truly makes the CereTax flexibility approach unique is that customization does not impact performance, other client revenue streams, or reporting. The custom workflows can be independently assigned to specific revenue streams, integrations, or business units.
We look forward to demonstrating our approach on flexibility as we are confident it will solve many of the usual challenges that occur when accommodating custom requirements. Want to see how the flexibility of the CereTax platform can help manage the complexity of sales tax compliance for your business? Connect with our team here.
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Mike Sanders Co-Founder and CEO, CereTax |
ATLANTA, Sept. 21, 2022 -- CereTax announces its entry into the AT&T Partner Exchange ecosystem as a taxation partner. CereTax, a true-cloud sales tax automation platform, is joining AT&T Partner Exchange to assist companies with the complex world of tax calculation and compliance for the telecommunications industry.
AT&T Partner Exchange is a first-of-its-kind reseller program that puts the solution provider in the driver's seat. This program has a range of offerings including internet and network services, voice and collaboration, cybersecurity, cloud services, wireless and mobility, IoT, among other solutions. It allows partners to tap into a robust product portfolio, layer in your value-added services, and deliver tailored solutions to your customers — all powered by a network designed for the future.
CereTax, in its collaboration with AT&T Partner Exchange, eases the burden of sales tax compliance for customers, simplifies operations, and provides an advanced API to enable real-time calculations of all the various federal, state, and local taxes and fees. This allows solution providers to properly collect and remit the correct amounts from their customers.
"This partnership opens a lot of doors for us to help solution providers enter the market or expand their operations. We are really excited to work with a great partner like AT&T to better serve their customers by providing help in the tax and compliance marketplace," says Brent Reeves, Chief Revenue Officer at CereTax.
CereTax's entry into the AT&T Partner Exchange ecosystem will provide the platform to a wider range of customers within the communications industry. Customers will not have to stress when adding communications services with the CereTax sales tax automation platform that is scalable, fast, dependable, accurate, and secure.
Interested in becoming a CereTax partner? Click here.
While there are a variety of sales tax automation solutions, CereTax has gone a step beyond the rest with the newest technology, highest security level possible, a highly flexible API, and scalability not found in other systems.
Today, most sales tax software is delivered in the cloud via a SaaS (Software-as-a-Service). These tools automate the sales tax calculation process by integrating with the invoicing or ERP system typically via an API (Application Programming Interface).
When it comes time to create a customer quote or invoice, the ERP system will pass certain data elements (customer location, product, sales amount, etc.) to the sales tax platform which will then calculate the sales tax and pass back to the ERP system the applicable sales tax. This is generally done in real time in sub-second intervals.
There are two pieces of information required to calculate the applicable sales tax –
(1) Tax rates
(2) Taxability rules
These rates and rules can be managed in some situations without the need for a sales tax automation platform. For example, if you’re selling tangible personal property (generally taxable) in a few jurisdictions where the tax rates are easily accessible then a sales tax platform may not be necessary. However, if you are selling telecommunications services on a nationwide basis then a sales tax automation solution is a must.
Now, if you fall into the camp where you need a tax calculation solution, there are 5 specific areas that we invite you to explore as you navigate the tax calc landscape.
These are:
These are areas you can “poke and prod” your current sales tax solution provider on and see how they respond.
At CereTax, we wanted to offer the fastest transaction speeds and the highest volume throughput without disruption. To do so, we abandoned the old cloud infrastructure paradigms and built CereTax in a whole new way.
If you have ever...
If you’ve ever heard any of this kind of language or dealt with these issues from your current vendor, then it may be time to look into making a change. CereTax is built to meet the highest volumes and exceed the expectations of even the most demanding businesses.
Let us prove it to you — reach out to us about setting up a free Load Testing Environment.
You have built your business based on dependability and now you want to scale - but is your tax vendor keeping up with your needs?
If your answer is "yes" to any of these, then you need CereTax. We solved these challenges and many more by:
CereTax is the only solution built to automatically scale to meet your growing needs, when you:
At CereTax we did this by:
Other tax systems:
CereTax ensures your accuracy:
At CereTax we believe the measure of success of the business is not the top line or the number of customers, but rather success is the percentage of your customers who are raving fans. Here is how our approach is different:
At CereTax we handle customer success differently than the others. Oh, and one more bonus point…
Nothing short of the highest level of security is even an option.
With the constant threat of malware intrusions, cyber-attacks, and just everyday risks to any of your cloud-based solutions, security should be of primary concern. The 5 keys to our security protocols are:
Take a look at our comprehensive security protocol and compare how your vendor stacks up when it comes to speed, dependability, accuracy, support, and security.
With the constant advancements in technology, more and more companies are moving to cloud-based applications daily. Being on the cloud makes it easier for businesses to access applications across their entire organizations, but also opens them up to ever-increasing cyber security threats. Hackers are everywhere and attempted security breaches are inevitable. Even some of the most well-known companies have found themselves subjects of a security breach. Below are some tips to help protect your company’s data and yourself. These may seem simple or common sense, but some of the biggest data breaches have occurred because an employee was careless and clicked on a link in an email they shouldn’t have…
1) Always use a secure/private internet connection.
a. Public Wi-Fi networks are not secure, making them a prime target area for hackers.
2) If you must use a public internet connection, these will help prevent vulnerabilities.
a. Connect to a Virtual Private Network (VPN).
i. VPNs are used to defend against hackers by helping to hide your IP address, browsing activity and personal data. If your company didn’t provide you with one(which they should have), there are several highly rated VPN providers you can find with a quick Google search.
b. Always access a URL through HTTPS instead of HTTP.
i. HTTPS uses TLS (SSL) to encrypt normal HTTP requests and responses. As a result, HTTPS is far more secure than HTTP.
3) Never leave your devices unlocked or unattended.
4) Install anti-virus software that is setup to run automatically on a weekly or bi-weekly basis.
5) Beware of suspicious email links or websites.
a. Malware (malicious software) can be disguised as an email from a friend or a useful website.
i. Make sure to review the full email address of who it is from. At first glance it may look legitimate, but often there will be an extra letter or character in the email address, indicating this isn’t actually from Sue in Accounting, but rather a phishing scam or imbedded malware.
ii. Always review the full URL address of the website (without clicking the link).
6) Use a strong password that is not the same for any other devices and don’t keep this password with your computer or mobile device on a post-it note or easily accessible in a word document titled “my passwords”.
a. A password manager application on your computer and/or mobile device ensures your passwords are stored in an encrypted database.
b. It is also important to pay attention to the password requirements when signing up for an online service. If the company uses weak password requirements, there’s a good chance they don’t take cyber security seriously as a whole.
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These were just a few tips to keep your company and you safe when accessing cloud applications, but what is your current cloud provider doing to keep your company’s valuable data safe? How do they handle cloud compliance?
CereTax employs multiple regional data centers with multiple availability zones within each region. Your data replicates between the regions in near real-time, so your data is constantly backed-up if there was ever an outage.
When evaluating a new cloud provider, it is crucial to understand what security protocols they have in place. You should also continuously evaluate how your current provider is adapting its security measures to account for the“newest” threats.
CereTax utilizes enterprise-grade best practices to protect our customers’ data.
Continuous Security Control Monitoring
CereTax uses an automation platform to continuously monitor 100+ security controls across the organization. Automatedalerts and evidence collection allows CereTax to confidently prove its security and compliance posture any day of the year, while fostering a security-first mindset and culture of compliance across the organization.
Employee Trainings
Security is a company-wide endeavor and requires the utmost diligence from everyone. All employees should complete an annual security training program and employ best practices when handling customer data.
Penetration Tests
CereTax works with industry leading security firms to perform annual network and application layer penetration tests.
Secure Software Development
CereTax utilizes a variety of manual and automatic data security and vulnerability checks throughout the software development lifecycle.
Data Encryption
Data is encrypted both in-transit using TLS and at rest.
Vulnerability Disclosure Program
If you believe you’ve discovered a bug in CereTax’s security, please get in touch by emailing support@ceretax.com. Our security team promptly investigates all reported issues.
Does your current provider take security as seriously as CereTax does? Maybe you need to find out…
