The Hidden Costs of Your Manual Sales & Use Tax System
Posted on September 9, 2013
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What you don't know can't hurt you, right?
If something is hidden, it’s out of sight, and many times, out of mind. Sales and use tax compliance presents risks and costs, of the apparent and the hidden variety, for businesses of all sizes. However, sales and use tax compliance is rarely first on a business’ radar when the discussion turns to reducing risks and costs.
Unfortunately, it sometimes takes a bad experience, like an audit or even a string of notices, to remind business owners of the critical importance of accurate sales and use tax calculation, collection and remittance. Unfortunately for business owners, many other costs and inefficiencies of sales and use tax compliance are hidden. Hidden costs and hidden sources of risk are often magnified in a manual system.
Here are five areas where hidden costs can wreak havoc on your business overhead and bottom line:
Reporting and analysis
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