A Smart Way to Streamline Sales Tax Compliance

Of all the many ways cloud computing can make the work of the corporate tax department easier, sales tax compliance might seem minor — but in fact, Software as a Service (SaaS) is ideal for this area of taxation. Sales tax calculations involve multiple real-time transactions from a variety of sources: retail systems, call centers, automated phone systems and online e-commerce solutions.

Every one of these channels needs to feed sales information smoothly into your accounting application so your company can apply the relevant rates and rules and calculate the appropriate tax. You can’t afford to risk getting it wrong; the penalty for noncompliance can be as harsh as having your business shut down, says Bruce Krumlauf, Product Line Manager for Indirect Tax Business at CCH.

“Cloud solutions take the burden of monitoring the transaction off of you, the seller,” Krumlauf says. “You don’t need tech support, additional hardware or maintenance fees. It provides a plug-and-play service.”

Cloud-based solutions like CorpSystem® Sales Tax SaaS are designed to be easy for even nontechnical users to set up with a little help from their vendor or VAR, Krumlauf explains. The software is based on industry standards to integrate easily with accounting systems like QuickBooks, Microsoft Dynamics, NetSuite or Sage
Software.

CorpSystem® Sales Tax SaaS CORE, for example, automatically receives each transaction from your accounting or e-commerce system, calculates the sales tax, then returns the results back to complete the transaction. Since the calculations take place in the cloud, they put no extra burden on in-house systems.

In fact, cloud solutions can even replace internal systems: CorpSystem Sales Tax SaaS PRO automates the process of filing and remitting sales tax records, generating signature-ready returns or allowing CCH to do the filing and remitting on your behalf.

“When it comes to sales tax compliance, all the standard arguments for cloud computing apply: lower costs, high performance, scalability, ease of deployment, ease of use,” Krumlauf says. “But with Sales Tax SaaS, you also get the comfort level of knowing that the rates and rules driving the system are being provided by a company that’s considered one of the gold standards of tax research. We don’t just understand the technology. We understand sales tax, too.”

Learn more about CorpSystem Sales Tax SaaS.

 

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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