When New York first passed its law defining what constitutes a “vendor” subject to collecting sales tax in the 1980’s, the idea of online shopping sounded like science fiction. In retrospect, NY may have effectively enacted the first “economic nexus” law when they drafted their definition of “vendor” to include a person who regularly or […]
Procure to Pay Process – ASUG Survey Finds Sales and Use Tax Obligation Blindspot – INFOGRAPHIC
Americas’ SAP Users’ Group (ASUG) survey of finance, tax, procurement and IT professionals reveals a continued proper sales and use tax obligations blindspot in the procure-to-pay process.
Large geographically dispersed manufacturers, wholesalers and financial services organizations have varied and complicated purchasing processes and channels. As these organizations grow and purchase from an ever-growing stable of suppliers for their business needs, they will encounter a number of sales and use tax compliance challenges.
The following infographic highlights some of these key challenges and how your peers are managing vendor overcharges and undercharges on invoices that contribute to significant audit risk within their organizations.
Click for Full Size Infographic
Download the ASUG white paper, “Risky Business, How to Beat the Inefficiencies of Tax Compliance on Purchases,” to learn:
- The clear and present risks associated with an increase in audit frequency and scrutiny on sales tax, and in particular, use tax, on purchases.
- Current processes and technology your peers are using across the procure-to-pay process for tax compliance with varying results.
- The necessary steps to reduce risks and burdens of tax compliance on purchases across your organization
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