A recent Aberdeen Group survey uncovered sales and use tax filing challenges resulting in audit penalties and interest in manufacturing to the tune of 2 percent of revenue per year. Not surprisingly, manufacturing leaders in the tax, finance and IT functions cited tax return preparation and filing as a top drain on the business. Plainly put, there is a significant amount of risk associated with penalties from inaccurate, late, or incomplete filings. Despite this risk, most organizations continue to try and manage the process manually with people and spreadsheets.
Costs associated with these penalties can be costly, which can hinder organizations of all sizes. Expenses can include both the actual cost of fines and the missed opportunity of the investments that could have been made if those fines had not been incurred. In fact, non-compliance brings opportunity costs in both money and human resources that could be better spent elsewhere.
View our infographic below for an overview of the current challenges in sales and use tax filing compliance and how manufacturing leaders who utilize sales and use tax filing automation software significantly reduce their risk and bottom line costs.
Click here for Full Size Sales Tax Filing Infographic