As sales tax continues to evolve in complexity, working with the right partner becomes more important. Currently, 47 states and territories in the U.S. are imposing state or local economic nexus standards. Regardless of the size of your organization, it can be difficult to stay up-to-date on sales tax changes. That’s why partnering with a company like Sovos can help you obtain sales tax peace of mind. We’re experts at understanding sales tax complexities, overcoming common integration challenges and are unique from our competitors.
Understanding sales tax complexities
Sales tax is critical for all businesses to think about. Whether you have a single location or operate in numerous states and jurisdictions, you are not too small for regulatory authorities to take notice. In a post-Wayfair world, federal, state and local regulatory authorities can digitally track and cross-reference transactions. Notices come faster, audits can be issued swifter and there is greater potential than ever before for your company to be faced with penalties and fines.
Regulatory authorities want to maximize revenue and shrink the tax gap. They are willing to use all available tools to do so and the increase in digitization only makes this easier. Businesses of all sizes must understand that they need to collect and remit all sales and use tax properly.
Sovos understands those complexities and will ensure that your company files accurately and on time, every time. Additionally, we realize that while no business is too small for sales tax, there are some industries that are more complex than others. Retail, direct sellers and software companies tend to have more intricate rules and regulations. Manufacturers also have their own considerations when it comes to sales tax compliance.
Overcoming 3 types of integration challenges
Sovos has also identified three types of integration challenges our clients face and we have developed a strategy to address them. Whether you use a leading accounting system (e.g., NetSuite, SAP, Microsoft) or have a customized process that meets the unique needs of your business, we can work with you toward better management of your sales tax requirements.
Additionally, for businesses looking to outsource filing and remove the manual burden, Sovos Filing Connectors allow you to connect popular ecommerce platforms and create a “set and forget” connection. This ensures you spend less time on data reconciliation and return submission. You can automatically pull your business’ transaction data into Sovos and reduce the manual burden on your team.
Standing out from our competitors
We have the knowledge and tools to be your one partner for centralized, ongoing global compliance. In addition to sales and use tax, Sovos has many clients that leverage our other compliance solutions (e.g., 1099, GVAT, e-invoicing), and we support organizations in more than 70 countries.
Our hands-on approach to implementation also sets us apart. From a client’s first Sovos encounter to implementation and beyond, they have a dedicated Sovos team to ensure they are fully supported. With an assigned project manager and designated technical resources, clients can rest assured that we will work together to align on business goals, requirements and systems to form a project plan. Sovos has proven experience with partners in the industry to assist on implementations where needed, and we ensure there are different levels of support available to meet your needs – now and in the future.
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