This blog was last updated on October 5, 2023
Exemption certificate management can be an extremely time-consuming and costly challenge for businesses, especially as their organization expands into new jurisdictions. How can you ensure that all customer and exemption data is correct? Is any data missing? If your team is still utilizing a manual process, are you positive that nothing was overlooked?
For growing businesses with increasing obligations, it’s essential to stay compliant throughout the exemption certificate management process. Sovos CertManager can help you get there. Here’s how:
My business is growing – what’s the problem?
Let’s say that you’re a tax manager for a company. Your business is growing and now you need to collect sales tax in jurisdictions where you’ve never had to collect in before. If those exemptions are not handled properly, your company is at risk of a penalty during an audit.
But what are the right forms? What needs to be filled in for the form to be valid? Does your team know the rules (which can vary by jurisdiction or even the type of business your customer is in) to accurately validate every time?
How can you streamline exemption certificate management?
What if you could automate collecting? All customer data, exemption data and certificate images could be imported in minutes. Email tools can quickly eliminate any documentation gaps (e.g., missing, invalid or expired certificates). The responsibility can be shifted back on your customer to provide compliant data.
Additionally, exemptions could be validated in real time, instantly calculating the accurate tax on even the most complex transactions. Having complete visibility into which certificates are valid, missing or set to expire can help reduce your company’s audit risk. From form to signature, invest in a tool that captures the information needed for your increased audit defense.
How Sovos CertManager can help
Sovos CertManager gives you the confidence to grow into areas unresearched by your team. Powered by Sovos’ regulatory research team, your exemption certificate obligations are already accounted for, so you know what is required for every transaction.
We know that your customer experience is important to your brand. Enable CertManager’s actionable workflow and retrieve higher than average returns and have the peace of mind that your business is better prepared for an audit.
Take Action
Still have questions about how Sovos CertManager can help your growing business with sales tax? Reach out to our team to learn more.
