This blog was last updated on March 13, 2019
Sales and Use Tax Process: Benchmarks and Best Practices for Retailers Webinar Recap
Thank you again for joining us on June 14 for our latest webinar, “Sales and Use Tax Process: Benchmarks and Best Practices for Retailers.” Mark Christenson and I shared results of a recent Aberdeen Benchmark Study revealing the unique challenges retailers of various sizes (Under $50 million to Over $2 billion) face today in indirect tax, providing a roadmap for ensuring compliance in today’s business environment.
As Aberdeen states in the report, “For today’s retailers, operating across multiple locations, online sales, and varied and changing mandates across jurisdictions is a recipe for disaster in sales and use tax (SUT) compliance. Retailers are spending a significant amount of time and money attempting to keep up, and many are still ineffective.”
According to the report, the biggest drains on the business are increased frequency and scrutiny of audits, administration of the myriad tax rates and rules, and issues with accurate tax return preparation and filing. Retailers also indicated only 73 percent of their returns were accurate over the past two years and their biggest risks were potential penalties incurred by failing to file in applicable jurisdictions.
Watch the webinar on demand to learn what capabilities are crucial for an effective compliance process and how leading retailers and are using sales tax technology to:
- Enable growth by removing the compliance barrier
- Enable strategies and drivers for change
- Achieve superior results
For more webinars and resources, visit https://learn.sovos.com/.
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Also of value, download the full Aberdeen study, “Reducing the Impact of Sales and Use Tax Compliance in the New Retail Environment.” This report reveals the unique challenges that retailers face today in indirect tax, and provides a roadmap for ensuring compliance in their new business environment.