4 Reasons for Retailers to Automate the Tax Process
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Nancy Rieti
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More compelling than the reasons for retailers to automate their tax process are the significant benefits they reap as a result. These include:
- Consistency: Be confident that your company is in compliance with tax holidays, tiered taxes, thresholds and bracket taxes, just to name a few.
- Cost-effective compliance: Achieve the highest level of compliance at a greatly reduced cost when compared to manual solutions.
- Reduced audit exposure: Automation substantially reduces audit exposure, as well as the associated need for high cash reserves to cover penalties or class-action lawsuits.
- Simplified integration: If the automated solution is compatible with any point-of-sale, e-commerce or back-office system, retailers can be assured that tax is integrated across the enterprise.
- Frees up your tax department: Automation allows your tax department to focus on higher-value activities like tax planning, which yields immediate bottom-line improvements.
As retailers continue to implement new merchandise strategies and seek new revenue streams in an increasingly competitive industry fueled by heightened consumer demand, they face new challenges in the management of tax risk and compliance. The four reasons for tax automation outlined above are strong arguments for implementing an enterprise tax automation solution.
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