Why Microsoft Dynamics GP Customers Should Consider Adding an Indirect Tax Automation Solution
The High Cost of Transaction Tax
In the Global 2000, for every $1 billion in transactions, approximately $6M is wasted in transaction tax costs annually. Small-to-mid-sized businesses average more than $327K in annual costs to manage sales and use tax compliance.
Source: Independent survey by Tallman Insights and fielded by Mindwave Research
Like other areas of taxation, Indirect taxes are continually changing and increasing. Corporate tax rates are at an all-time high, as government agencies must solve their budget shortfalls. They look to increase indirect tax rates and audits for additional revenue sources. Simultaneously, auditors are becoming even more sophisticated at identifying errors and recovering taxes, putting an even greater strain on a company’s revenue. Due of constantly changing indirect taxes, companies of every kind throughout the world are struggling to achieve compliance. Faced with this type of aggressive audit environment, tax departments are more focused now on reducing risk by increasing accuracy, streamlining end-to-end automation, and centralizing control of tax determination and compliance.
Professional indirect tax software and Microsoft Dynamics GP integration enables corporations to:
Increase tax accuracy and compliance, including support for origin-based states and complex tax rules
Simplify the tax reconciliation process
Reduce the need for manual adjustments
To manage this ever changing and complex environment, indirect tax automation software makes more sense today than ever before for companies leveraging Microsoft Dynamics GP.
Blogger:
Steve Lebahn
Manager, Professional Services- Mid-Market/SMB
Thomson Reuters ONESOURCE Indirect Tax