Martin and Associates

The Year-Round Tax Problem

Accounting Today recently wrote an article comparing the various sales & use tax solutions to help you select the right service for your business. A lot of factors can play a role in choosing the correct software, including having multiple business locations, doing business in other states or countries, working with non-profits. All of these things could be subject to different tax rates or require tracking your current software doesn’t account for.

Major companies have the manpower to devote to sales and use tax issues. Your business may be smaller and needs to rely on a software solution to help walk you through the process and stay  up to date. Do your research to help avoid a major sales tax audit that results in an imposed error rate that can cripple your business.

The following products are highlighted in the comparison chart created by Accounting Today:

  • Avalara – AvaTax
  • Bloomberg BNA – Premier State Tax Library
  • Wolters Kluwer – CCH Sales Tax Office
  • FedTax – TaxCloud
  • Thomson Reuters – ONESOURCE Indirect Tax
  • Vertex, Inc. – Vertex Indirect Tax O Series and VertexSMB Tax Central

As you compare products, keep in mind what would work best for you. Would you like the service available in the cloud, in-house or hosted? What software do you need this to integrate with? What does it have the capability of looking up? Can it provide you with tracking of non-profit exemption certificates? See the below chart for more in-depth information:

Chart provided by Accounting Today – February 2016 issue.

For the full article (pages 18-19) and more of the February issue of Accounting Today, visit http://mydigimag.rrd.com/publication/?i=289211#{“issue_id”:289211,”page”:0}

 

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