They say that in life there are only two certainties: death and taxes. But is that really all that’s certain? What about the inevitable tax code changes that accompany taxes? If you’re a CFO, a CPA, an accountant, or tax analyst, you’ll agree that the ever changing tax-landscape is a certainty as well. Since 2001 Congress has enacted over 5000 tax code changes — about 500 changes per year. This number does not include state and municipal tax code changes. The significance being that federal tax code is at least centralized, but keeping abreast of state and local tax code requires monitoring multiple jurisdictions, each with their own process. C-stores have a harder time keeping up with those changes than the federal ones. Changes to the tax code are inevitable and ubiquitous. With those changes comes constant pressure for vendors to stay up to date and keep ahead of tax management pitfalls. This raises the question, “How can an organization efficiently keep abreast of all this change?”
Aberdeen Group’s survey on excise and sales tax management (March 2016) revealed that organizations with comprehensive tax solutions, were significantly more likely to enjoy premier capabilities in their tax management (i.e. excise tax calculations, preparation, filings, etc.). Top comprehensive solutions not only improve tax processes but also improve other elements of financial management (i.e., more accurate real-time cash information, collaborative enterprise-wide data sharing, etc.) via integration with back-office systems and platforms. Automated updates and alerts constitute another benefit of such solutions. In other words, as this report will demonstrate, the capabilities afforded by fully loaded, comprehensive tax solutions effectively address numerous industry and organizational pressures around tax management.
To learn more, read the full report.