In light of the Wayfair decision, and due to recent new hires in a new state or increased online sales, you’ve determined you meet sales tax nexus thresholds outside of just your home state and now you have to collect, file, and remit sales tax in multiple states. What a headache. To make matters worse, this is a compliance issue, so you must act. What do you do?
Well, you have three options to address this compliance obligation. You can:
- Try to manage everything in-house
- Outsource tax compliance to an experienced provider
- Do nothing and roll the dice…
Many businesses fear outsourcing this piece of their business because they want to maintain control over the process. However, they worry about the associated risks, and still having the liability fall on them.
In fact, outsourcing can save you time and money, as well as reduce the burden on your current staff and remove that risk and liability. Here are 6 benefits of outsourcing your compliance to an experienced sales tax compliance service provider:
- Reduce burden on internal staff that have roles outside of sales and use tax
- Improve efficiency and accuracy, while freeing up key resources to focus on other higher-value tasks
- Reduce costs associated with hiring and benefits of an employee dedicated to the process, and of additional software needed to maintain compliance
- Minimize risk by leveraging an expert who won’t make missteps that can come from someone not working in sales tax everyday
- Leverage the knowledge gained from other clients that can be applied to your business
- Support when you need it. Having an expert available to you for questions or concerns without adding extra stress to your own team can make a huge difference with all the changes happening in sales tax
With even more changes coming in 2021 from many of the 10,000 taxing jurisdictions, sales tax compliance is clearly a specialty and not getting any easier. If you’re looking to reduce costs, increase efficiencies and minimize the substantial risk of noncompliance, reach out to a sales tax expert. Consider working with TaxConnex. Contact us to learn what it means when sales tax is all on us.