Over the years, I have come to respect the uniqueness of our business and how we help companies comply with the myriad sales tax laws. Like most government mandated activities, businesses get absolutely no “value add” by completing forms, submitting information and remitting taxes and fees to government agencies. I have never heard of a business growing revenue or creating efficiency by complying with government red tape.
Because of this, TaxConnex is in the business of helping companies comply while minimizing the risk of non-compliance.
Sometimes I feel like our service is like insurance. That is…no one values the premium payment until the insurance pays a claim. Similarly, no one appreciates the monthly sales tax compliance costs until there is a notice or assessment from a jurisdiction.
We don’t make the rules, but we do our best to help businesses comply with them with the least amount of risk and cost.
I can’t promise you more revenue, but I can promise you a more secure business that does not have the financial risk of an uncertain government liability.
A few things to remember:
The more States in which you do business, the more government rules and regulations that apply. Make sure you know which rules and regulations apply to your business.
- If you plan to sell your business, you should expect to demonstrate a few years of compliance with the rules. Anyone interested in buying you will want to avoid uncertain government liabilities.
- Sales tax compliance should not be an after-thought in your business. It’s an important business process and when managed properly will minimize risk. However, if it is managed improperly or not managed at all, the risk will eventually catch up with you.
Like insurance, expect to pay your premiums in order to get peace of mind that sales tax is managed properly.