TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022.
The nationwide survey, conducted by In90Group in September of 2021, is composed of responses from 100 top finance professionals in a variety of industries on their thoughts and experiences in managing sales tax.
“We learned a lot about the worries of finance professionals in our first annual survey last year,” explained Brian Greer, CRO of TaxConnex. “By continuing the survey this year, we are able to build on that information and really put into practice the best ways to alleviate the burden of sales tax on our clients and prospective clients.”
Much of this year’s survey reveals similar results to last year with some interesting responses into how the pandemic altered the way businesses operate and how those changes have impacted sales tax obligations and processes to manage compliance.
Survey highlights include:
The top barriers to meeting company sales tax needs were similar to last year with “Time and resource bandwidth” getting 35% of responses and “Lack of internal knowledge” getting 27%.
The majority of companies are still managing sales tax internally (even with bandwidth issues) with respondents answering that 40-57% manage sales tax in-house, depending on the specific task mentioned
74% of respondents reported that online sales as a percentage of revenue have increased in the last two years.
60% of financial professionals are not completely satisfied with the way they are managing sales tax