Many businesses save money and time by outsourcing their sales tax compliance matters to specialized consultants. Here are five reasons to consider hiring sales tax consultants for your business.
5 Reasons Why You’ll Benefit from Sales Tax Consulting
1. Better Compliance Reduces Audit Risk
Specialized sales tax experts will help your business remain in compliance with all of the nuanced sales and use tax laws. Sales tax laws vary by jurisdiction, and tracking them across all 50 states becomes complex. Consultants know what the different states’ tax laws are, and they’ll help ensure your business is able to meet all of its reporting and collecting obligations.
With a consulting service, you can rest easier knowing that filing deadlines will be met, and audit risk is reduced. The likelihood of a sales tax audit is minimized, and you’ll be less likely to face penalties and interest if your business does go through one.
2. More Efficient Exemption Certificate Management Reduces Administrative Overhead
Managing sales tax exemptions is one of the biggest challenges related to sales tax. While poor certificate management increases audit risk, you don’t have to go through an audit to feel the pain of this challenge. Many businesses spend a lot of administrative resources on simply managing the exemption certificates that are on file.
A sales tax consulting service will help you digitize, automate, and otherwise update your business’ exemption certificate management system. Even if you never go through an audit, what your business saves in administrative costs alone will likely be significant.
3. Assistance With Potential Sales Tax Audits
Your business will hopefully never go through a sales tax audit, and you’re less likely to when using a sales tax consulting service. Should your business ever face an audit, though, the service will help navigate this process. They’ll know both how to go through the various stages of an audit and how to best reduce any tax liability that your business may have.
4. Help With Other Tax Matters
If your business needs help with other tax matters, sales tax consulting firms can often assist with additional tax issues. For example, a consulting service can likely also assist with corporate tax returns and audits arising from tax issues other than sales tax.
Because the tax services that consultants offer do vary, discuss any additional tax help that your business might need before choosing a specific consulting firm.
5. Focus on Your Business’ Core Competencies
Navigating the nuances of sales tax probably isn’t one of your business’ strengths, and sorting through the intricacies takes resources away from other aspects of your business. By outsourcing sales tax matters to a professional who’s familiar with the details, challenges, best practices, and solutions, your business will be more able to focus on its core competencies. You won’t have to expend so many resources on tax matters, and can instead invest in what will grow your business.
Speak With an Experienced Sales Tax Consultant
If your business could use help with sales tax issues, contact FAStek. Experts in all things sales and nexus tax, we’ve worked with many businesses on exemption certificate management, state and local tax issues, and tax compliance matters.
Talk with one of our experienced sales tax experts to learn more about what our comprehensive sales tax consulting services could do for you.