The Top 7 Reasons to Outsource Your Sales & Use Tax Compliance
Compliance reporting is time-consuming and – if not done timely or correctly – can cost your business thousands. Gathering sales/use tax data to comply with reporting requirements is painful. Doing business in more than one state means different reporting requirements. Cities, counties, and parishes require separate reporting for sales tax accrued within their boundaries. As a result, some businesses can be required to file hundreds of returns monthly.
Accounting software programs vary and may not be able to produce the perfect report for use in filing returns. Often these reports need some manipulation to back into gross sales or calculate other data accurately. If you don’t pay for a service that updates sales tax rates in every taxing jurisdiction regularly, you may be remitting too much or even too little sales tax with each monthly filing.
Finding time, and gathering data to complete each taxing jurisdiction’s compliance form can take away valuable time from your team. Many of our current clients were spending more on penalties for late reporting than our total fee for doing the review on their behalf. Outsourcing this process could be a force multiplier for your organization. Our clients see the biggest savings by eliminating this task and allowing their team to focus on more important areas. It also lowers their payroll expense. They are assured the tax rates are correct and they are not over or under remitting and no longer are they handing over additional monies to the state for penalties and interest.
Here are the top 7 reasons you should consider outsourcing your sales and use tax compliance to The Brennan Group:
7. We have a staff of professionals with over 100 years of experience in filing sales and use tax returns in every state in the country.
6. There is great peace of mind in knowing that your returns will be prepared, filed, and paid on time each month.
5. The timely filing discounts allowed in many states often cover the cost of our services. The savings your company realizes with the timely filing allowance could mean no out-of-pocket cost.
4. If a company files late, they lose the timely filing allowance (discount) and have to pay interest and penalties. This adds up quickly.
3. The convenience of outsourcing removes the burden of having in-house staff to do this work, allowing them to focus on other projects. Also, if the employee who prepares the returns leaves, your company is at risk of filing late or improperly. This creates more penalties with the state, and we have seen this turn into a major catalyst for audits.
2. The Brennan Group completely removes the PAIN of sales/use tax compliance.
And the number 1 reason to outsource your sales/use tax compliance to The Brennan Group is…
1. Fantastic Customer Service Unmatched By Any Other Firm In The Country!