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Article Excerpt
Protection against audits, obsolete data and changing tax laws is a necessity. The requirements of Sarbanes-Oxley have increased the importance of not only staying current with applicable laws, but also storing and maintaining specific records for future reference. As state and local jurisdictions constantly change tax rates, the task of tracking applicable sales and use taxes is clearly a job for a computer-based solution.
A quick perusal of the software applications reviewed here reveal there are multiple ways for a company to arrive at the correct tax solution. As with many other applications, the challenge is selecting the best fit for your company, its products and the way it does business.
The key consideration in that selection is a company's size and its geographic presence. A small company with few products and a local sales reach most likely will find one of the manual lookup applications a good fit. As the size of the company grows and its product list expands, a manual process may prove too cumbersome to maintain. In addition, if a company has multiple business or shipping locations, an integrated method of maintaining correct tax application may quickly become imperative, regardless of its size. When that point arrives, new considerations present themselves:
A. Which application will integrate efficiently with existing financial and accounting applications?
B. If there are several options for "A," above, which application will fit best with existing company practices?
C. Which application will be best at producing and maintaining reports the company routinely needs or are required for regulatory purposes?
D. Finally, as more companies begin conducting business globally, a key consideration is which application will deal effectively with international taxes.
The good news is that, regardless of company size, business type and location, there are a number of effective applications that offer efficient sales and use tax solutions.
By Glenn Gordon
BNA Simplifies Staying Current with Tax and Form Changes
Established in 1983, BNA Software specializes in publishing tax software applications...
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