Making Managing Sales Tax Less Taxing in 2018 with Tax Automation Solutions

As you run closer and closer to the end of the year, it's not uncommon to start refelecting on the year that's almost past. With that reflection, many of you are natually thinking ahead to what you can do differently in the new year to make life easier and streamline your operations.

Before we officially kick off our ONE.Source curriculum in 2018, we wanted to end this year with a focus on a few topics that can help you sooner rather later.

Automating Sales and Use Taxes

Of all the tedious-yet-necessary activities that companies undertake in running a business, tax compliance likely tops the list. The calculating, filing, and reporting required for sales and use-tax compliance is not only time-consuming, it’s also costly and highly prone to error — a terrible trifecta that make CFOs and controllers cringe. The average cost of managing transactional tax compliance is more than $60,000 annually for small businesses and nearly $400,000 for large organizations.

Automating sales and use tax is a huge time- and money-saver for businesses. Forrester Research ran an economic impact study on several ERP customers and found that these companies had the equivalent of two accountants spending 70 percent of their time manually invoicing customers and determining sales taxes. After automating this process, these same companies saved the equivalent of 1.4 accountants’ time and expense annually (an average of roughly $385,000 over five years).

As you look at your year-end processes with an eye towards next year, we wanted to highlight a strategic partner: Avalara.

Avalara delivers an automated solution that helps you calculate, report on, and lodge your sales tax to meet your compliance and fiscal responsibilities with less manual processes. You can learn more about this solution, AvaTax, as part of our first Partner Showcase webcast on Dec. 6. 

ONE.Source Partner Showcase

As we researched this community, you told us that you were interested in learning more about partners and solutions that can extend the core functionality of SAP Business One, help address a specific business need, or streamline a cumbersome process. As we mentioned prior to the Biz.ONE Conference, complementary solutions will be a regular feature within our curriculum to help you get to know solutions that may help provide answers for your biggest questions or needs. 

In December, we are pleased to have our partners at Avalara joining us for the very first of these Partner Showcase sessions. I know many organisations using SAP Business One today have already taken advantage of their solution, but this is your chance to find out why and research them for yourself.

Register for the Webcast

The next day, SAP will continue their monthly webcast installment with a presentation on SAP Business One Partner Add-Ons and You. This will be a helpful follow-up to Avalara's session, conversations you may have had with sponsors at Biz.ONE, or to help you make a plan for 2018. 

Year-End Best Practices

To return to where we started at the top of this post, we have an exciting lineup of content over these final weeks that we hope will help you wrap up your year successfully and set a plan to make 2018 even better. With that, there is one more upcoming webcast I want to highlight. 

As a follow-up to my recent strategy-focused presentation, Aligning Your Strategy and Systems to Drive Results, we will look at best practices for year-end, as well as customer relationship management (CRM), on Nov. 30. Like our "Ask the Expert" webcasts planned for next year, this session is meant to be interactive and tailored to your interests, so please submit your questions in advance via our ONE.Source community forum.

Or let us know what other topics are taxing your brain as you look towards 2018.