How Constantly Changing Sales and Use Tax Rates Can Impact Customer Satisfaction
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For businesses engaged in commerce, it is a real challenge to stay on top of ever changing sales and use tax rates. One minor tax rate change can have a direct impact on your customers, costing your business significant time, money and resources.
In addition, the complexity of tax laws continue to increase every year, with constant changes in tax rates, and tax jurisdictions that often go beyond simple measures such as ZIP codes or municipality. And the risks to businesses for non-compliance are potentially severe.
The result from charging customers the wrong rate can have a significant impact on a business. Unhappy customers cause customer service issues, can have a negative impact on employee morale and have a substantial financial impact from processing refunds or collecting outstanding money owed.
All this means that maintaining tax compliance – particularly in today’s business environment, with everything from multiple distribution channels to e-commerce – requires planning and processes to become a smooth-running, cost effective part of your business.
Learn more about this important topic. Register for our upcoming webinar on May 23, 2017 and hear Geoff Grow, CEO and Founder of Service Objects, as he discusses:
- What sales and use taxes are and how they are calculated
- The concept of Nexus and when an out-of-state business is liable for collecting sales or use taxes
- What the Streamlined Sales and Use Tax Agreement is and why it doesn’t work
- Recent legal rulings that can affect your business
- The important role geo-location plays in calculating rates
- The impact on your business when your customers are charged the wrong rate
- The benefits of leveraging a third party data provider who is an expert in providing the most accurate and up-to-date rates in the US and Canada