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Selecting the Right Use Tax Preparation Service:
Key Consideration
This article aims to assist businesses in choosing the most suitable use tax preparation service provider to meet their compliance needs.
When selecting an outsource partner for tax preparation, a business must assess a range of tangible benefits, including cost savings, time efficiency, scalability, enhanced compliance, access to advanced technology, proactive support, and peace of mind. By outsourcing use tax services to a reputable partner, businesses can optimize their tax operations, reduce risks, and focus on strategic priorities to drive growth and success. Select a partner who can meet the following benefits for your business:
Business Benefits:
- Expertise and Specialized Knowledge:
- Access to expertise and specialized knowledge in sales and use tax regulations, ensuring accurate and compliant tax calculations and reporting.
- Benefit from the partner’s experience in navigating complex tax laws and regulations across multiple states or jurisdictions.
TBS Global Implementation Strategy
- Our team and qualified CPA and financial graduate who specialize in use tax and have in-depth knowledge of complex tax laws, regulations, and compliance requirements.
- We stay updated with changes in tax codes and understand nuances across different states and jurisdictions. Our clients gain access to this expertise, ensuring accurate and compliant tax filings.
Cost Savings
- Cost-effective alternative to maintaining an in-house tax team or investing in tax software and infrastructure.
- Reduce operational costs associated with tax compliance, including staffing, training, and software maintenance.
- TBS Global tax team resource cost is close to 70% cost savings compared to the US market.
- Our cost structure includes recruitment, standard software and hardware, training, and staff welfare.
- Our services can be classified as consulting fees, therefore, reducing the FTE impact on your bottom line.
Time Efficiency:
- Free up internal resources and personnel to focus on core business activities, such as revenue generation and strategic initiatives.
- Avoid time-consuming manual tasks related to use tax calculations, reporting, and compliance management.
- Our team can undertake mundane and or low value tasks form your core team to ensure that your direct team delivers on higher value productive tasks.
- Our team can also assist in general preparation and project-based tasks to allow greater scalability within your department.
Scalability and Flexibility:
- Scale use tax services according to business needs and seasonal fluctuations in sales volume or transaction volume.
- Benefit from flexible service offerings that can adapt to changing business requirements and growth trajectories
- TBS Global offer flexible service plans that allow businesses to adjust the scope and intensity of use tax services based on their current needs and projected growth.
- We work closely with our clients to understand their evolving needs, industry dynamics, and regulatory changes that may impact use tax compliance.
Improved Compliance and Risk Management:
- Mitigate compliance risks associated with use tax obligations by leveraging the partner’s expertise and proactive approach to regulatory changes.
- Minimize audit risks and penalties through accurate use tax calculations, reporting, and timely compliance.
Our team has expertise in dealing with tax audits, legal proceedings, or financial consequences of non-compliance can disrupt normal business operations. Resources that could have been allocated to business growth or development may need to be redirected to address tax compliance issues.
Access to Advanced Technology and Tools:
- Utilize state-of-the-art tax automation tools and software platforms deployed by the partner, enhancing efficiency and accuracy in use tax processes.
- Integrate seamlessly with existing systems for streamlined data management and reporting.
- Our clients can leverage form our advanced tax technology and automation tools, we streamline use tax processes and adapt our systems to handle varying transaction volumes efficiently.
- Our technology solutions are scalable and capable of handling large volumes of data during peak periods, ensuring continuity in service delivery without compromising accuracy or compliance.
Enhanced Reporting and Analytics:
- Gain access to comprehensive reporting capabilities and analytical insights provided by the partner, enabling better decision-making and financial planning.
- Leverage data-driven insights to optimize use tax strategies and identify opportunities for cost savings or process improvements.
- Our product of SAP cloud technology solutions is designed to integrate with leading ERP systems.
- Each solution is supported with reporting functions designed to assist tax managers evaluate reports.
- Our automation functions are designed to meet best practices and streamline communication.
Proactive Support and Advisory Services:
- Receive proactive support and advisory services from the partner, including guidance on use tax compliance best practices, industry trends, and regulatory updates.
- Access strategic insights and recommendations to optimize tax management strategies and mitigate compliance risks.
- TBS Global offers proactive planning and consultation services to help businesses anticipate seasonal fluctuations and plan for changing compliance requirements.
- We provide strategic guidance on optimizing use tax strategies, leveraging available exemptions, and managing compliance risks during periods of growth or transition.
How can TBS Global add value to your Use Tax Management Services?
A. Use Tax Calculation Services:
- Use tax calculation services involve determining and calculating the correct amount of use tax owed on purchases that were not subject to sales tax at the time of transaction.
- These services use tax automation tools or software to accurately calculate use tax based on transaction details, including item type, purchase amount, and applicable tax rates.
B. Use Tax Reporting and Filing:
- Use tax reporting services assist businesses in preparing and filing use tax returns with relevant tax authorities.
- Providers of these services ensure timely and accurate reporting of use tax liabilities across applicable jurisdictions, helping businesses maintain compliance.
C. Use Tax Compliance Monitoring:
- Use tax compliance monitoring services help businesses stay informed about changing use tax laws, rules, and exemptions.
- Providers track use tax obligations, monitor regulatory updates, and offer guidance on maintaining compliance with evolving tax requirements.
D. Exemption Certificate Management:
- Use tax exemption certificate management services assist businesses in collecting, validating, and managing exemption certificates from customers.
- Providers ensure that valid exemption certificates are on file for tax-exempt transactions, reducing the risk of use tax liabilities.
E. Technology Solutions for Use Tax Automation:
- Use tax technology solutions offer software platforms or tools that automate use tax processes, calculations, and reporting.
- Providers implement tax automation solutions that integrate with businesses’ existing ERP (Enterprise Resource Planning) or financial systems, streamlining use tax management.
- TBS Global has developed SAP Cloud based ecosystem to ensure process, time, and communication efficiency across reseller certificate management, Us tax compliance management and tax filing scheduling system.
[Click here to view TBS Global Synergy Tax Solution ecosystem]
How TBS Global impacts our clients with our Use Tax Preparation services:
“We have been working with TBS Global for our use tax compliance needs, and I cannot emphasize enough how valuable their services have been for our business. As a growing company with operations in multiple states, managing use tax obligations had become increasingly complex and time-consuming. TBS Global stepped in with their expertise and tailored solutions, making our compliance efforts seamless and efficient.
One of the standout aspects of TBS Global]’s services is their meticulous use tax calculation and reporting. They have automated processes in place that accurately calculate use tax based on transaction details, ensuring compliance with applicable tax rates and regulations across different jurisdictions. This has alleviated the burden of manual calculations and reduced the risk of errors in our tax reporting.
Moreover, TBS Global offers proactive compliance monitoring and advisory services, keeping us informed about changes in use tax laws and exemption requirements. Their team is always accessible and responsive, providing us with timely guidance and strategic recommendations to optimize our use tax strategies.
Overall, I am impressed with the dedication and expertise of the TBS Global team. They have not only helped us achieve compliance with use tax regulations but have also empowered us with the knowledge and resources to proactively manage our tax obligations. Partnering with TBS Global has been a game-changer for our business, allowing us to focus on growth and innovation while ensuring seamless tax compliance.
I would highly recommend TBS Global to any business looking for comprehensive and reliable use tax services. Their commitment to excellence and customer satisfaction is truly commendable, and we look forward to continuing our partnership for years to come.”
Customer Support and Accessible Communication Channels:
Relationship Management
Dedicated Account Manage
- Assign a dedicated account manager to each client as a primary point of contact.
- The account manager serves as a trusted advisor, understanding the client’s specific needs and providing personalized support.
Responsive Communication
- Offer responsive communication channels, including phone, email, and live chat support.
- Ensure timely responses to client inquiries and requests, addressing concerns or questions promptly.
Regular Check-ins and Updates
- Conduct regular check-ins with clients to review use tax compliance status and address any issues or challenges.
- Provide proactive updates on regulatory changes, industry trends, and best practices relevant to the client’s business.
Feedback Mechanisms and Continuous Improvement:
- Solicit client feedback through surveys, interviews, or regular reviews to assess satisfaction levels and identify areas for improvement.
- Actively incorporate client feedback into service enhancements and process refinements to deliver exceptional value.
Process Management
Transparent Reporting and Documentation
- Provide transparent reporting and documentation of use tax activities, calculations, and compliance efforts.
- Offer detailed insights into use tax liabilities, exemption management, and audit readiness.
Educational Resources and Training
- Offer educational resources, webinars, or training sessions to empower clients with knowledge about use tax regulations and compliance strategies.
- Enhance client understanding of tax concepts and requirements to facilitate informed decision-making.
Compliance and Audit Management
Proactive Compliance Monitoring
- Implement proactive compliance monitoring tools to track use tax obligations and notify clients of upcoming deadlines or requirements.
- Alert clients to potential compliance risks and provide recommendations for mitigation.
Audit Support and Preparation
- Offer comprehensive audit support and preparation services to assist clients during tax audits or compliance reviews.
- Prepare necessary documentation, facilitate communication with auditors, and ensure compliance with audit requirements.
Customized Service Levels
- Tailor service levels and communication preferences to align with each client’s unique needs, preferences, and business objectives.
- Offer flexibility in service offerings to accommodate changing requirements and growth trajectories.
