5 Ways a Tax Professional’s Job Changes with the Addition of an Online Marketplace

Woman fulfills online order

Implementing a marketplace is a major change for any company, but especially for the individuals tasked with managing it day-to-day. Below are five key changes tax professionals can expect to face now that they’ve taken on this new responsibility.

5 Ways a Tax Professional’s Job Changes with the Addition of an Online Marketplace, including: having a larger product inventory to manage, having a new type of client to communicate with, not always knowing who pays what tax, having to adhere to each state's strict requirements, and having to report two invoices for international sales.

Online marketplaces bring a whole host of new job duties for tax professionals. For starters, it has the potential to require you to manage millions of new products as well as manage the relationships with the companies (sellers) that sell those products. In many cases it will be unclear who – you or the seller – should collect the tax for the marketplace sales. Each state has strict requirements which are also not always well defined. Plus, you will be required to submit two invoices for international sales. With all of these nuances, tax professionals should consider automating what they can with a tax engine. 

Explore Vertex for Marketplaces

Accelerate your marketplace growth while staying in compliance with Europe VAT requirements.

Woman in cafe shopping online with laptop