Retail Picture Illustrates Growing Need for Tax Automation

  • May 17, 2016

Retail companies of all sizes confront serious challenges for “more” of just about everything these days.

Specifically, retailers face challenges related to selling through more channels; conducting business in more countries; adjusting to more merger & acquisition (M&A) activity; adhering to more rules and regulations; and tracking down more tax data that resides in more and more information systems.

Combined, these issues create a heck of a lot more complexity, nearly all of which finds its way into tax functions. Fortunately, there is a practical solution: more tax automation. Tax automation helps tax departments increase accuracy, streamline complex processes, and stay compliant.

A new infographic puts pictures (and some eye-opening stats) to the five major challenges retailers face; it also identifies six sets of questions retail tax professionals should ask when evaluating a tax automation solution that will lessen the amount of complexity they deal with.

Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.

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