Why a Tax Engine is Essential when Migrating to SAP S/4HANA
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Apart from determining if tax is owed and which items are taxable or exempt, the actual work of calculating sales and use taxes and filing the appropriate returns is both time- and labor-intensive.
Key steps include:
Determining which jurisdictions require returns (i.e., where you have nexus)
Identifying which forms to complete (sales tax only, use tax only, or a combined return)
Completing the correct forms
Filing on time (late or incorrect filing runs the risk of the assessment of penalties and interest and possibly an audit)
For some SMBs, an automated returns offering provides a time-saving solution. Those delivered via the cloud minimize a retailer’s hardware investment and automate update processes. In addition, a cloud-based solution allows SMBs to import tax data from any financial system to generate accurate and compliant returns. Services that charge on a consumption basis allow a retailer to pay only for returns it prepares (or those prepared for it by the tax management service).
For more information read 5 Steps to Simplify Sales and Use Tax for Retailers.
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