We understand not everyone considers sales and use tax a high profile business issue. Perhaps it’s because they don’t recognize the impact on:
- Growth — geographic or product expansion
- IT — optimal use of resources
- Capital — investment dollars well allocated
We’ve compiled insight to help frame the business impact of outdated or decentralized sales tax compliance processes.
- Can reach up to 2% of revenue —that’s $5M on $250M in revenue
- 97% of surveyed businesses have been audited in the last 5 years — 34% of those multiple times!
- SUT teams spend up to 35 hrs/month on purely administrative tasks — couldn’t that time be better spent?
States becoming more aggressive
- 23 states and counting have enacted some form of economic nexus legislation to drive new sales tax revenues