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George Moroses
/ Categories: AvaTax by Avalara, Integrations & Enhancements, Consulting, Finance

What are the biggest struggles manufacturers face with regard to tax compliance?

  • Tracking thousands of SKU numbers that cross taxability rules or vary in taxability based on state
  • Getting the rates right and filing the reports correctly
  • Surviving an audit (which in this business is inevitable)
  • Keeping track of all the smaller jurisdictions and their special districts
  • Ensuring a seamless process that is audit-able
  • Figuring out what is taxable and what isn’t
  • Tracking use tax

As with other manufacturing processes, having a repeatable, consistent process with sales and use tax compliance means automation. Automating sales and use tax compliance with a solution that ensures that consistent, accurate process means a solution that delivers:

  • Accurate sales and use tax calculations for collections that take into account product taxability, location, rules and regulations.
  • An exemption certificate management process that enables digital collection and storage of exemption certificates as well as transaction association and timely renewals.
  • Flow-through returns processing that provides a liability worksheet for review for each return filed, empowering your company to have oversight and visibility to all your sales and use tax liabilities and remittance.
  • Best practices in managing your sales and use tax processes and easy access to all data in case of an audit.
  • Up-to-date sales and use tax rates and information.

Using an automated solution for sales and use tax compliance helps manufacturers and distributors stay up-to-date with the latest changes in sales and use tax information. Consistency, repeatability, and accuracy help to reduce audit risk and potential negative assessments. Critical features to look for in an automated solution:

  • Easy integration with your back-end financial applications and/or inventory management software.
  • Ecommerce integration capability.
  • Geospatial technology to ensure “to the rooftop” level accuracy for locations.
  • Accuracy and speed.
  • Accessibility of information—anywhere, anytime.

Contact Crossroads RMC to learn how the Avalara - AvaTax integration can benefit your company. 800.762.2077​

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Tips:  LX | BPCS | M3

Came across an article online from Lauber CFO’s, and thought I would share. Here is a checklist for things to consider in order to finish out the year and help you plan for 2016:

 

  • Are your accounting records up to date so that you can make a projection of how the current year will turn out?
  • Are all account reconciliations currently up to date to facilitate the closing of the books after year end?
  • Are there accounts receivable that should be reserved for or written off prior to the end of the year?
  • If your business carries inventory, do you need to plan a physical count as of the end of the year?
  • Has depreciation on your fixed assets been recorded during the year? Have you considered depreciation on current year additions?
  • Have all new asset purchases and bank loans been recorded on your books?
  • Are there any liabilities, for example, pending legal actions or warranty issues, which will need to be recorded prior to year end? 
  • Do you have a plan in place to properly “cut-off” revenue at year end to properly match revenue and expense?
  • Will there be bonuses, profit sharing contributions or discretionary retirement plan contributions paid prior to the end of the year? How will these payments affect cash f
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Some items in the manufacturing process may require a lot number. A quick and easy way to release the Shop Orders with lot numbers is by using the Multi-Level Shop Order Release.

Simply select the end item from the selection screen and use action 10 for the multi-level order release. At the bottom of the release screen is the field “Pre-Assign a Lot Number to Shop Orders”. Select 1 for the pre-assigned lot number assignment option.

This option will use the pre-assigned lot number on the shop order, if the lot number exists. If the lot number does not exist, the system will automatically create a lot number and assign it to the shop order for all items that are lot-controlled.

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Tips: LN | Baan

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