Simplify tax compliance around the globe with a scalable, end-to-end solution that offers automation, centralized reporting, and digital tax processes.
With Sage Intacct, our finance team has much more time to analyze data and take proactive action steps to improve our margins and bottom line, as opposed to worrying about data entry and processing spreadsheets. We have become a true business partner, as opposed to bean counter.
When you buy something from a business, you pay the price set by the seller and any applicable sales tax. This cost is passed on to the state or local government (the seller does not contribute to the sales tax cost or keep any money they collect from charging it). The amount of sales tax you pay depends on the rate set by the state or local government. When you sell taxable products or services, multiply the sales tax rate by the sum total of the items. For example, if your tax rate is 5 percent and you sell $1,000 worth of taxable products or services, multiply $1,000 by .05 to get $50 in sales tax due. Sales tax rates usually range between 4% and 8% of the product's sales price:
As you can see, there is a lot of room for error and confusion if you calculate monthly sales tax by yourself. Sales tax automation can help you eliminate errors and save time when working out your sales tax, so you can spend more time focusing on growing your business.
Ready to learn more about what Sage Intacct can do for your business? We are, too. Our product experts are here to guide you every step of the way.