What is one of the biggest challenges to running a successful eCommerce store?
Taxes. More specifically sales and use tax.
Fluid would certainly be one way to describe the world of tax. It’s a world where change is inevitable and not being knowledgeable and compliant is both risky and quite possibly costly. If you are like most eCommerce retailers, you want to sell your product(s) everywhere you can. The more geographic areas your eCommerce store reaches the greater the sales potential. The downside? Navigating the troubled waters of tax rules and regulations.
Did you know that there are more than 12,000 state and local tax jurisdictions in the U.S.?
And their rules and regulations are constantly changing!
Given the unprecedented changes to both selling and buying behaviors resulting from COVID-19, businesses large and small across the country are responding to a new economic reality; a reality in which e-commerce is playing a greater role. And many predict that the role of eCommerce will continue to expand with its changes being here to stay.
So one can surmise that with fundamental changes in how people shop and purchase in favor of eCommerce businesses, more tax regulations and increased potential for audits will not be far behind.
What’s an eCommerce business owner to do? The smart bet would be to manage your entire sales and use tax process with tax technology automation from a provider like Vertex, a Kadro technology partner.
- Over 40 years experience in tax technology
- More than 4000 customers
- Their solutions are used by over 55% of the Fortune 500
Vertex Indirect Tax is designed to manage the end-to-end tax lifecycle — automating calculation, returns, and exemption certificate management in a single solution. The system integrates with your Magento eCommerce platform (You are on or considering Magento for your eCommerce needs aren’t you?) to deliver accurate tax calculation on every sales transaction.
With Vertex Indirect Tax:
- Charge Your Customers the Correct Tax on Every Sale
- Pay the Right Tax on Your Purchases
- Get Accurate Tax Reporting and generate signature-ready returns
VERTEX offers other tax solutions as well for things like payroll taxes, lease taxes and more.
Read more about Vertex solutions by visiting the Solutions page of their website.
Tune in to one of their informative webcasts by visiting their Webcasts and Events page.
Don’t let taxes get in the way of your eCommerce business.