Many companies understand that an ERP system results in greater efficiencies throughout an organization. The centralized system and automations of core functions in industries means an easier way to monitor all work aspects of the supply chain .But even the most ERP systems don’t always have an automated sales tax option, leaving back to office staff to manage the sales tax rate, rule, boundary, and taxability regulations manually.
Usually Accounting Managers or Controllers will quickly agree that this manual sales tax process is difficult to handle, especially when your company have businesses in multiple states Buys, sells, or resells multiple products and services that could be taxable at more than one rate Engages that requires the collection of sales tax, use tax.
The truth is that if you’re allocating to handle sales and use tax manually you are wasting valuable time, energy, and money on activities that don’t generate revenues.
AUTOMATION IS THE ANSWER:
A sales tax management that automates within your company’s existing framework is cost effective and easy to implement at any platform. 1 #ERP Accounting software solution has hundreds of integrations in it. And easy to manage and calculate your income taxes according to country.
Automated Tax Software:
- Rate changes (integrated sales tax solution that tracks ever-changing sales tax rates, rules, and boundaries saves time)
- Product and service taxability(apply a host of rules, sales tax holidays, and exceptions that only an automated system)
- Tax accuracy(RP includes storage and automated notifications, leading to increased accuracy and the correct application)
- Use tax(allows you to track transactions )
Here is another product you can visit “ https://www.hisaab.pk/income-tax-calculator-pakistan-2019-2020/ “ .