CCH CorpSystem Sponsors New Report on Effective Sales and Use Tax Management
Wednesday, June 23, 2010
Posted by: Boomer Consulting, Inc.
CCH, a Wolters Kluwer business and a leading global provider of tax, accounting and audit information, software and services has sponsored a new report, Effective Sales and Use Tax Management: Reducing Errors and Increasing Productivity. CCH, under the CorpSystem brand, delivers integrated sales and use tax solutions that help manage compliance deadlines and risks, improve productivity and increase efficiency (CCHGroup.com).
The report, undertaken by Aberdeen Group, a Harte-Hanks Company (NYSE: HHS), found that top companies were able to dramatically reduce their corporate risk profile, and maintain sales and use tax (SUT) and / or value-added tax (VAT, for multi-national companies) compliance, by leveraging automated tax management tools. These tools range from tax calculation engines, filing and remittance systems, to audit control solutions.
Gaining visibility to state, regional or jurisdictional SUT requirements, while having capabilities to assess level of audit exposure and risk, has been a core priority among companies across all industries. As such, there is a continued need to leverage new technologies and services available to support SUT compliance initiatives.
The report found that the use automated tax calculation, preparation, filing and remittance is becoming more pervasive in a globalizing economy. Though such solutions are available, the benefits of audit exposure and compliance risk reduction can only be realized if these technologies are aligned with process improvements.
Over 100 companies were surveyed between March and April of 2010 to identify best practices and current capabilities in transaction tax management. The top-performing companies demonstrated that to achieve a high-level of success in managing indirect taxes (e.g., SUT and VAT) a strategic combination of process re-engineering and software automation should be implemented.
"Top-performing companies are growing steadily to include new sales territories and supplier relationships each day. With more responsibilities ahead to comply with the multitude of dynamic tax rates, Best-in-Class companies need to continue to leverage automated tax solutions to stay competitive,” explains William Jan, Senior Analyst of Financial Management & GRC at Aberdeen Group.
"Dedicating staff time to work with government auditors and / or correct tax mistakes creates additional operating costs – funds that could otherwise be invested in more productive activities. Best-in-Class companies demonstrate significant year-over-year cost reductions in audit penalties, fines, overpayments and corrective labor.”
This report is designed to provide guidance on effective SUT management in light of a heavily dynamic transaction tax environment.
About CCH CorpSystem
CCH CorpSystem offers end-to-end sales tax compliance solutions designed to fit users’ unique business requirements and workflow environments, from comprehensive and accurate rates to sophisticated calculation solutions and automated returns. CCH CorpSystem’s easy-to-implement integrations work with users’ accounting systems, online shopping carts and order management systems to reduce the time spent on researching tax rates, taxability rules and tax forms. For more information on CCH CorpSystem Sales and Use tax solutions, call 1-866-513-CORP or visit CorpSystem Sales Tax Solutions.
To Obtain a Complementary Copy of the Report
To obtain a complimentary copy of the report, please visit: http://v1.aberdeen.com/launch/report/benchmark/6591-RA-sales-use-enterprise-tax.asp.
About Aberdeen Group, a Harte-Hanks Company
Aberdeen provides fact-based research and market intelligence that delivers demonstrable results. Having queried more than 30,000 companies in the past two years, Aberdeen is positioned to educate users to action: driving market awareness, creating demand, enabling sales and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen for insights that drive decisions.
As a Harte-Hanks Company, Aberdeen plays a key role of putting content in context for the global direct and targeted marketing company. Aberdeen's analytical and independent view of the "customer optimization” process of Harte-Hanks (Information – Opportunity – Insight – Engagement – Interaction) extends the client value and accentuates the strategic role Harte-Hanks brings to the market. For additional information, visit Aberdeen.com or call 1-617-854-5200, or to learn more about Harte-Hanks , call 1-800-456-9748.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Wolters Kluwer is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.