Use Tax Intricacies
If use tax was as easy to configure as sales tax it would come prepackaged with the ERP.
Aside from every company taking different positions on how use tax accruals are determined, the ability to configure them varies. The attributes required to properly determine what it is and how it's being used are often challenging.
A typical ERP configuration leaves the tax department with fewer options than capabilities. But that is different now with CypherTax and its flexible data analysis capabilities. There is no limit now to what can be used from the data sources to aid in making the appropriate taxability determination on your most complex scenarios.
Save It and Name It
Start with the list of functions that require a use tax determination, then set up each as a repeatable process. CypherTax will apply complex repeatable determinations during the period close activities to compute those taxes that have been otherwise relegated to estimates.
Being able to compute accruals with high levels of confidence can be achieved in minutes, with exportable journal entry data to finish the process. Additional reporting is provided for supporting documentation. Find out from one of our CypherTax team members how our accrual capabilities can relieve companies from some of their most complex and time consuming activities.