Sales and use tax impacts companies of all sizes, and unfortunately, most companies don’t get it 100% correct. Companies either have exposure under audit, or more money going out the door than required. Additionally, most companies don’t have dedicated staff or experienced staff making the sales and use tax decisions when invoices (purchases) are submitted to the company for payment. Consequently, companies need a solution that limits exposure, and saves staff time. LBMC, PC has a tool that does just that.
Our tool can help your company not only reduce sales and use tax overpayments and underpayments on purchases, but can also reduce the time your accounting group takes to complete the company’s monthly use tax accrual.
Even if your company currently has an automated process, our experience shows that even under an automated process, errors are made. Our tool will find those errors.
If your company has a reverse audit completed by a third-party consulting firm every three years and pays a large contingency fee, our tool can eliminate the cost and need to have it done. Our tool doesn’t just allow you to do a reverse audit for prior years, but allows you to do a real-time audit every month which reduces recurring errors. Consequently, eliminating the need to have a reverse audit completed every three years.
We provide this tool through a managed service agreement. All we need is a batch data file and certain pieces of information, and we do the rest. No training required. No time commitments. You provide the data. We do the work. You get the savings.
This tool is great for companies in any of the following situations:
- Difficulty determining use tax accrual and proper tax treatment of purchases
- Thousands of purchase transactions per month
- Paying contingency-fees to have reverse audits completed every 3 years
- More than one location or in complex industries such as manufacturing, healthcare, construction, real estate, technology or transportation
- Significant audit assessments
- Currently undergoing a sales tax audit
- Looking to reduce your sales tax provision (ASC 450)
- Performing due diligence on a target company prior to buying
- Performing due diligence on your company prior to selling your company
Contact LBMC for a FREE Diagnostic.