For many companies, sales and use tax is viewed as an administrative and resource burden. However, simply categorizing the execution of this responsibility as a clerical function can often lead to significant financial consequences. So how do companies strike a balance? One solution would be to outsource the function to tax professionals with experience and the appropriate resources.
In fact, it is cheaper and more efficient to outsource these functions than to manage them internally. Sales and use tax compliance is a time sensitive function with state mandated filing requirements and deadlines. Sales and Use Tax compliance can cause a department’s staff to spend countless hours and resources analyzing records, obtaining clarification on issues, and interpreting laws and regulations. The reality of the matter is that most companies do not have the personnel who have both the expertise and the time to effectively manage sales and use tax compliance. The primary objective of outsourcing sales and use tax compliance is return preparation and tax bill processing.
The comprehensive service Meridian offers that differentiates us from our competitors incorporates return preparation and tax bill processing, as well as, the management of all the administrative peripherals. This administrative burden is usually not met by our competitors and results in the client maintaining staff/resources to handle the various state and local inquiries, notices and correspondence. In some outsourcing arrangements tax departments found that they still handled an inordinate amount of the work.
All the questions and problems still came to tax. That is precisely why Meridian is in business. We handle it all from notices to reconciliations to returns to payments. Companies that outsource their sales and use tax compliance find that they are able to re-allocate those resources that were once consumed in the compliance process to more value added projects that directly improve the bottom line.
At Meridian our compliance services, along with our other offerings, are scalable to meet your needs.