Over 30,000 organizations around the world have used NetSuite, the world's no.1 cloud business software suite, to integrate their ERP, financials, CRM, and ecommerce business functions on one platform. Yet, although they have streamlined the above elements of their business, when it comes to taxation and tax compliance, several organizations still struggle to make sense of varying sales tax rates, regulation, rules, deadlines, penalties, etc. This lack of clarity can consume large chunks of time and internal resources that could be used more productively elsewhere. Also, it could result in expensive audits and setbacks to the reputation of the company.
To address this problem NetSuite has teamed up with Avalara to present an automated taxation solution that can effortlessly be incorporated into the NetSuite system. AvaTax is Avalara’s cloud-based sales tax automation software with advanced features and easy usability. Let us take a look at how this partnership between NetSuite and Avalara brings a lot of ease and peace of mind to small and medium business owners.
- Increased tax compliance in shorter time: In the old way of determining sales tax, one would have to manually enter data, create invoices, and calculate sales tax, all of this being tedious and time consuming. Precious internal resources would have to be assigned to this job, when they could instead be engaged in more productive work. For SMBs, this is particularly remarkable because of their low human resources. With AvaTax, the cloud technology makes it easy to automate the sales tax calculation process and incorporate it into routine business processes, thereby saving considerable time.
- Reduced risk of missing regulatory rule changes: With thousands of tax jurisdictions in the US, businesses that have customers in other jurisdictions can find calculating sales tax and keeping track of tax policies, rule changes etc. daunting. Automation of this process with AvaTax takes care of all such changes, reducing time taken as well as chances of miscalculations.
- Elimination of manual processes: Using ZIP codes for figuring out local sales tax rates was the old-fashioned (and error-prone) way. With AvaTax’s modern geo-location technology, it is easy to get precise jurisdictional sales tax rates, thus reducing chances of costly human errors.
- Diminished danger of audit (penalties): During manual filing, it is possible to erroneously club disparate categories of taxes together: e.g. bundling together dissimilar products and services. This could cause complications not only for customers but also with auditors.
- Simplification of complex regulations: There is significant confusion and ambiguity with regard to nexus in different states of the US. The intimidating chore of determining nexus in a state can be eliminated with the help of AvaTax.
For small and medium businesses, the NetSuite users of Avalara’s AvaTax vouch for the peace of mind and security that it provides them. Many users claim to save over 50% of their employees’ time after delegating their tax filing process to AvaTax – time that could be better focused on other jobs. Here are a few of the most common reasons for NetSuite users to love AvaTax:
- Reduced workload (workers can focus on more productive activities)
- Fewer human resources needed (due to automation)
- Fast, accurate, and dependable tax filing (no human error factor)
- Multiple returns filing made effortless
- Reduced risk of missed deadlines and fines
- Compliance guaranteed!
The best part of AvaTax is that it can be seamlessly integrated into existing NetSuite ERP or ecommerce functions. It provides all the SaaS functionalities that NetSuite users have come to expect.
Because of the ease of operation and, most importantly, the smooth integration with other NetSuite functions, Avalara is a tax automation software product tailor-made for NetSuite users. The NetSuite-Avalara partnership is indeed an advantageous partnership for the thousands of thankful users.