Sales Tax Challenges?
Reconciliation of Sales and Use taxes are necessary in most business transactions between buyers and sellers of goods. Validation and transparency are especially important in Accounts Payable (AP). Taxes are a byproduct of the goods or services provided to the buyer from the seller. To pay for those goods/services, the buyer must insure all the goods/services on the invoice were received, verify a purchase order was processed, the vendor is in good standing, manage to the discounting terms for payment, verify there are no exceptions for escalated approval processing and insure the taxes are accurate on the invoice to process for payment. Taxes can get lost in the process, but are fundamental to your business operation.
AP automation is critical to the functional efficiency for invoice processing and cash flow management, so your process needs to manage the accuracy and any exception handling of tax assessment. You need to validate the tax assessed in accordance to procedures, record any adjustments between the seller state and buyer/user state and capture it all in a recorded audit trail. Miria’s AP solution provides the right workflow automation for your “taxing” requirements. Miria provides the tools to simplify your tax compliance review in Accounts Payable processing. We got your t-a-x needs covered.