If Your Current Certificate Management Platform Causes More Stress Than Success, We Can Help.
“Mind the gap” (insert British accent here), is a phrase first coined in the late 1960s on the London Underground aka The Tube. As an audible or visual warning, this phrase instructed rail passengers to take caution when crossing over the small spatial gap between the train door and station platform.
The same warning message behind “Mind the gap” while riding public transportation can also be compared to the pitfalls that happen for a company when they fail to properly manage their tax exemption certificate challenges.
Improperly documented exempt sales pose audit risks for companies who make sales of taxable products or services. State auditors understand that exempt sales can lead to daunting assessments due to the challenges companies face in collecting completed exemption certificates that satisfy statutory and regulatory requirements.
Put simply, if companies are not “minding the gap,” between sales, billing, and taxes, they run the risk of downfall.
How These Gaps Occur
The challenge of collecting properly documented certificates and providing them to a state auditor may be the responsibility of different business units. Depending on the corporate structure, the sales team, billing operations unit, and tax department have unique responsibilities related to exemption certificates.
The exemption certificate life cycle typically begins with the credit group or sales team onboarding an exempt client. From here, the client information is then entered into a billing, ERP, or CRM system that flags the client as exempt from sales tax on purchases. It is at this point that a “Gap” that leads to sales tax audit assessments is created.
How CERTifyTAX Can Help Your Business “Mind The Gap”
GMG CERTifyTax is the only comprehensive solution for addressing your exemption certificate management needs. Neither a software solution nor services alone can properly provide your company with the insight needed to mitigate sales tax audit risk, generate internal efficiencies, and provide transparency into the gaps of your current process.
Developed by tax attorneys and CPAs looking to reduce the sales tax audit risk related to improperly documented exempt sales, our 100+ collective years of experience defending sales tax assessments has enabled us to identify the most granular gaps in business process and traditional ECM solutions which result in audit assessments.
Our professionals have a granular understanding of the responsibilities each business unit has as it relates to the proper collection of exemption certificates and our software bridges the gaps in the process to create operational efficiencies as well as mitigate sales tax audit exposure.
We know the questions to ask (i.e. Which business unit owns the collection of the exemption certificate?, Who owns the review of the exemption certificate for compliance with state and municipal tax statutes and regulations? etc.) and create customized business processes to bridge the “gaps” which lead to audit assessments.
Call In The Experts
If your business has not yet identified the gaps or has an ECM solution as a bolt-on to a tax calculation engine, consider contacting us for a thorough evaluation of your processes. It’s complimentary!
Our tax professionals and tax technologists have practiced in the exemption certificate management space for over 25 years. The lawyers behind CERTifyTax knew businesses needed a better solution—a comprehensive solution that looked at the financial impact non-compliance had on a company’s profits. Additionally, we are the only practice that takes a holistic approach to identify these gaps in the current business process and architect a solution to address them.
Our results speak for themselves by our relationship with clients from Fortune 10 to startup companies who cannot afford to get it wrong.