Ah, the second week of January. A time when gyms are seeing peak attendance. A time when Cinnabon stores are seeing sharp declines in sales. (Both of which are temporary, of course!)
I’m sad to report that I’ve already given up on my 2012 New Year’s resolution. This was going to be the year where I didn’t get stressed out when companies weren’t concerned about sales taxes.
If a CFO was to tell me that sales taxes were immaterial to their company, I was just going to smile. No stress!
If a Tax Director was to tell me that he/she doesn’t keep track of where their company is doing business, I was just going to nod. No stress!
If a Project Manager was to tell me that sales taxes aren’t considered when they bid on new projects, I was going to…….AHHH! (Channeling my inner Sam Kinison!) I’m getting stressed just role-playing those situations in my mind!
Just because your car’s “Check Engine” light isn’t illuminated, does that mean you shouldn’t do any preventative maintenance (e.g. oil changes)?
Just because you haven’t had a heart attack, does that mean you don’t need to get a physical every year?
What kinds of preventative maintenance can you do to ensure that sales taxes aren’t eroding your profit margins? Here are three ideas to consider:
1) Examine your accounts payable functions to ensure proper compliance. (Click Here)
2) Examine your nexus footprint to determine where you have a taxable presence. (Click Here)
3) Examine the procedures used for bidding on new projects. (Click Here)
If you drive your car 3,000 miles a month, you’re going to need more regular visits to your mechanic than the person that drives their car 300 miles a month. The same approach applies to sales tax preventative maintenance; it all depends on your company and it’s operations.
Want more ideas that can help your company get into shape for 2012, let’s meet for lunch and grab a burger (or a salad if your New Year’s resolution wasn’t sales tax related!).