Sales Tax Transaction Tracking
The life of a transaction does not begin and end with the placement of an order. Once a consumer makes a purchase, the transaction has just begun. Discrepancies and errors can result in costly out-of-pocket charges to a merchant. Exactor’s finely-tuned tracking sales tax application, Exactor Sales Tax Transaction Tracking Module, will identify any and all changes made to a transaction, the timing of such change by whom such change was made and the reason for the change. All this information is then coupled with the original transaction, ensuring a merchant of preparing accurate and reliable sales tax returns – and, as importantly, avoiding expensive and unnecessary out-of-pocket costs.
Furthermore, after filing of the tax return, there is always the looming sales tax audits, which are daunting, tedious and expensive processes. The burden of proof for accuracy of sales tax calculation rests with a merchant, who must also prove that any reporting or remitting errors that may have occurred were not systematic or by design. Audits can cost tens to hundreds of thousands of dollars in manpower alone, even before any fines or penalties are imposed. By drawing on data from the Exactor Sales Tax Transaction Tracking Module, the Exactor sales tax automation system provides comprehensive reports that track all transactions from cradle to grave. These reports can easily be created filtered by state to provide sales tax auditors with a complete audit trail of all business transacted in a given state. The Exactor Sales Tax Transaction Tracking Module is ideally positioned as a comprehensive tool for transactional audit purposes, providing merchants with additional support for Sarbanes Oxley compliance.
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