ALPHARETTA, Ga., January 9, 2024 (Newswire.com) - - TaxConnex®, a technology-enabled sales tax outsourcing service provider, today announces the completion of their fourth annual sales tax survey. This year’s results provide insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures.
The nationwide survey, conducted by In90Group in November of 2023, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.
“This annual survey gives us great insight into our target audience and provides valuable insight to their sales tax challenges,” explained Brian Greer, TaxConnex Chief Strategy Officer. “One of the major reasons businesses come to us to manage their sales tax obligations is because pertinent staff leaves or becomes too overwhelmed. The survey continues to show us the reliance on internal resources or software alone is not getting the job done. Staff burnout, lack of understanding and support can be a real issue, and we hope to help clients get ahead of that.”
Survey highlights include:
- The shift toward the use of internal resources vs. software applications to manage sales tax obligations continues this year, with 50% of companies choosing to rely on internal teams to manage sales tax obligations even though 42% of financial leaders say that their lack of internal knowledge or expertise is the number one barrier keeping them from more easily managing their sales tax obligations.
- 62% of respondents have some level of difficulty attracting and retaining the right talent to remain compliant with changing sales and use tax obligations leading to staff frustration and burnout in addition to a growing (23%) lack of confidence in audit preparedness.
- 49% of businesses are less than fully satisfied with their current approach to managing sales tax with the top three primary reasons financial leaders say they are not fully satisfied are:
- Not enough time to manage/keep up with it all
- Lack of guidance/education
- Lack of customer support
TaxConnex will be announcing more of the results from their survey in a webinar on January 25 at 2 p.m. EST. Find out more and save your seat here: https://www.taxconnex.com/webinar-fourth-annual-survey-results
TaxConnex ® is a technology-enabled sales and use tax provider, focused on delivering an outsourced sales tax service to businesses and corporations that have a multi-state sales tax responsibility and lack the sales tax knowledge and capability to manage it on their own. Learn more at: www.taxconnex.comContact Information:
Original Source: TaxConnex® Releases 4th Annual Survey of the Impacts of Managing Sales and Use Tax Obligations on Financial Professionals