How does your company reconcile and verify the sales tax it pays? In theory, the process is simple: add up all taxable transactions and apply the sales tax rate for the locality. In practice, though, most companies end up crunching aggregated numbers in spreadsheets, applying an inadequate tool to a shallow view of transactions. Manual, time-consuming practices for reconciling tax payments can mean overpaying at best and incurring penalties after an audit at worst.
An end-to-end analytics solution allows you to go beyond top-level figures and reconcile data from all taxable transactions, then effortlessly apply the correct tax rates per locality and transaction type. With custom tables and reports you can justify amounts paid. Configure alerts to apprise your tax group on any incorrectly taxed transaction the moment it hits the general ledger.
With Alteryx, you can:
- Use the Office of Finance starter kit to connect to multiple data sources and import transaction data
- Blend transaction data together with postal codes and sales tax rates
- Aggregate the data streams to apply correct tax rates to transactions
- Create custom tables to export tax rates per transaction or produce summary reports