Wolters Kluwer Tax & Accounting (TAA) has formed a strategic alliance to produce a new corporate tax point-of-sale solution.
In partnership with DuCharme, McMillen & Associates, Inc. (DMA), a leading corporate tax and technology consulting firm, the sales and use tax content from Wolters Kluwer Tax & Accounting will become a key component of DMA’s Tax Interchange for Retail point–of-sale (POS) solution, which provides an end-to-end retail sales tax solution that helps tax departments achieve control, visibility and automation while simplifying the role of IT in tax-related processes.
Tax Interchange for Retail combines the industry’s most comprehensive sales tax rates and taxability information from Wolters Kluwer with DMA’s innovative POS tax management software. Tax Interchange for Retail, featuring CCH Sales Tax Rates content, will be marketed and sold by both companies.
“The retail industry is in the midst of a dramatic period of convergence,” said Heffy Provost, Vice President of Software Product Operations for Wolters Kluwer TAA US, CCH Software. “The lines between different industry verticals, such as grocery, restaurant and retail, and those between brick-and-mortar retailing and e-commerce marketplaces are disappearing. The challenges for tax managers have never been greater.”
Provost added, “Combining Wolters Kluwer’s superior tax content with DMA’s experience with state and local tax consulting services ensures that retail tax managers have the tools and resources they need to collect, reconcile, and report POS-related taxes accurately and cost-effectively.”
“We’re excited to partner with Wolters Kluwer, an industry leader in tax and accounting software and information, in launching Tax Interchange for Retail,” said Dave Meinika, CEO for DMA. “Our dedication to providing advanced tax solutions for businesses spans more than 40 years, and leveraging the Sales Tax Rates and Taxability Database enables our clients to benefit from a new retail product that is a significant asset for effectively calculating, monitoring and reporting sales tax transactions on a day-to-day basis.”
Solution Features, Functionality
Tax Interchange for Retail, offered as both a premise and cloud-based solution, is designed to assist retailers in complying with tax regulation and industry changes. This scalable tax management and reporting solution:
- Can be tailored to the unique needs of any retailer, regardless of size
- Automates the time-consuming and error-prone task of keeping register systems up to date with current tax information
- Provides centralized sales tax data management and control
- Addresses complex tax requirements such as Sales Tax Holidays and Send Sales
- Provides a consolidated source for sales tax transaction reporting and compliance
- Supports off-the-shelf integrations to many leading POS systems
- Allows a retailer’s tax department to map their product SKUs to Wolters Kluwer tax rates and taxability rules
The Tax Interchange for Retail Dashboard provides a centralized view of critical tax activity, specific to the retailer and the application user’s roles and responsibilities. With advanced features such as automated email notifications and intelligent widgets, the retailer is empowered with relevant and intuitive tax information.
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Tags: Accounting, Technology
