Every year, millions of Americans collectively groan when confronted with their taxes. For the growing number that are self-filing, well … you get what you pay for. But even those who use a tax professional or accountant often forgo one of the most effective means of minimizing their tax burden or increasing their refund — planning.
Principal, Brian F. Tankersley CPA, Knoxville, TN
Product Manager, CCH, a Wolters Kluwer business, McPherson, KS
Column: Final Thoughts
Engagement and Trial Balance systems can be the heart of a full-service accounting firm, and advanced systems can help a practice improve efficiency. In any engagement, there are specific workflow processes, which can be streamlined using Engagement management systems. On the Trial Balance side, increased efficiency and productivity can be achieved by doing more than just electronically handling the grouping and adjustment of GL account information, but also taking advantage of tools and features that promote collaboration, standardization, accuracy and communication.
With more than 8,000 taxing jurisdictions in the United States, it is essential for businesses with taxable transactions in more than a few locations to employ a sales and use tax compliance system. There are essentially two breeds of systems: high-end real-time systems that integrate with a business’ financial and sales management programs to automatically find and apply appropriate rates and then automatically populate returns for the required jurisdictions, and small businesses-focused after- the-fact systems that are used by accountants or business owners who enter or import sales and tax data after a period close and then generate SUT returns. Both types of systems are included in this review section. This review section should give you a good jumping off point.
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800-630-2218www.tax.cchgroup.com