We have completed our third annual survey of top financial professionals on how they are managing sales tax. This year’s results reveal a perfect storm is brewing for financial leaders who continue to depend on internal resources even though expertise and bandwidth is lacking while companies struggle with the current economic climate, rising inflation, and a tight job market.
The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.
Survey highlights include:
- Financial leaders remain relatively unhappy with their approach to managing sales tax, with 52% reporting to be less than satisfied.
- Top worries remain around keeping up with changing nexus rules, understanding taxability and being audited, yet specific industries sway from this a bit and add filing returns on time and charging the correct sales tax rate to the list.
- More businesses seem to be bringing the sales tax function in-house than previous years, but top barriers of managing sales tax remain at Not Enough Time/Bandwidth (38%) and Lack of Internal Knowledge (28%).
The survey this year had a special focus on multi-channel selling and different avenues for managing the tax that comes with it. For more information on this and further detail on our results, join us for our webinar on January 24th at 3 pm EST! Sign up here: https://www.taxconnex.com/webinar-third-annual-survey-results