Top-tier energy and fuel businesses automate compliance with a single SaaS tax management solution to gain a competitive advantage.
Energy and fuel businesses face numerous challenges when it comes to managing excise tax compliance. With complex tax laws that vary across products and jurisdictions, combined with mounting environmental and health standards, consent can be a difficult task. However, according to a recent Aberdeen Strategy & Research study, some companies are leading the way in excise tax consent management.
These top-tier companies are using technology to their advantage, automating compliance with a single-source SaaS tax management solution. The study reached that these businesses gained greater operating margins, reduced audit costs, and developed their potential to seize new business opportunities – all while dedicating less time to compliance – as a result of prioritizing tax compliance with technology.
The study also identified major challenges facing energy and fuel businesses today. These include tax liability estimates, managing processes for sales, excise estimates, and staying updated on rate and rule changes.
However, by investing in excise tax compliance solutions, energy, and fuel businesses are able to improve accuracy and provide the extra support their tax teams require. Over two years, top-tier companies increased their operating margins by 41%, while other businesses decreased. They also saw a decrease in audit costs and a decrease in the amount of time spent on tax consent.
Overall, energy and fuel businesses can gain an intense advantage by prioritizing tax consent. Investing in technology solutions to automate and streamline their processes. With a single SaaS tax management solution, companies can navigate the complex tax with ease and stay ahead of competition.
Remember that tax laws are incredibly complex that our short blog articles cannot cover all the details of the rules. This is why it’s crucial to find an experienced, and highly skilled tax expert to assist you with your situation. Trying to guide the tax code on your own can lead to missed opportunities and possible risks.
Fortunately, there are resources available to help you find the right tax professional for your needs. Utilizing market like IfindTaxPro, where you can post your project and find the right tax expert for your unique situation. With a market like IfindTaxPro, you can be assured that you will find an expert professional who can spot opportunities and risks you may not be aware of.
For authorized tax professionals who are interested in helping others, IfindTaxPro also offers a market with a full suite of tools to communicate with clients, including consent calendars, task and message management, and billing. You can also quickly connect with experienced colleagues who can complement your services with the ones you do not provide. Register with iFindTaxPro today to start helping clients and building your practice.