Bohemia, NY (PRWEB) November 23, 2013
Lawrence Teicher, founder of CFO Consulting Services, a leading CFO services company, responds to an article published by Fox Business on November 15th, which details how small business owners and accountants can make sense of sales tax compliance.
According to Fox Business article titled “Sales Tax Solutions for Small Business,” sales tax laws and calculating proper amounts for each transaction have always been a burdensome task. As online stores become more popular, many accounting departments are having problems attempting to understand sales tax compliance.
Accountants want to make sure that their clients are charging the appropriate amount for certain items at the correct rates in different districts.
While there is no road map when it comes to sales tax compliance, the article says 24 states banded together to create the Streamlined Sales Tax, a document created to simplify sales tax law. Though this helps some bookkeepers and accountants, it does not solve all problems. To help small businesses that sell products online, the article suggests using a tool called Exactor.
“Exactor’s program recognizes a taxable sale and calculates sales tax when necessary,” the article reports. “Not only that, it tracks the sales tax liability for the store, files the sales tax return, and distributes the sales tax liability to the states in question.”
Lawrence Teicher, founder of CFO Consulting Services, a leading part time CFO services company, says Exactor makes it easy for online retailers. “Exactor is programmed with sales tax compliance technology,” he says. “It’s installed directly into the online store’s shopping cart. This makes it easy to use for business owners. It’s an inexpensive way to calculate various sales tax rates in different states. At only a few hundred dollars per year, Exactor provides a more accurate, less stressful way of calculating sales tax. A tool like this could save a company a lot of time, money and aggravation.”
Teicher concludes that if businesses do not want to invest in a software program or do not understand their sales tax obligations, they could always consult a part time CFO or experienced CPA that has experience with online retail businesses, nexus and state and local taxation issues.
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.