The complexity of the U.S. tax system demands companies have an efficient tax fulfillment process in place. With nearly 10,000 sections of tax code and 11,000 sales tax jurisdictions alone, manual or partially automated fulfillment processes simply do not lend themselves to the demands of tax payments. Relying on an automated solution, like Anybill, to facilitate tax fulfillment can help companies avoid penalties, minimize overhead costs, and take a step closer to full automation of the tax compliance process.
Anybill Conquers Tax Payment Obstacles
Manual tax fulfillment processes present a host of obstacles for companies. Anybill’s automated tax payment solution is designed to expedite the tax payment process and complete accurate, timely payments. As a result, it helps companies minimize challenges typically related to traditional methods. With its adaptable, precise technology, Anybill provides three essential benefits around tax fulfillment:
Delivers payment process insight
Because Anybill offers complete transparency into the payment cycle, it is easy for companies to respond to time sensitive demands from tax authorities, including late payment claims or audits. Its cloud-based software can easily access transactions and payment history, including canceled check images. According to the Aberdeen Group, companies that don’t have clear visibility into payables, including taxes, spend 60 percent more in resources responding to inquiries compared to best-in-class companies.
Tracks jurisdiction procedures and requirements
The tax landscape increases in complexity, yearly. Each regulatory body has its own rules and regulations. The tax process requires diligent organization to track numerous forms and payment requirements. These can include websites with unique interfaces and access credentials or physical mailing addresses. Anybill’s cloud-based software makes it easier to keep track of these logistics.
Compatible with multiple payment methods
On-time tax payments are essential to avoid costly penalties. There is not a one-size-fits-all approach to tax payments. Not all jurisdictions support electronic funds transfer (EFT) payments; others may support Nacha data exchange standards but have varying reporting requirements across jurisdictions. It’s important that your automated solution has the capability to handle multiple payment methods. Anybill makes accurate, timely payments around multiple tax types through EFT or paper checks.
Anybill Solves Tax Fulfillment Issues
There are many challenges and liabilities associated with tax fulfillment. Companies that choose not to automate their processes could face several risks, including late penalties, audit-related setbacks, or duplicate payments. Anybill’s tax payment solution can efficiently complete transactions, derive valuable insights and generate proactive alerts into the payment process. Automating your tax payment process with Anybill presents an enormous opportunity to avoid tax fulfillment administrative obstacles that inhibit effective business operations.For more information on the benefits of automating tax fulfillment for your business, download our full white paper.
From non-profit associations to multinational organizations, Anybill clients experience greater visibility and control over their tax payment process. Request a demo and learn how we can help.