Tax compliance is a luxury for most industries and organizations, and a single miss calculation in tax can turn you into a non-compliant overnight. Becoming tax compliant requires lots of effort and familiarity with the updated tax laws and regulations. Moreover, keeping pace with multiple tax regulations becomes difficult for businesses the moment they expand and enter the international market, which can only be catered with tax compliance software e.g. Odoo Sales and opting for Avalara integrations. Along with this, you can get assistance from Odoo Consultant for ERP customizations.
Wondering how? Well, on a regular day an accountant has to worry about compiling and collecting 10 things for each employee, imagine the load of work they have to go through once the workforce expands. Thus, there will be lots of things that an accountant has to adhere to, first comes the local sales and consumption tax. Secondly, as you cross the boundary of your state the need to integrate other tax regulations becomes essential. Lastly, filing returns and conducting an audit is a complete job in itself.
Let’s take an example of America, there are over 50 states and every state has its own tax regulation. On top of this, as we scale outside from one state to another and to continents, the list of tax regulations and conditions starts adding up. Therefore, comparatively, to automation, traditional manual tax compiling is no longer considered a reliable solution.
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To make things easier for people who are searching for a reliable tax-compliant solution, we have crafted this article with utmost care. It includes a brief overview of why tax compliant is becoming difficult for organizations, and how the Avalara sales tax or Odoo sales tax can ease the tax compliant pains. Lastly, it talks about the feature that Odoo Avalara integration offers to the users. Since Odoo and Avalara both are complete modules own-its own, therefore integrating these would help the user in unleashing the potential. Some of the noteworthy benefits of Odoo Avalara integration is, it reduces risks, secondly, it is open-source, which means, it can grow and scale without any problem. Lastly, it offers an automation feature that aims to significantly reduce the efforts of employees spent on manual tasks.
What is making Tax compliance difficult?
Like we said above that becoming a tax complaint is easy, but the thing that takes up most of your time and effort is remaining compliant especially when you are on the endeavor to expand globally. This means you have to pay the return in your host country separately and file individual returns based on the country you are operating from, in the same manner as their law instruct otherwise you’ll be considered non-compliant.
Additionally, once you expand your business across the border or grow your workforce, consisting of 20% employees working remoting from different regions. Then there are a lot of calculations to do. The list consists of asset calculation, face-value to depreciation calculation, insuring tangible and non-tangible assets are taxed the right way, and lastly adhering to the country’s tax regulation, law, and methods, requires expert helps. On top of this, there are other things that you need to vary about including, first, sales tax and use tax, which is different for retail, eCommerce, and SaaS significantly. Secondly, consumer tax consists of buyer-owned tax. And lastly, international tax consisting of customs duties, import tax, etc. All of these things that we have just said further vary on the basis of industry and size of business too. Therefore, the thing that you need right now is to have an agile Tax management software in hand that offers an automation feature, along with this, which requires less effort in filling returns. For this, you can seek assistance from certified Odoo partners for Avalara integrations and AvaTax Odoo Sales Tax integration.
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Odoo Avalara Integration & How Tax Automation Can Help Organizations
Odoo ERP and CRM is a complete suite on its own that consists of over 50 applications designed to support every significant operation with the organization including customer relationship management, marketing, sales, website management, and so on. On top of this, Odoo has a dedicated module to support tax compliance features, using this, one can manually add a variety of tax rules depending on the customer, product or service type, and country. However, it has many drawbacks too which Odoo integration with Avalara tax or AvaTax Odoo integration can resolve.
The integration provides sale tax, consumer tax, and integration tax features. On top of this, it also includes GST, corporate tax, and comprehensive accounting features. But the thing that makes AvaTax Odoo Integration the best is, it has dozens of tax regulations, invoice and payment tax support, templates, and rules pre-integrated in it. You just have to select your country of operation and set things to automation. As a result, the system will automatically charge the customer the prescribed tax as per-stated by the government at the time of invoice payment. Not only that, but it also offers an automatic tax report generation feature that helps the executive in getting a complete picture without exerting any effort. Ultimately, it reduces the risk and prevents organizations from making any mistake while calculating or filing a return.
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Conclusion
The process of paying taxes in the home country or state is easier than paying the tax in another state or continent altogether because the filer is familiar with rules and regulations. But, when it comes to multi-national enterprises, there are lots of things to consider starting from the regional or state regulation, the ratio of sale tax, etc. But the key to transferring manual tasks to automation and in this quest only Odoo Consultant at Techloyce can help you. For more details, reach out to us today!
