Tax Accounting Software
The right tax accounting software will let you configure tax rates, perform tax accounting, and generate tax reports all in one place. It will also integrate with your financial management modules to let you calculate taxes correctly in every transaction. Find out how better accounting software can save you time and money.
How Tax Accounting Software Can Work for You
Acumatica Tax Management streamlines and automates the tasks involved with configuring, collecting, managing, and reporting tax. Tax Management integrates with the rest of the Acumatica Financial Management suite, enabling you to centralize your tax information and easily generate the tax filing reports that are required of your business.
Key Benefits of Tax Accounting Software for Your Company
Configure Taxes the Way You Want
Support sales, use, withholding, VAT, and reverse VAT taxes. Specify multiple rates with different start and end date, and minimum and maximum tax amounts. Calculate on each line item or the entire document amount.
Integrate with Financial Modules
Calculate taxes automatically based on the tax zone assigned to the customer, employee, or vendor record, and the tax category assigned to inventory items. Make manual tax adjustments. Tax is posted to a GL tax liability account and to designated accounts within the software. The Tax Management module is integrated with all Acumatica modules that require tax calculation.
Offset Automatically with Accounts Payable
Specify the frequency of tax reporting and generate tax reports. Automatically generate a bill in accounts payable with appropriate ledger postings.
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Important Features of Tax Accounting Software
Flexible Tax Reporting
Configure tax reporting requirements for each tax. Generate summary reports and retrieve tax details for each tax zone. Prepare the statistical information required by tax authorities for filing tax reports.
Tax Transactions Drill Down
Maintains a complete record of each tax transaction including the originating module and transaction, the taxable amount, tax, reference number, and document type. Reconcile calculated tax with GL postings and drill down to the original transactions.
Integration with Sales Tax Rate and Compliance Automation
For most businesses, sales tax is an obligatory, complex nightmare. Automating this process will save you time, money, and effort. Avalara AvaTax works inside of Acumatica Sales Order Management and Commerce Edition to dynamically deliver instantaneous sales tax decisions based on precise geo-location in more than 11,000 taxing jurisdictions. Because it works as part of the standard sales order process, order entry staff have nothing extra to learn. The system automatically considers hundreds of thousands of taxability rules and the latest jurisdiction boundaries to deliver the right rate and tax calculation—every time. In addition, the returns filing process monitors deadlines with automated returns and remittance. Acumatica customers can simply turn this feature on to start calculating taxes—and then look forward to lower long-term costs because Acumatica’s cloud platform enables the connected business.
Direct Tax Adjustments
Review tax reports and enter corrections directly in your tax accounting software. Corrections update the specified tax liability account in the GL as well as the statistical tax information.
Maintain a complete audit trail of all tax related transactions. The system maintains the details of all tax related documents, including the originating module, reference numbers, and date of the record. Adjustment can only be made through auditable transactions.