Mid-Market CFO Benchmark Survey: The Changing Face of Sales & Use Tax Compliance

If you ever need an example of a broken business process, try this one: according to an independent survey of more than 500 finance executives, small to mid-sized companies average more than $327,000 in annual costs to manage sales and use tax compliance, yet still end up paying an average $32,000 each year in penalties and interest due to errors and omissions.

The survey, conducted by Tallman Insights and fielded by Mindwave Research, also reveals that senior finance professionals are not always aware of the total cost of transaction tax compliance. In fact, they routinely underestimate their cost of compliance by as much as 50%, largely because costs are so fragmented across employees, tax research subscriptions, and consultants.

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