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Leveraging tax analytics to recover overpaid transaction taxes
Data analytics applies the power of information technology (IT) to comb through terabytes of transactional data to identify patterns and tendencies that organizations can use to better understand information about their organization.
Applying state-of-the-art techniques
The complex administrative burden of collecting taxes on millions of daily transactions may result in some vendors collecting tax on items not subject to or exempt from the relevant state and local transaction tax. Consider that transaction taxes are executed at the operational level of the business. Determining the proper tax amount for a nationwide business involves thousands of rates, a variety of transaction types with dissimilar characteristics that affect taxability, and customer tax-exemption requests, which may further contribute to potential overpayments.
Recovering overpaid transaction taxes is easier said than done. And businesses have to wonder…isn’t there a more effective way to identify and reclaim what is rightfully theirs?
The answer is, yes. By applying state-of-the-art techniques, practices, and technology tools to conduct transactional data mining and data analytics, the process of identifying and recovering erroneously paid taxes can be much more effective than traditional methods.