🌟 Introduction
When it comes to calculating state sales tax liabilities, the process can be time-consuming and error-prone. However, with the help of Savant, businesses can streamline this process and ensure accurate calculations.
💼 Business Impact
Savant can greatly benefit accountants by simplifying the process of calculating state sales tax liabilities. With its streamlined and accurate calculations, accountants can save time and reduce the risk of errors. Additionally, by providing insights into total state tax liabilities by state and apportioned unknown state sales, accountants can gain a deeper understanding of their clients' tax liabilities and help ensure compliance with state tax laws.
📥 Data In
To use Savant for state sales tax calculations, the following inputs are required:
List of subscriptions: This includes information about the subscriptions purchased by customers, such as the subscription and expiration date and billing zip code.
State zip code information: This includes information about the zip codes for each state.
State tax rates: This includes information about the sales tax rates for each state.
📤 Data Out
The key metrics or results that can be obtained from Savant for state sales tax calculations include:
Total state tax liabilities by state: This provides an overview of the total amount of state sales tax owed by state.
Apportioned unknown state sales: This calculates the amount of sales that cannot be attributed to a specific state and distributes it among the states.
📊 Metrics
Total state tax liabilities by state
Apportioned unknown state sales
📝 Template Setup
You'll need to make several key selections:
Step 1: Data Input
To use Savant for state sales tax calculations, the following inputs are required:
📥 List of subscriptions: This includes information about the subscriptions purchased by customers, such as the subscription and expiration date and billing zip code.
📥 State zip code information: This includes information about the zip codes for each state.
📥 State tax rates: This includes information about the sales tax rates for each state.
Step 2: Configuration
Savant provides several points of customization within the Sales Tax Template , including:
⚙️ Changing the membership charge rate: This allows businesses to adjust the subscription price and see how it affects their state sales tax liabilities.
⚙️ Filtering for data at any point in time: This allows businesses to see how their state sales tax liabilities have changed over time and identify trends.
Step 3: Destination
To use Savant for state sales tax calculations, the following destinations are required:
Total state tax liabilities by state: This provides an overview of the total amount of state sales tax owed by state.
Apportioned unknown state sales: This calculates the amount of sales that cannot be attributed to a specific state and distributes it among the states.
🌠 Further Customizations
When using Savant for state sales tax calculations, it is important to ensure that the data is accurate and up-to-date. Additionally, businesses should regularly review their state sales tax liabilities to ensure compliance with state tax laws.