27.06.2018 by Ernie Deyle
IT BEGINS… as previously posted on the topic of SALES TAX… Overstock begins the process of correctly charging according to the 12,000 US tax jurisdictions, accurately collecting, timely remittance of sales tax due, and the most critical and arduous aspect of the process is the ongoing maintenance and management of the price file IOR (item of record).
Effective utilization of advanced data analytics, provides a significant safety net for retailers (online or brick) to mitigate compliance errors as well as limit the executional gaps that occur each and every day related to price integrity… This is a massive beast to properly manage even with price file management software… lets ponder the size and scope of executing this “new” regulation
– You’re managing 12,000 US tax jurisdictions
– The number of SKU’s being offered for sale that are “taxable”
Additional factors to consider when managing tax flags, promotions, new item cut in, and product withdrawals
– The number of major / minor departments / categories and classes that SKU’s are assigned and or aligned under the “new” regulated tax category/class
– The ability for cashiers/sales clerks to modify and/or exempt tax status to items – and the visibility to report this activity