TaxConnex™ releases research that reveals top concerns among financial leaders responsible for sales tax in 2023

ALPHARETTA, Ga., Jan. 10, 2023 /PRNewswire/ -- TaxConnex, Inc. today announces the completion of their third annual sales tax survey. This year's results reveal a perfect storm is brewing for financial leaders who continue to depend on internal resources even though expertise and bandwidth is lacking while companies struggle with the current economic climate, rising inflation, and a tight job market.

The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.

"This is our third year conducting this survey and the results continue to surprise us," explained Brian Greer, CRO of TaxConnex^™. "Many of the top worries and obstacles remain the same yet leaders don't seem to be making the adjustments needed to give relief to team members and the business itself."

Survey highlights include:

• Financial leaders remain relatively unhappy with their approach to managing sales tax, with 52% reporting to be less than satisfied.
• Top worries remain around keeping up with changing nexus rules, understanding taxability and being audited, yet specific industries sway from this a bit and add filing returns on time and charging the correct sales tax rate to the list.
• More businesses seem to be bringing the sales tax function in-house than previous years, but top barriers of managing sales tax remain at Not Enough Time/Bandwidth (38%) and Lack of Internal Knowledge (28%).

The survey this year had a special focus on multi-channel selling and different avenues for managing the tax that comes with it.  TaxConnex is presenting a webinar on January 24 at 3 pm EST to share further results of the survey. Sign up here: https://www.taxconnex.com/webinar-third-annual-survey-results

TaxConnex^™ is a technology-enabled sales and use tax provider, focused on delivering an outsourced sales tax service to businesses and corporations that have a multi-state sales tax responsibility and lack the sales tax knowledge and capability to manage it on their own. Learn more at: www.taxconnex.com

SOURCE TaxConnex