SALES TAX IN INDUSTRY SPECIFIC APPS… ARE THEY CORRECT?

OK kids, cover your ears!! SALES TAX!! Such a dirty word but we have to make sure it is reported properly or pay the penalties. Technology has made tracking our businesses so much easier…especially all these industry specific apps. But these “industry apps” track the industry stuff but the accounting is usually more than lacking. We have a lot of clients that take advantage of our Rocket Bookkeeping services and I would say less than 20% of them do their invoicing solely inside in QuickBooks. They use their favorite programs which helps them with fulfillment, or customer/project tracking or some even use selling website because it has a great platform that allows them to easily sell their products.  The bummer with about 90% of these programs is that IF, and only IF, these programs talk to QuickBooks they rarely bring in the information needed to understand your financials properly… and sales tax… don’t get me started. Please remember just because a company says they integrate with QuickBooks, keep in mind it probably doesn’t always do (or should I say rarely does) what you think it’s going to do.

So I guess where this article is going is to stress to you that if you are using an App or Outside Program to track your sales, please make sure that your team is properly recording your Sales and your sales tax in your QuickBooks file. Make sure it reconciles properly and ask for the reports so you can see for yourself. Making sure your sales tax is properly in your QB file may be the last thing on your mind, but you really should take the time to be sure it is correct. If your team is doing it correctly it should take 1 minute to see that the numbers match. If you’d like help setting up a process for your team, we can help you set up the process and implement…. Just let us know.

There are also some great Sales tax Apps and Programs out there that will automatically sync to your outside Apps and Programs, and help you track properly and file your returns. I’d be happy to chat with you on these to help guide you in the right direction or just answer any question you may have.