Understanding your data is extremely important, especially when it comes to your sales and use tax. Below are questions to ask yourself to get the ball rolling:
- What ERP do we use?
- What are the different modules within the ERP?
- What fields are stored in each module?
- What information does each field provide about the purchase?
- What information is stored in detail or summary?
- What fields will link the summary information with the detail?
- What information is required verses optional?
- What information is manually generated or inherited from a different module?
- Are there subsystems that interface with the ERP?
- What fields will link the information between the subsystems and ERP?
- Does AP segregate and store vendor tax?
- Is segregated and stored vendor tax at the line or summary level?
- Does AP segregate and store vendor discounts?
- Is segregated and stored vendor discounts at the line or summary level?
- Does AP segregate and store freight charges?
- Is segregated and stored freight charges at the line or summary level?
Are you struggling to answer these questions and dig deeper into your data? Now more than ever, it is critical to know the intricacies of your data so you can set your company up for success. Read more to learn about the next two steps you should take after understanding your data.
Contact us to learn more!