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Survey Reveals How and Why Financial Professionals Are Turning to Automation
byOctober 7, 2021
As e-commerce grows by leaps and bounds (a spike of 44% in 2020), and compliance continues to increase in complexity on a national and global level, financial professionals are faced with a sometimes overwhelming job. In our survey of more than 500 financial professionals, respondents said they had an average of five significant tasks in front of them — and seven out of 10 use multiple resources just to tackle tax compliance.
It’s no surprise then that many are turning to automation for support. And those financial pros who have had previous negative experiences with sales tax–who have been stung by it in some way in the past–top the list of those using automation.
Download Part III of The Future of E-Commerce Compliance: Supporting Compliance with Automation
When it comes to how financial professionals are using automation software, there are some clear trends. 92% of survey respondents think it’s important for compliance software to stay up to date with tax obligations for each state and jurisdiction, and 91% think it’s important that the compliance software is secure.
Efficiency topped the list as a reason financial professionals are turning to automation, with 98% of those surveyed stating that their companies actively try to be as tax efficient as possible. And those who have chosen to automate report greater confidence in their tax compliance.
To learn more about what our survey of more than 500 financial professionals gleaned about how the industry is using automation, check out the report: Supporting Compliance with Automation.
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The basics of US sales tax
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