FinanceRegs.com » Where the most common accounting error hides

Where the most common accounting error hides

September 5, 2008 by Carol Katarsky
Posted in: Best practices, Communication, Hiring & training staff, In this week's e-newsletter, Internal controls, Latest news & views, Sales and use tax, Tax compliance

Sales and use taxes are among your most complicated responsibilities. But some small changes can help you reduce mistakes in that area by half.  

About 50% of use tax errors are the result of basic accounting errors (transposed numbers, using the wrong rate, etc.)

Cleaner controls can slash the amount of potentially costly mistakes that could be lurking in your books. To create controls that are as airtight as possible, ensure you have systems in place to address the most common causes of those errors:

  1. Confirming info that comes from vendors or purchasers, and
  2. Keeping up to date on frequently changing local rates.
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