The United States has 9,998 taxing jurisdictions and each has its own set of rules.
Apparel, for example, is tax exempt in nine states, partially exempt in three states, and taxed at various rates in other states.
Colorado taxes cups but not the lids. Florida has a tax holiday for fanny packs. Chicago has different tax rates for candy depending if it contains flower.
With nearly 10,000 different sets of taxing rules just in the United States, businesses need a way to manage all of that tax information or else risk non-compliance.
A Product Information Management system integrated with a tax engine is a powerful tool. By tracking and automating tax rules in every jurisdiction, a PIM can help manage a sheer volume of tax information that would be very difficult for anyone to manage on their own.
A PIM can keep track of all the rules, no matter how many there are.
Product Information Management systems provide the complete picture. Get in touch for a free consultation with an Essent representative.
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The Essent Product Information Management System is built into the Essent Business Management System to drive business efficiency. The PIM integrates with powerful commerce engines to run the critical parts of business from CRM, to quoting, to ordering all the way out to invoicing and accounting and beyond. Learn more about the EssentOne™ Business Management System.
Essent is the leading provider of fully-integrated business management software solutions and services for process-intensive industries and the largest trading network for the promotional products industry. The Essent family of fully-integrated products and services combines best practices, business processes, software automation, and network communications to deliver unparalleled, unified business management solutions. Since 1980, Essent has offered the systems, service, software, and support critical to success in today's highly-competitive marketplace.