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Certification of software systems for transaction taxes have great potential to reduce risks due to errors in tax calculation, compliance, and remittance.
The challenges facing CFO''s and accounting and financial professionals today are numerous. CFO''s must ensure that accounting and budgeting functions provide required information for their organizations, stockholders, and regulators. The need for information from these groups continues to grow. In addition, tax complexity is increasing. Depending upon the type of business, taxes can represent significant payments and numerous challenges. These challenges include complying with the various taxes and fees that businesses pay on their operations and income, and transaction taxes on their purchases for use and taxable sales. In addition to paying these various taxes and fees, CFO''s are responsible for ensuring that their businesses have accounting systems in place to properly account for, collect, and pay these taxes and fees.
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