Tax Management
Managing taxes and complying with the complex regulations of GST (Goods and Services Tax) or Sales Tax can be challenging for businesses. EarnBIll offers a comprehensive solution that automates taxation processes and aids in efficient tax management. It simplifies tax compliance, specifically focusing on GST in various countries, enabling your business to streamline its operations and ensure accurate tax reporting.
The platform seamlessly integrates tax rates, rules, and exemptions, eliminating the need for manual calculations. By leveraging EarnBill’s automated tax calculation feature, your business can accurately determine the applicable tax amounts for each transaction, ensuring compliance and reducing the risk of errors
The Multi-country Tax Support
EarnBill’s advanced taxation module automates the calculation of VAT, GST or Sales tax in various countries. We have implemented GST in countries such as Canada, Australia, India as well as VAT in the UK and the Sales Tax in the United States.
In the United States, we integrate with Suretax to calculate the federal taxes, the state taxes and the local body taxes. Suretax is a third party tax engine that is specialized to handle the taxes in the United States. It allows you a summary of taxes to be presented on the invoices, or you can have the taxes presented in greater detail. In the United States, since there is a greater variation in tax laws and policies based on the states, integration with Suretax allows us to ensure accurate and error free tax application on our invoices.
In Canada, we have implemented GST, PST (Provincial Sales Tax), HST (Harmonized Sales Tax) and QST (Quebec Sales Tax). The EarnBill system provides a flexible tax definition table which is used to set up the Canadian tax structure. Depending on the customer’s address and state, the system is able to pick up and apply the relevant tax structure such as HST or QST.
The VAT (Value Added Tax) in the UK is a simple % based tax and applied in a Percentage based tax calculation plugin in EarnBill. It is simple to configure and allows each product to be configured with a VAT % or allow tax exemption on some of them.
In India, EarnBill's robust system simplifies the management of GST, including the inter-state transactions in India that require specific handling of IGST. The platform automatically identifies transactions that fall under IGST and calculates the appropriate tax based on the origin and destination of goods or services. With EarnBill, your business can easily generate IGST invoices (with CGST and SGST components) and generate reports for efficient tax reporting and reconciliation. The e-invoicing feature makes it easy for you to integrate with the Indian Government’s e-invoicing platform and comply with the e-invoice requirements. EarnBill offers robust reporting features that facilitate tax compliance and reporting for GST, IGST, SGST and UGST.
EarnBill provides a rather simpler % of tax definition that allows implementation of GST in Australia with a rather easy configuration. The Australian GST is 10% and this percentage is defined in a tax plugin. EarnBill allows you to calculate the tax at each line item level thereby itemizing the tax on your invoice. We also provide a Sales Tax ATO report for the Australian Tax Authority that can make your taxation process super easy and reliable.
Tax Reporting And Compliance
The EarnBill platform generates detailed tax reports, transaction summaries, and tax liability statements. These reports provide your business with a comprehensive overview of your tax obligations, simplifying the process of filing tax returns and ensuring compliance with regulatory authorities.
Benefits Of EarnBill's Taxation Features
Time And Cost Savings
Time and Cost Savings
Automating taxation processes with EarnBill reduces the time and effort spent on manual tax calculations. This automation minimizes the risk of errors and saves your businesses valuable resources, enabling you to focus on your core operations.
Accurate Tax Calculation
Accurate Tax Calculation
EarnBill’s automated taxation module ensures accurate tax calculation. This accuracy mitigates the risk of non-compliance and associated penalties, instilling confidence in tax reporting processes.
Efficient Tax Reporting
Efficient Tax Reporting
With EarnBill’s comprehensive tax reporting features, your business can generate detailed reports and statements. These reports simplify tax compliance and facilitate seamless filing of tax returns, enhancing efficiency in tax reporting procedures.
Regulatory Compliance
Regulatory Compliance
By automating tax processes and leveraging EarnBill’s features, your business can ensure compliance with the regulations governing taxes. This reduces the risk of non-compliance and associated legal consequences.
EarnBill’s taxation feature provides your business with a comprehensive solution for managing tax in your country. The platform’s automated tax calculation, reporting, and compliance features streamline tax processes, ensuring accuracy.