Though the amount of Value Added Tax (VAT), Goods and Services Tax (GST) and Sales Taxes are to be borne by the end consumers ultimately, most of the compliance responsibilities fall upon the seller, manufacturer or let’s say business owner (for simple understanding). And because businessmen are obligatory, they have to calculate, collect and pay the applicable VAT, GST and Sales Taxes to the government.
Complexity in Calculating VAT, GST and Sales Tax
Calculating GST, VAT, and Sales Taxes is very confusing aspect of transacting business (online and physical both). This is because tax impositions vary by region, location and jurisdiction, i.e. each taxing authority has its own laws, tax rates, timetables and exemptions.
In order to charge on the correct items at the precise rates for the accurate districts (if interstate business is conducted); businessmen, bookkeepers and accountants have to go through a lot (for e.g. searching and sorting through the various tax codes, etc.). This is why the most frequently asked questions in SBA.gov (the official website for the U.S. Small Business Administration) Community are related to sales tax that you can read here.
Sales Tax Calculator in Excel (.xls)
Sales Tax Calculator in Excel (.xls) should ideally solve the problems and to an extent it does, but only for basic calculations. In order to make customization (which are required more often than not due to already complicated tax imposition), one has to master advanced features like error checking, cell formatting, macros and workbook sharing.
Converting Excel Sales Tax Calculator into Mobile App can be a great solution for businesses, accountants and bookkeepers. A Mobile Sales Tax Calculator App can benefit in following ways:
- It can be used by everyone (including those who don’t know how to apply complex formulae in excel spreadsheet) and everywhere on the go.
- It can help you calculate the tax on a sale correctly and conveniently; and if required as per your location.
For example, you can have customized digital switches in your app with ON and OFF button for Location-Based Rate. Using your mobile device’s built-in geolocation feature, the mobile app will then determine your current location to compute the proper amount of tax for every taxable item or service being sold aggregating to the total due. While if you ever have to compute sales tax based on a municipality other than those in your app database, you can simply key in the rate manually after turning the Location-Based Rate switch OFF.
In short there’s a great room for customizing mobile GST, VAT, and Sales Tax calculator as per your needs.
To know more or get FREE quote for creating / converting Excel Sales Tax Calculator into Mobile App, contact us now.