Managing your company’s exemption certificates can be a difficult process that many organizations find difficult to stay on top of. Exemption certificate management, or ECM, can be a large burden for companies who do not have an integrated solution, as employees frequently find themselves struggling to acquire, organize and manage these types of certificates.
Exemption Certificate Management Process
The process as a whole is exceedingly complicated because many different processes are involved. For example, multiple systems must be integrated, including ERP and CRM, which forces people from various departments of a business to be involved. This can create a complicated web of systems. However, with an integrated ECM solution, such as Sovos CertManager, these separate processes are effectively integrated into one process where the information is quickly and easily merged with ERP, CRM, and financial systems. Sovos CertManager also addresses all exemption certificate compliance needs, from acquisition to audit defense; something a home grown solution would struggle to do.
Certificate Management Automation
Another aspect of Exemption Certificate Management that companies often struggle with is scalability. Often, a home grown solution does not correctly fit the scale of your business. In most cases, it may work in the beginning but become inefficient and ineffective as a business expands. An automated solution can also deliver scalability so companies will not need to worry about future expansion.
Exemption Certificate Management Compliance and Security
Two of the most common concerns with Exemption Certificate Management are compliance and security. Sovos CertManager can assist in both of these areas, as the technology is SSAE 16 certified to keep your sensitive information safe. Sovos CertManager also ensures compliance by managing your exempt information while maintaining standards. The software also keeps a record of the schedule of each certificate, using this to identify expired and upcoming certificates. Missing and invalid certificates are also identified so you don’t have to worry about tracking certificates yourself or being unaware as one goes out of date.
It is unlikely that the exemption certificate management process will become less complicated in the future. But, with help from Sovos Compliance, your company can put their trust in reliable software to help relieve the burden that requirements of exemption certificate compliance create.
About the Author
Sovos is a leader in global tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world.More Content by Sovos -