5 Benefits Businesses Gain From Master Data Management Software

The importance of accurate and consistent data to the survival, development, and growth of businesses has become obvious to most business owners around the world.

At the foundation of every business are some core information referred to as the master data. This master information can either make or mar a business depending on how the data is assessed and managed.

Many vendors provide different master data management (mdm) software which helps businesses to effectively manage their data. 

However, it is important to choose the right master data management software. the right data for your business will depend on the type of data you want to analyze.

Fortunately some data analysts like gartner mdm magic quadrant, Forrester Research, and IHS Markit constantly review different master data management (mdm) software which can help buyers of data and analytics solutions to decide on the right type of mdm solutions for their businesses.

Master data management is a process used by a business to make certain that there is no confusion on some information concerning the business like who their customers are, their best selling products and/or services, the number of employees, etc.

In this vein, a business wants to see that its data is not only accurate but is complete and connected to a single file for future reference.

The benefits of master data management to businesses include the following:

Effective Data Analysis

Master data management ensures smart and effective data analysis for your business. Business decisions are usually made based on available data. If the data on which the decision is based is inaccurate, outmoded or out-of-date, the business will definitely suffer.

To get the best master data management software tools, reviews like HfS Research As-a-Service Economy and the gartner mdm magic quadrant, provide excellent master data management software reviews.

Master Data Update.

Every business has many records or data on different aspects of the business like customers, products, assets, accounts, person or party, supplier etc. 

For some businesses the challenge may be how to coordinate the data from their businesses located at different places. This will result in data inconsistency which will negatively affect the business.

But with the help of master data management businesses can update their records and data at every business location.

Valuable Backup 

If you’ve ever had the misfortune of losing valuable data, you will realize the importance of having backup data.

Backups can be lifesavers when disasters strike and valuable business data and information are suddenly wiped out.

Master data management software offers a centralized source for your business which makes it easy for you to get backups in the event of loss of data.

Boosts Business Efficiency

Every business generates a lot of data. Keeping track of all these data can be overwhelming.

Like all excellent productivity apps, master data management software not only allows businesses to focus on important data but simplifies data use in business process and operation.

Eliminates Incorrect Data

Incorrect, incomplete and wrong data are common to all businesses. 

With the help of master data management software, businesses can eliminate the inconsistencies that lead to data error. 

By making use of master data management software and other data analytics in collecting and analyzing data, businesses can avoid these errors in their data collection processes.

Conclusion.

To boost business growth and profit, business owners should take advantage of appropriate master data management tools and avoid the pitfalls associated with inaccurate data.

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4 Common Sales Tax Mistakes Business Owners Make And How To Avoid them.

Photo by The New York Public Library on Unsplash

In life, few things are as certain as tax. It has become a permanent part of our everyday business life. There are different kinds of tax, like income, personal and sales tax.

Only a small number of people are exempted from the obligation and responsibility of paying tax. Not paying attention to this responsibility can cost your business much more in penalties.

Sales tax are constantly changing as all states now require companies that have nexus, or some kind of presence that triggers legal obligation, to collect and remit sales tax. This was after the Supreme Court determined in the wayfair nexus case that an out-of-state seller can have economic presence in a state where it has no physical presence, and can be held legally accountable for collecting tax.

While most established businesses have mastered the art of managing their sales taxes effectively, other businesses make some costly mistakes that come back to haunt them.

Effective management of sales taxes requires efficient planning. This is because the tax laws regulations are a little complicated as different laws apply to different jurisdictions.

The following are five common sale tax mistakes that business owners make. In this article, we shall discuss those mistakes and offer tips on how you can avoid them.

1.  Late or no Filing 

Many small businesses make the mistake of not knowing, or totally forgetting the time required to file their sales taxes.

Different states have different times for proper filing. In many states, the sales taxes must be filed on or before a particular date every month. In these states, failure to comply attracts stiff penalties. In other states, filings can be done after the required dates without penalties.

In those jurisdictions that insist on meeting deadlines, the penalty may be as much as 5% per month. Non-payment of filing will attract a higher percentage of penalties.

Therefore to avoid penalties and fines for late payment in filing sales taxes, small business owners should take note of the tax laws of the various jurisdictions where their businesses are located.  

Not Filing Where Products Are Sold

A sales tax by its name shows that it is a tax collected from the sale of a product. According to Wikipedia,

A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase.

Many small businesses do not avert their minds to the fact that they are liable to pay taxes everywhere their products and services are sold and not only in the place where their business is located

Accordingly, every business is required to calculate and file sales taxes in all the places where its products and services are sold. Many small businesses have fallen into this mistake and incurred avoidable penalties.

   Not Consulting A Tax Expert.

Many small businesses want to save costs by trying to personally manage most aspects of their business.

But filing and complying with the various tax laws and regimes can be complicated. If it is mismanaged, the consequences may see the end of the business.

Employing the services of a tax expert will ensure that you are never behind in filing your sales taxes thereby saving you much-needed cash in the long run.

 

Failing To Use An Updated Sales Tax Software.

 

Our memories as human beings are not reliable. We tend to forget deadlines, targets, and other details required to efficiently file sales taxes.

 

But thankfully there are sales tax software designed to help companies prepare and file tax returns as at when due.

 

Tax laws are always being reviewed, and so it is important to ensure that your software is up-to-date. Ensure that your app is updated to comply with the new regime.

 

Many business owners fail to update their software, and are shocked to find that they ended up filing the wrong tax. And of course, you know that wrong tax filing can attract fines and unpleasant penalties.

 

Conclusion:

 Every business owner wants to make profits at the end of the financial year. Avoiding fines and run-ins with the law can hinder you from accomplish your goal of growing your business.

 

To avoid these common sales tax mistakes, use hire a professional tax professional, use an up-to-date tax software and pay attention to the rules in your jurisdiction.

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