{"id":516138,"date":"2021-07-22T06:03:21","date_gmt":"2021-07-22T10:03:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/avalara-managed-tax-category-classification-simplifies-product-classifications-and-taxability-determinations-for-businesses\/"},"modified":"2021-07-22T06:03:21","modified_gmt":"2021-07-22T10:03:21","slug":"avalara-managed-tax-category-classification-simplifies-product-classifications-and-taxability-determinations-for-businesses","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/avalara-managed-tax-category-classification-simplifies-product-classifications-and-taxability-determinations-for-businesses\/","title":{"rendered":"Avalara Managed Tax Category Classification Simplifies Product Classifications and Taxability Determinations for Businesses"},"content":{"rendered":"

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Avalara Managed Tax Category Classification Simplifies Product Classifications and Taxability Determinations for Businesses <\/b><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–Avalara, Inc.<\/a> (NYSE: AVLR), a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced Avalara Managed Tax Category Classification<\/a>, an artificial intelligence-based, self-service tool paired with assisted classification services to allow businesses to efficiently classify their products and services to tax categories \u2014 regardless of the size of their product catalogs. Avalara Managed Tax Category Classification will generate classification decisions and aid in state and local taxability determinations for businesses\u2019 U.S. product catalogs.\n<\/p>\n

\n\u201cToday, the classification of product catalogs to correct tax codes can be an onerous and time-consuming process \u2014 especially for businesses with large catalogs,\u201d said Kevin Permenter, research manager at IDC. \u201cBy applying AI and machine learning to the classification process, businesses stand to save time and money, while also improving the accuracy of their determinations.\u201d\n<\/p>\n

Classifying product catalogs is complex and time consuming<\/b><\/p>\n

\nWhen businesses introduce a new product or service, it must be classified into the correct tax category. With more than 13,000 sales and use tax jurisdictions in the U.S. alone, and many having unique sets of rules for how products and services are taxed, accurately assigning taxability is challenging.\n<\/p>\n

\nTo determine product taxability, businesses must take into consideration details such as how an item is made, where it\u2019s sold, how it\u2019s delivered, and more for every jurisdiction. Because product and service catalogs and tax laws are continually changing, product classification and taxability determinations require year-round attention, staffing, and resources. Given the complex nature of product catalogs and tax laws, manual classification and determination could pose audit liability if done incorrectly, while also creating a strain on time, personnel, and financial resources for businesses.\n<\/p>\n

Simplify your product classification with Avalara<\/b><\/p>\n

\nAvalara Managed Tax Category Classification accelerates the classification process using machine learning. This enables businesses to:\n<\/p>\n