Revel POS system can help you operate with more efficiency and grow your business. But you may be wondering if Revel POS sales tax collection, filing, and payment is included in your POS purchase.
Choosing a POS system to help you run your business is a big decision. And with Revel POS, you can be sure you’ve made a great choice. But part of using a POS is taking advantage of the many integrations that can help you simplify your operations.
Read on to learn about Revel POS and sales tax, and how you can use DAVO to automate your sales tax with Revel.
Does Revel POS charge the correct sales tax?
While Revel POS will add sales tax to every sale, you must calculate the correct sales tax rate.
The correct sales tax rate is not just the state sales tax, but in many locations includes local sales tax as well. The first step you must take is to calculate your state sales tax and determine local taxes as well. If you make sales in multiple locations, you may need to calculate sales tax for each location if they are across sales tax boundaries.
Once you’ve determined and entered the correct sales tax rate, Revel will automatically add sales tax to every purchase.
But charging sales tax is far from the end of your sales tax obligations.
In addition to charging and collecting sales tax, as a business owner you must set sales tax money aside, and file and pay the correct sales tax amount at regular intervals. For some businesses this means every quarter, while other businesses pay sales tax every month.
Understanding your sales tax responsibility is an important part of being a business owner.
Understanding your sales tax responsibilities
Many restaurants and retail stores end up getting in trouble with sales tax. With so many sales being made daily, if you don’t have a system in place it can be difficult to keep track of how much sales tax you have collected.
What can get business owners into trouble is that they don’t set aside sales tax money. Instead, they keep that money in together with the rest of their revenue. This can give an incomplete picture of your true cash flow. As a result, some business owners may end up inadvertently spending sales tax money and resorting to cutting into profits to cover the sales tax bill.
After a few tax cycles like this, some business owners end up not having enough cash flow to cover their sales tax bill, and they fall behind.
Falling behind on sales tax is serious business. State tax entities charge hefty penalties for falling behind on sales tax, making it more difficult to catch up. These penalties can even lead to jail time if not addressed.
Unlike other debts, tax debt follows you even if you close your business down.
As a business owner, it is your responsibility to not only charge and collect sales tax, but to have a system in place for setting sales tax money aside, and then filing and paying the correct sales tax amount when it is due.
Luckily, you can automate this process and never fall behind sales tax again. This requires integrating DAVO with your Revel POS system.
How to automate sales tax with Revel POS and DAVO
Revel integrates with DAVO Sales Tax to automate every aspect of sales tax – collecting sales tax, setting sales tax money aside, and filing and paying sales tax on-time, and in-full.
Setting up DAVO on your Revel POS requires a one-time setup that’s simple, and seamless. Once DAVO is set up, simply make sales as usual. There are no extra steps you need to take.
DAVO will collect sales tax from purchases every day and set that money aside, so you don’t accidentally spend it. When it comes time to pay the tax bill, DAVO will file and pay the sales tax bill on-time, and in-full.
This means that once you have set up DAVO on your REVEL POS system, your sales tax collection, filing, and payment will be fully automated.
If you live in one of 27 states that offers on-time sales tax filing discounts, you can even save money on sales tax just by using DAVO. Because DAVO always pays on time, you’ll always receive this discount. DAVO will automatically calculate, collect, and refund this tax discount, saving you money on every tax bill.
Sales tax shouldn’t be slowing you down or leaving you behind. It’s important to have a system in place to automate sales tax so you don’t fall behind on paying your sales tax bill. DAVO and Revel POS helps you automate sales tax so you never fall behind. You can try DAVO for Revel POS for free.
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