One of the most important aspects of the tobacco and alcohol industries is meeting retail compliance. Everyone in the industry knows the consequences of playing fast and loose with the rules – crippling fines or losing the ability to sell at all. And even with a sharp, dedicated in-house team, compliance problems can crop up. That’s why a real-time tracking system, an integral part of Microsoft Dynamics AX, can literally save the life of your business.
Tax compliance is one of the biggest concerns in the tobacco and alcohol industries. Not only are the laws complex, taxes vary from state to state and even locally. Mixed in with this are laws that regulate sales in general, amounts and types of products sold. This chart offers a quick overview of these laws. With such a tricky balancing act, the right tool can make all the difference between increased sales and revenue losses due to major fines or sales stoppage.
Getting in Line with Microsoft Dynamics AX
As you well know, state and local laws not only vary a lot—they change a lot. Fortunately, Dynamics AX keeps up with the changes automatically so the right amount of tax is collected to follow both state and local laws.
This constant tracking runs from a core database called the Compliance Center that’s part of Microsoft Dynamics AX. Not only does the Center track taxes, it also stores basic information such as proper procedures, documentation, instructions and policy overviews. And if you need to get more granular, the Compliance Center lets you access detailed information such as logs, charting, and activity reports. This way, you stay on top of ongoing business activity, spot problems as they crop up, track down information for specific events and make sure your employees are kept up-to-date with proper policy information.