With Black Friday approaching, retail and e-commerce need to double their attention to keep their tax management in order. During this period, financial movement and transaction volume increase, consequently, the need to pay more attention to tax obligations is greater.
“Errors in calculating taxes, delays in issuing documents and a slow tax flow lead to non-compliance with deadlines and obligations, which can result in fines and compromised cash flow, something unfavorable at a time when companies are focused on taking advantage of peak consumption with the greatest agility and assertiveness possible in their launches”, he says.Adriana Karpovicz, Director of Key Account Sales at Qive, aplatformResponsible for managing tax documents for over 150,000 companies in Brazil.
To help entrepreneurs navigate this scenario, the specialist has gathered eight essential tips that can improve your company's tax management and ensure that, in addition to sales success, companies also maintain their financial health intact.
- Get ahead in tax organization
The period leading up to Black Friday is interesting for reviewing the company's tax organization. It is necessary to consider the particularities of Black Friday, such as discounts and promotions, which can impact the tax calculation basis. For smaller companies, this is even more crucial, as the margin for errors and unforeseen financial issues can be more impactful on the results.It is important to check if the management systems are prepared for the increase in sales volume and if the tax information is correct. Providing the team with brief training to handle the increased demand and issue invoices correctly can also be beneficial. Keeping fiscal documentation, such as incoming and outgoing invoices, organized also facilitates the issuance of invoices and the calculation of taxes.
- Monitor current legislation
Tax rules may change throughout the year, and staying updated is essential. Follow changes that may impact the taxation of online or in-store sales during Black Friday. Small businesses and e-commerce should pay special attention to changes in taxes such as ICMS and ISS, which can vary by region.
- Pay attention to the installment conditions and taxes
Offering installment plans is common during Black Friday, but it is important to remember that taxes are collected at the time of invoice issuance, regardless of the installment payment. Therefore, it is necessary to consider cash flow in planning in order not to compromise the financial health of the business with long-term installments.
- Strengthen documentation and archiving
Organize all the tax documents generated during this period: invoices, receipts, and proof of tax payments. This facilitates accountability and future audits. For SMEs, which often operate with small teams, this organization can prevent legal complications and rework.
- Perform internal audits
Before Black Friday begins, consider conducting internal audits to review tax processes and ensure there are no pending issues or errors that could result in penalties. This care is even more relevant for brick-and-mortar retail companies, which tend to handle a large volume of tax documents during the period. Create processes to maintain efficient inventory control and thus avoid taxation issues. Ensuring that products are properly registered is essential to avoid discrepancies in tax calculations. Keep the inventory updated and monitor the entry and exit of goods to align billing with the actual stock.
- Plan your cash flow accurately
The increase in Black Friday sales is an opportunity to boost cash flow, but taxes can consume part of this result. Keep a clear forecast of the taxes to be paid in the coming months to avoid surprises and ensure a positive balance after the promotional period.
- Take advantage of tax incentives and tax regimes
Research and take advantage of possible tax incentives that may benefit your company during Black Friday. Small businesses opting for the Simples Nacional, for example, can benefit from a simplified taxation regime, while large retailers may seek state or federal incentives to reduce the tax burden.
- Use of tax management technologies
Adopting technologies is critical to ensuring efficient fiscal management. Digital tools, such as management software, automate processes like issuing invoices, calculating taxes, and inventory control, virtually eliminating the possibility of errors, missed payment deadlines, and issuing invoices with incorrect information. Additionally, integrated e-commerce and payment platforms help monitor sales in real time, ensuring that all operations comply with tax requirements. The use of technologies simplifies management and reduces manual errors, allowing the entrepreneur to focus on sales strategies during Black Friday.
