With Black Friday knocking on the door, retail and e-commerce need to pay extra attention to keeping tax management in order. During this period, financial movement and the volume of transactions intensify, consequently, the need to pay more attention to tax obligations is greater.
“Errors in tax calculation, delayed document processing, and a cumbersome tax flow result in missing deadlines and obligations, which can lead to fines and compromise cash flow, something unfavorable at a time when companies are focused on taking advantage of the peak consumption with the utmost agility and assertiveness possible in their launches,” says Adriana Karpovicz, Director of Key Accounts Sales at Qive, aplatform responsible for managing tax documents for over 150 thousand companies in Brazil.
To help entrepreneurs navigate this scenario, the expert has compiled eight essential tips that can improve your company’s tax management and ensure that, in addition to sales success, companies also keep their financial health intact.
- Anticipate in tax organization
The period leading up to Black Friday is interesting for reviewing the company’s tax organization. It is necessary to take into consideration the particularities of Black Friday, such as discounts and promotions, which can impact the calculation base of taxes. For smaller companies, this is even more crucial, as the margin for errors and financial unforeseen events can be more impactful to 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 a brief training for the team to deal with the increase in demand and issuing invoices correctly can also be positive. Keeping fiscal documentation, such as incoming and outgoing invoices, organized also facilitates the issuance of invoices and tax calculation.
- Monitor current legislation
Fiscal rules may undergo changes throughout the year, and staying up to date is essential. Keep track of changes that may impact the taxation of online or physical sales during Black Friday. Small businesses and e-commerce should pay special attention to changes in taxes such as ICMS and ISS, which may vary by region.
- Pay attention to installment conditions and taxes
Offering installments is common during Black Friday, but it is important to remember that taxes are collected upon issuing the invoice, regardless of the payment terms. Therefore, it is necessary to consider cash flow in the planning to not compromise the financial health of the business with long-term installments.
- Reinforce documentation and filing
Organize all fiscal documents generated in 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 the start of Black Friday, consider conducting internal audits to review fiscal processes and ensure there are no pending issues or failures that could result in penalties. This care is even more relevant for physical retail companies, which tend to deal with a high volume of fiscal documents during the period. Establish processes to have efficient inventory control and thus avoid taxation problems. Ensuring that products are properly registered is essential to avoid differences in tax calculations. Keep inventory updated and monitor the entry and exit of goods to align billing with actual stock.
- Plan cash flow accurately
The increase in sales during Black Friday is an opportunity to boost cash flow, but taxes can consume part of this result. Maintain a clear forecast of the taxes that will need to be paid in the following 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 can benefit your company during Black Friday. Small businesses opting for Simples Nacional, for example, can benefit from a simplified tax regime, while large retailers can seek state or federal incentives to relieve the tax burden.
- Use of fiscal 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 controlling inventory, virtually eliminating the possibility of errors, missing payment deadlines, and issuing invoices with incorrect information. Additionally, integrated e-commerce and payment platforms help monitor real-time sales, 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.
