Glass Jacobson specializes in delivering proven spend management and recovery services to clients.
Our spend management practice addresses two key areas of overpayment- State and Local Tax and Accounts Payable.
We collect a standard fee- a percentage of what is recovered. You pay nothing unless recoveries are made for your company. We run the engagement with minimal disruption to your business. And, the best part, you are armed with the knowledge to save money going forward.
STATE AND LOCAL TAX
Personal Property Tax:
- The Problem: State and local personal property tax laws are vague and constantly changing. This issue is compounded when a company does business in multiple states, where some charge a PPT and some do not. Asset classifications are gray lines, and a few mis-classifications can lead to huge tax liabilities.
- The Solution: Our Tax Team monitors the changes to the Personal Property Tax code, and maintain up-to-date expertise in refund opportunities, asset classification, and valuation techniques. We are able to file amended PPT returns, recovering significant funds for clients. There are potential savings going forward, as changes we make will apply to future filings.
What is the bottom line impact? Read a PPT Case Study.
Sales and Use Tax:
- The Problem: It is difficult to maintain a current knowledge base about sales and use tax laws and regulations in every locale where a company may conduct business. Jurisdictions are constantly changing their sales tax legislation, and with the growing state budget deficits, the rise of internet transactions, and confusing areas involving out-of-state vendors, labor costs and reselling, its all gotten more complex. Companies pay inflated sales and use tax, or worse, accrue unknown liability.
- The Solution: Our experts maintain up-to-date and thorough knowledge or current sales/use tax law. Better safe than sorry is a good philosophy, until it is eating into your cash flow. GJ’s tax team can identify qualifying deductions and exemptions and refile your sales/use tax return for recovered funds.
ACCOUNTS PAYABLE RECOVERY
- The Problem: Everyday, companies inadvertently make overpayments to vendors. Industry experience and numerous independent studies indicate that typical overpayments constitute as much as 2% of gross annual expenditures In addition, 5% of vendor invoices, on average, contain overcharge errors in some form. Unfortunately, most overpayments unintentionally made to vendors remain undetected, as the time and costs of analysis outweigh the potential recovery.
- The Solution: Beneath the mass of paper and electronic files, there exist opportunities to recover thousands – even millions – of dollars that could go directly to your bottom line. We possess the necessary tools and processes to identify and recapture overpayments, from routine sources including: duplicate payments, unapplied discounts, pricing discrepancies, accounting errors and uncredited product returns. We work directly with vendors in a professional manner, and will not jeopardize valuable vendor relationships.
Our Tax Team monitors the changes to the Personal Property Tax code, and maintain up-to-date expertise in refund opportunities, asset classification, and valuation techniques.
We are able to re-file amended PPT returns retroactively, recovering significant funds for clients. There are potential savings as well, as changes we make will apply to future filings