The vape and alternative products industry has seen a lot of changes in recent years, with new regulations and laws being introduced at both the federal and state levels. One major issue that many distributors have had to contend with is the complex and ever-changing tax landscape. However, a new partnership between Luminous and Token of Trust is set to change all that and bring a new level of automation and efficiency to the industry.
Luminous is a leading software company in the space that specializes in inventory management and invoicing. Token of Trust is a compliance software providing a solution for the complex tax and PACT Act compliance needs that come with individual sales at state, county, and city levels. . Together, these two companies have partnered to offer a complete solution for automating the process of managing taxes, inventory, and invoicing for distributors.
So, why should you care about this partnership? Here are three key reasons:
1. Increased Efficiency and Productivity:
Free up valuable time and resources that can be better spent growing your business. With Luminous and Token of Trust working together, distributors will now be able to automate many of the tedious and time-consuming tasks that come with managing taxes, inventory, and invoicing.
2. Reduced Compliance Risk: The vape industry is highly regulated, and failure to comply with the PACT Act and other regulations can result in significant fines and penalties. With Luminous and Token of Trust handling the tax side of things, distributors can rest assured that they are in compliance with all relevant laws and regulations, reducing their risk of non-compliance.
3. Competitive Edge: If you are a distributor, then you understand how time consuming it is to write an invoice and find the correct taxable amount for the customer’s state (as well as reconciling all sales on the back end to avoid ramifications with the IRS). With the ability to automate many of their business processes, distributors that take advantage of this partnership will be able to operate more efficiently and at a lower cost than their competitors. This will give them a competitive edge in the marketplace and allow them to grow their business more quickly.
In conclusion, the partnership between Luminous and Token of Trust is a game-changer for the vape industry, bringing a new level of automation and efficiency to the process of managing taxes, inventory, and invoicing. By taking advantage of this partnership, distributors will be able to increase efficiency and productivity, reduce compliance risk, and gain a competitive edge in the marketplace.
If you want to take advantage of this new technology, please fill out the form below!