Future-proofing your tax department
Forward-thinking business leaders drive innovation and growth by leveraging tax technology to fuel their company’s success. By implementing advanced software for tax data management in your tax department, you can streamline operations, improve accuracy, and reduce costs. This allows your tax professionals to concentrate on high-value tasks that drive business growth. Your tax department can be a trusted advisor for the business with real-time data and data-driven information. Build the tax department for the future. In today’s rapidly changing business and tax landscape it is more important than ever to prioritize strategies that drive efficiency, reduce risk, and unlock strategic values. The Thomson Reuters Institute 2024 Report on Corporate Tax Technology
shows the adoption of tax data system is still varied across organizations. The report shows that 33% of those who responded said they already had a tax data management system. This shows they are proactive in managing tax-related data. In the meantime, 14% of people intend to purchase a system similar to this in the coming year. They are aware that these technologies may be beneficial to them. As you consider what your tax department will need in the future, think of a good reason for
investing in tax technology. It can be used to generate new ideas, make decisions easier, and create new opportunities. You can turn your tax department into a strategic partner for the business. Decide whether to build or buy your tax software. Your decision-making team should consist of global users of tax software and any business stakeholders that would like to harness the data.
For example, finance functions, global trade and compliance departments benefit from easier access to
accurate data as well as better reporting capabilities. Once your team is in position, it’s now time to decide whether you should buy or build. You and other decision makers will need to evaluate a number of variables to make a business case for either type of investment. These include cost, capabilities, users and scope of deployment. It can be a costly investment that leads to entrenched silos in the business and long delays. It can also lead to a lack in agility over time or, in extreme cases, systemic failures. You can also save money by buying a proven software solution for tax data through an experienced technology partner. You can
integrate your tax data software
into your ERP system and gain control over your planning and obligations. Companies must transform their approach to managing and analysing vast amounts of data as global tax regulations become more complex. Advanced Tax Data Software offers a transformative option, providing your corporate tax department tools to automate time consuming tasks, ensure compliance and improve accuracy. By leveraging cutting edge technologies like datawarehouses and analytics tools, your team can focus on high-value strategic work that drives growth. Investment in advanced software, such as
, is essential to stay ahead of the competition. This technology is not only a great way to minimize risks, but it also attracts top talent because of its modern and technologically advanced working environment. The initial investment is high, but the long-term benefits, including cost savings, enhanced decision making capabilities, and a competitive advantage in tax management —
, make it worth it. By highlighting these advantages, you can construct a powerful argument for adopting advanced tax data software, positioning your business at the forefront of tax management innovation and turning data challenges into strategic opportunities. Find the best tax technology solution for your caseYour team has been given the green light to buy tax technology, but which solution should you choose? There are a variety of options available, ranging from comprehensive platforms to specialized solutions. Here are some key considerations to help you get the right solution for your organization: Global coverage. If your business is global, you will want to implement a platform that covers all tax types in all jurisdictions. Your tax platform must be cloud-based, and should scale with your business growth. It should be simple to install, so that you can connect easily with ERP systems and other solutions.
You report to senior stakeholders and work with multiple departments. You will want to have access to collaboration, workflow, and research on a single platform to increase visibility and minimize risk. Empower your tax professionals with
tools that use artificial intelligence for fast information retrieval.
Department alignment.Tax regulations are constantly changing and challenging your responsiveness. Use a digital platform for aligning tax operations across departments and providing users with accurate, real-time data. Digital governance. Stay up to date with the latest regulatory updates to ensure your tax is accurately predicted and your spend is correct the first time. Develop a tax data management plan that will support internal auditing, as well as meet the scrutiny of tax authorities. It’s not uncommon for tax departments to source their data from different systems and functions
which are not integrated. This disparate data can be out of date, and cause delays and errors in key processes. Create a centralized repository to make tax data easier to access and use for business functions. You can offer self-service for your tax department, and other key business functions, to eliminate low-level requests and increase responsiveness. It will be easier to use, and you can analyze it. Tax data software can help your tax department to be future-proofed. Manual processes are out of sync with digital business and regulatory changes. This attitude can have serious consequences. Departments that do not invest in technology are at risk of remaining operational and not moving to a more strategic technology posture. They will also be unable to align themselves with their broader business goals. Tax departments that adopt tax data software in the coming year will have an advantage over their peers. They will differentiate their services, and deliver exceptional results which will create significant business momentum. Will you be among them?
