In order to ensure that a company's tax team achieves success with ever-changing technology, it needs to learn how to survive smarter. The government maximizes technological advancements that continue to cause disruptions in an organization's standard operating procedures. While surviving in the short term may seem to be relatively simple and feasible, changing tax rules and legislation make compliance difficult to accomplish. Generally, business teams spend plenty of their time in the compilation, adjustment, and reconciliation of data to ensure the accuracy of tax returns and statutory filings. Read this white paper to understand the importance of leveraging disruptions as an opportunity. This will help in securing the executive buy-in and funding for a tax technology solution which in turn will help business teams survive smarter.
Surviving in the Constantly Changing World of Indirect TaxSurviving in today's tax world is challenging for business teams. Companies face internal pressure working to meet repetitive and time-consuming compliance deadlines. Monotonous audit work leaves little room for value-adding and strategic activities. The tax authorities and government lay new rules and policies that disrupt the standard operating procedures of companies. Moreover, the approach to meeting regulatory changes is using a manual and outdated process. Teams can bid adieu to human errors, multiple ERPs and disconnected systems by embracing the world of technology and digitization.
What Does Digitization Mean?Digitization involves the transformation of business models using digital technology. It can help in producing new revenue and value-producing opportunities. The two driving forces behind the shift of tax departments to digitalization are government mandates and customer expectations. Digitization also improves customer interaction and sustains engagement and interest.
Importance of Reevaluating Indirect FunctionA strategic indirect tax team of an organization has the following qualities: a consistent approach to compliance to mitigate risk; the foresight and flexibility to restructure; the ability to support the business for tax considerations and a proactive spirit to partner with the finance department. Being proactive with data instead of just being reactive ensures accuracy. Companies can become the catalyst for positive change by bringing about a shift in the indirect tax department's perspective in the company. Transforming uncertainty into opportunity can build support for making investments in tax technology.
ConclusionIt is essential for organizations to plan ahead instead of being reactive while responding to pressures. They must focus on developing flexible processes to thrive and adapt to the changes that come their way. The key to success is a comprehensive tax technology solution. Focusing on developing a long-term strategy and enlisting tax technology can help automate manual work processes. This will enable companies to concentrate on strategic work to increase profits.
Key Takeaways from "Survive Smarter: Why Tax Digitalization Means Act Now or Get Left Behind"
- What digitization really means for a tax team
- The need to re-evaluate the indirect function
- The pressures faced by indirect tax departments
- How to leverage disruptions for securing executive buy-ins and funding