The ambition of today’s tax department is to become a trusted advisor to the rest of the organization
The ambition of today’s tax department is to become a trusted advisor to the rest of the organization, contributing to strategic value and becoming more closely aligned with the business, while adapting to the challenges of real-time tax.
However, in practice, many tax departments are still spending the majority of their time on compliance, especially tax returns and financial reporting. In order to achieve the vision of adding value through joint ventures in business, the tax function needs to free up more time for personnel to move up the value chain – but how?
Put simply, tax functions can achieve this by implementing a robust data and technology strategy that includes the effective deployment of tax technologies to manage the acquisition and flow of data, automate repetitive and manual tasks, and enable informed strategic decisions and improved performance. This can be summarized in three pillars:
Through the combination of these three pillars, the tax function will have the crucial agility to react in an evolving landscape of tax compliance and reporting, which cannot be achieved through single-point solutions.