To help you start with your journey of discovery, let us share what we see as a critical framework for achieving a technology enabled tax function. Most tax technology solutions in the market today can be broadly placed into one of four categories:
Compliance related solutions refer to those solutions that help you to prepare and/or file tax returns more efficiently and accurately and/or in a more automated way. They may also help you perform similar automation functions for invoicing purposes.
Insight related solutions refers to the broad category of technology solutions that give you greater insights into the accuracy of your tax related data, helping you to identify potential tax risks up front and/or enabling you to identify errors or inconsistencies in your tax filings.
3. Process management
Process management solutions are those that help to manage either a specific process or an end-to-end process, by making the right information available to the right person at the right time. More specifically, these solutions may help to manage workflow within your tax function, or possibly within your organization.
4. Accessories, components or infrastructure, which enable or facilitate 1, 2 or 3.
When we speak of accessories, components or infrastructure, we are referring to those hardware or software solutions that are typically built into your tax technology software, or that enable or facilitate the automation of compliance or the delivery of insight related solutions.
To explore each of these further read the full report: Transforming the tax function through technology