Tax & AccountingSeptember 15, 2020

Six signs your tax processes are due for a makeover

Tax technology – it’s about time (and accuracy)

When tax teams struggle to get reports out on time; when provisioning is a little hit-and-miss (and fixed much later); when members of the finance team consider the tax function’s procedures to be opaque; when the CFO, CEO and board show little awareness of the risks: these are all signs of the need for change.

If any of these issues sound familiar to members of your tax team, it’s time to consider ways to improve. 

1. You are over-reliant on manual processes

  • Errors are creeping in
  • Version control is a challenge
  • Over-reliance on key individuals
  • Multiple work arounds

2. It takes months to prepare an accurate tax return

  • You don’t have all the records you need or you’re manually pulling together data from multiple places
  • As transaction volumes increase and requirements become more complex, it takes months to complete your tax filing obligations

3. You can’t see changes to your tax position in real time

  • You can’t generate an up-to-date tax provision report
  • Unable early on to recognise movements in your tax supply chain

4. You have no time to work on strategy

  • You have multiple staff spending significant time on manual and repetitive reporting tasks
  • You and your team don’t have time to focus on initiatives that could be growing revenue or saving costs

5. You are struggling to meet reporting needs

  • Difficulties meeting the deadlines or formats required by head office, board of directors or tax authorities
  • Lack visibility on all your tax obligations and positions around the world

6. You cannot serve a geographically diverse team

  • Staff are increasingly located remotely, in different business units and entities, and internationally. They need secure and simultaneous access to the system.

Maybe it’s time to transform your tax processes?

A well-integrated tax provision and tax return process on a single platform will provide better access to proactively monitor compliance risks, tax governance and control frameworks across jurisdictions, and save valuable time. This also enables greater transparency and deeper insights into opportunities to reduce costs and increase revenue across your business.

Wolters Kluwer has deep experience in tax information services. A tax solution designed by tax people, CCH Integrator is a market leading tax platform with a near 20-year history in the fast-growing tax and accounting technology sector.

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