The Tax Department

Let's take a closer look at the challenges faced by tax departments:

Regulatory Compliance: Tax departments must keep up with constantly changing tax regulations and laws, both domestically and internationally, across a multitude of tax types. Understanding and implementing evolving regulations can be a time-consuming and resource-intensive process. By introducing more data automation, tax professionals can spend more time on high-value responsibilities, such as keeping up with a complex tax environment and collaborating with other business leaders.

Data Management: Tax teams receive large volumes of data from multiple sources and in different formats, which can be challenging to manage. Whether fulfilling reporting and compliance obligations, or analysing data for a presentation, the tax team spends considerable time manually gathering, harmonising, and reconciling data, often relying on a series of undefined and unconnected processes.  Faced with these challenges, relying on Excel and manual input is inefficient, adds significant risk of visible errors, and creates untraceable and inaccessible processes.

Talent Acquisition and Retention: In a competitive job market, faced with a shortage of skilled tax professionals, one of the key challenges for tax leaders is finding and retaining top tax talent. This can lead to staffing shortages, skills gaps, and increased workload for existing staff. By embracing technology, companies can offer tax professionals an opportunity to broaden their skills for future career growth, thereby increasing retention. As Henry Ford once said, “the only thing worse than training your employees and having them leave, is not training them and having them stay”.

Automation and Technology: Tax departments are increasingly turning to automation and technology solutions to help streamline their processes and improve efficiency. However, implementing these solutions can be complex and require significant investment in terms of time, money, and resources. By focusing on automating data acquisition, cleansing, and analysis, tax departments can gain better control over their data, with a shorter time to value.

In summary

To stay ahead of the curve and overcome the data challenges facing tax departments, it's crucial to embrace technology solutions that can provide real-time reporting, streamline processes, and automate manual tasks. Don't let budget constraints or fear of change hold you back from gaining greater control over your data and driving better business outcomes. Schedule a discussion with us about solutions that can help your tax department today.