Tax Management & Accounting Services
The tax function's ability to deliver value depends on how efficiently it can manage the elevated risk brought about by today's ever-evolving regulatory changes while deploying scarce tax resources toward value-enhancing initiatives in support of the company's business strategy.
Many tax functions struggle to strike the right balance and, out of necessity, have largely expended their tax resources on compliance or regulatory activities, such as improving financial statement reporting and addressing internal control concerns. Unfortunately, tax functions that focus on these activities to the exclusion of all others may feel trapped in an endless set of tasks with limited ability to focus on creating value and managing global tax risk. Retaining valued talent and resources needed to be successful can also become difficult in this stressful environment.
So what can a tax leader do to improve value creation and manage today's risks, while at the same time maintain efficient deployment of tax capital?
We recommend you start by asking yourself a few critical questions to determine whether your tax function is realizing its efficiency dividend.
- How much time does your tax function truly spend on identifying and delivering value-enhancing strategies?
- To what degree is your tax team integrated into your business?
- How efficient is your provision and compliance process? Is data collected and manipulated efficiently through the ERP to support these calculations or is your quality driven by significant manual effort?
- What is your IT strategy in tax? Are you leveraging your company's ERP investment?
- Are your people currently working over-capacity? How is your morale in tax? How much turnover have you experienced among your tax resources?
- Is your organization considering shared services or off-shoring strategies? Is tax participating in this effort?
Focus on where you'd like to be
Our Tax Management and Accounting Services consultants work each day with local and multinational companies in various industries to unravel the complexities of delivering value, managing risk and effectively increasing tax function capital.
Whether it involves helping you to identify and mitigate the risks inherent in your tax function through our integrated tax accounting and compliance outsourcing solutions, or helping you re-think how you are investing and deploying your tax capital through our tax operations strategy and tax data management solutions, we're here with an approach tailored to your unique needs.
To get in on the conversation and start realizing your efficiency dividend in tax, reach out to your local PwC tax professional.
